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RATES
EFFECTIVE as of today,
Rates subject to change without notice.
• ALL
LOANS SERVICED LOCALLY • OWNER OCCUPIED HOMES •
• PRE-APPROVALS AVAILABLE
•
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PRODUCT
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RATE
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ANNUAL
PERCENTAGE RATE
(APR)
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*ONE YEAR ARM
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4.000% Rate
for first year
11th
COF +2.250 after 1st year.
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4.002%
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**THREE YEAR
ARM
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4.500% Rate
for first three years
11th
COF +2.500 after 3rd year
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4.311%
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***SEVEN YEAR
ARM
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4.750% for
first seven years then adjusts yearly similar to 1 year ARM
11th
COF +2.250 after 7th year
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4.365%
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Caps
2% per year and 5% over life of loan;
Floor rate is 4.00% ARM’s
have a maximum of a 30 year amortization.
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Example:
Index 1.797
Margin +2.250
Total 4.047
Rounded to nearest 1/8 = 4.125%
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Example:
Index 1.797
Margin
+2.500
Total 4.297
Rounded to nearest 1/8 =4.375%
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Loan to Values exceeding 70%
AND
Applicants with credit score
below 680, the loan delivery fee will be 1.25%.
Applicants with credit score
below 639; the loan delivery fee will be 2.00%.
Rate locked in when title work
is completed and closing date set.
Minimum down payment
requirement: 10%If the down payment is less than 20%, mortgage
insurance may be needed which could increase the payment and APR..
Estimated Closing Cost for a Purchase Transaction in
Effingham Area are as follows:
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•
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Appraisal
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$275.00
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Estimate
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•
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Credit Report
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$24.00
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Estimate
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•
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Title Work
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$175.00
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+
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Estimate
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(Title fees on refinances and new construction could
vary)
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•
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Recording Fees
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$90.00
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Estimate
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County Recorder for Deed and Mortgage
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•
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Flood Determination
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$24.00
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•
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Documentation Fee
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$375.00
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Loan Application Documentation:
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1.
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Residential mortgage loan application completed,
signed by all applicable parties and dated.
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2.
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Copies of last 2 years Federal tax returns, signed and
dated with last 2 years W2 forms.
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3.
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Copy of a recent paycheck stub showing current and
year to date salary information.
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4.
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If Self employed last 2 years of signed Federal Income
Tax returns and year to date Income Statement and Balance Sheet.
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5.
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Copies of Statements of IRA, 401K and stock.
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6.
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Copy of purchase agreement signed by all parties.
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Refinances:
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•
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Name, address, account number, and phone number of
current mortgage holder when refinancing.
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•
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Copy of title insurance policy when refinancing your
loan.
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Other Important Information:
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A.
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There are no prepayment penalties on any of our real
estate loans.
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B.
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Escrow accounts for real estate taxes and homeowners insurance
are not required for loans that are less than 80% of appraisal or
selling price.
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C.
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Payment Options: Monthly payments are due on or before the 1st
day of the month, or
Bi-Weekly
(every two weeks).
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D.
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We offer automatic payments to loan accounts from your
Statement Savings or Checking account.
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E.
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Interest is calculated on a 360 day basis on the
principal balance for Monthly
payments,
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F.
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Interest is calculated from payment date to payment
date on Bi-Weekly
payments.
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G.
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Closing statements are usually ready the day before
closing for inspection by the buyer or seller.
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H.
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Down payment check needs to be a cashiers
check or bank money order for the loan closing.
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i.
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Appraisals shall remain the property of the Bank and
will be solely to determine the fair market value of the property for
loan underwriting purposes. Copies of appraisals will be given to
customers if the indemnification agreement is signed by the borrower.
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J.
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Homeowners Insurance
binder or policy must be provided to the bank by time of loan
closing.
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The 11th District Cost of Funds Index
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1998
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1999
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2000
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2001
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2002
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2003
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2004
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2005
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2006
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2007
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2008
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2009
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2010 |
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JAN
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4.987%
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4.608%
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4.901%
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5.514%
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2.823%
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2.308%
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1.811%
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2.183%
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3.347%
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4.392%
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3.970%
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2.455%
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1.786% |
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FEB
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4.968%
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4.562%
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4.967%
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5.426%
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2.744%
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2.257%
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1.841%
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2.317%
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3.604%
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4.376%
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3.560%
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2.03%
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1.614% |
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MAR
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4.917%
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4.519%
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5.002%
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5.198%
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2.653%
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2.210%
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1.815%
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2.40%
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3.624%
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4.299%
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3.280%
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1.627%
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1.859% |
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APR
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4.903%
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4.490%
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5.078%
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4.946%
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2.723%
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2.208%
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1.802%
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2.515%
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3.759%
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4.224%
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3.111%
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1.380%
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1.852% |
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MAY
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4.881%
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4.480%
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5.196%
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4.745%
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2.772%
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2.130%
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1.708%
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2.622%
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3.884%
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4.293%
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2.918%
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1.832%
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1.791% |
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JUN
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4.881%
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4.504%
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5.375%
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4.498%
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2.847%
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2.113%
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1.758%
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2.676%
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4.090%
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4.283%
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2.829%
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1.599%
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1.797% |
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JUL
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4.991%
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4.500%
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5.456%
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4.274%
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2.821%
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2.018%
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1.816%
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2.757%
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4.177%
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4.277%
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2.698%
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1.473%
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AUG
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4.899%
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4.562%
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5.509%
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4.106%
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2.763%
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1.946%
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1.875%
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2.870%
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4.277%
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4.359%
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2.693%
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1.412%
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SEP
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4.882%
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4.608%
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5.548%
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3.974%
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2.759%
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1.923%
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1.931%
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2.972%
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4.382%
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4.383%
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2.769%
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1.272%
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OCT
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4.762%
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4.666%
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5.589%
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3.628%
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2.708%
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1.909%
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1.960%
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3.074%
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4.346%
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4.233%
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3.125%
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1.259%
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NOV
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4.691%
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4.773%
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5.607%
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3.368%
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2.537%
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1.821%
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2.025%
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3.190%
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4.358%
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4.172%
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3.155%
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2.094%
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DEC
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4.655%
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4.852%
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5.617%
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3.074%
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2.375%
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1.902%
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2.118%
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3.296%
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4.396%
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4.072%
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2.757%
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1.828%
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*Contact Jim Rutledge or Randy Jones if you have any questions on our home loans or any of our other services.
Note: This information is a
brief description of loans available for single family residences. It
does not fulfill all of the Truth In Lending requirements.
Mortgage Credit Application
Mortgage Credit Application (interactive pdf version)
First Time Homebuyer Program Available.
Call for details and
appointment.
Primary Lending Area, Effingham and Surrounding
Counties.
All Loans Serviced Locally.
Decisions, Inquiries and Payments made here.
Loan
applications available to print from this web site.
Customer eWarning
WASHINGTON SAVINGS BANK will NEVER request any confidential
information from a customer such as account number, social security
number, PINs or passwords by email or phone
call. Never give out confidential information unless you have
originated a voice or in-person conversation and we are requesting this
for identification reasons.
Never give your PIN or password to anyone, including WASHINGTON SAVINGS BANK
Staff. Emails from legitimate sources such as a bank or the FDIC can be
faked!
When entering our ebranch (website), only
enter directly at www.washingtonsavings.net in your
browser. Never allow another website (such as a search engine or other
website or bookmark) to transfer you to our website. Websites can be
faked if not entered directly!
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