A couple outside looking at their new home

Today's Rates

 

30-Year Fixed Rate Mortgage
Rate APR
3.875% 3.960%
20-Year Fixed Rate Mortgage
Rate APR
3.750% 3.868%
15-Year Fixed Rate Mortgage
Rate APR
3.500% 3.651%
Home Equity Term Loan (Fixed Equity)
Rate APR
5.000% 5.030%
Home Equity Line of Credit (HELOC)
Rate APR
5.250% 5.250%
Vacant Land
Rate APR
6.500% 6.784%
 

The above rates are effective as of September 18, 2019 and are subject to change without notice.  All programs listed assume 20% equity or down payment without the requirement of mortgage insurance, except for vacant land which requires a minimum of 25% down payment. Other programs are available requiring smaller down payments or less equity; however, mortgage insurance will be required resulting in a higher payment and APR.  Stated loan rates are available to all applicants with qualifying credit scores. Actual rates may be higher and will be determined by each applicant’s individual credit history, loan term, and collateral if applicable. Actual loan term may vary and will be determined based on each applicant’s individual credit history and ability to pay. All loans are subject to credit approval. All loans require home owners insurance with the exception of loans secured by vacant land. Consult your tax advisor regarding the deductibility of your interest and charges.

* Annual Percentage Rate (APR)

30-year, 20-year, & 15-year Fixed Rate Loans

  • APR is based on $125,000 loan amount, $1,285 prepaid finance charges and assumes no mortgage insurance. Your loan amount and prepaid finance charges will probably be different.

  • Loans secured by property meeting the criteria for sale as conventional loans on the secondary mortgage market will be eligible for the conventional loan rates above. In addition, loans for a new refinance or purchase with home improvements, property exceeding 40 acres and loans exceeding $484,350 will be considered, but at non-conforming rates. Please contact Eaton Federal Savings Bank for more information.

  • Lender origination charges are one-time fees due at or before closing. Other fees and pre-paid items may apply such as: construction inspection fee, appraisal fee, title insurance, closing fee, mortgage insurance, survey, recording fees, flood determination and credit report. You will be responsible for the initial deposit into your escrow account, homeowner’s insurance and any necessary pre-paid interest.

 

Home Equity Term Loan (Fixed Equity)

  • Loans will be secured by a mortgage on the borrower’s residence. Higher rates may be charged based on the applicant's credit history.

  • APR is based on $50,000 loan amount, $100 prepaid finance charges and assumes no mortgage insurance. Your loan amount and prepaid finance charges will probably be different.

  • Maximum combined loan to value (CLTV) may not exceed 80%.

 

Home Equity Line of Credit (HELOC)

  • Loans will be secured by a mortgage on the borrower’s residence.  Higher rates may be charged based on the applicant's credit history.

  • There are no transaction, membership or annual fees on Home Equity Lines of Credit.

  • Home Equity Lines of Credit are 20-year balloon loans which require a minimum monthly payment of interest only for 240 months plus the outstanding principal balance owing at maturity. While fees and charges due to third parties at opening may range from $0 to $803, there are no bank fees.

  • The maximum interest rate will never exceed the lesser of 18% or the highest interest rate allowable under state or federal law.

  • Maximum combined loan to value (CLTV) may not exceed 80%. This is a variable rate loan based on the index known as the Prime Rate as published in the Wall Street Journal. Accordingly, the periodic rate and minimum monthly payment can change.

Vacant Land

  • APR is based on $50,000 loan, $584 prepaid finance charges and assumes no mortgage insurance. Your loan amount and prepaid finance charges will probably be different.

  • Maximum Loan to value is 75% for vacant land that is zoned and is suitable for construction of a single 1-4 family residence and 50% for non-buildable/ recreational use property.

  • Vacant Land loans have a 5-year maturity (a balloon payment is due at the end of the 5-year term) with a maximum amortization of 30 years.