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Mortgage Term |
Mortgage Rate |
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10-Yr Fixed-Rate Balloon with 20-Yr Amortization |
8.75% Rate (8.895% APR) |
Residential Land Loan/10-Yr Fixed-Rate Balloon with 20-Yr Amortization: The Interest Rate is 8.75% and the Annual Percentage Rate (“APR”) is 8.895% with a 15% down payment. There will be 119 monthly payments based on a 240-month amortization schedule, with a 120th and final balloon payment in an amount sufficient to pay off the entire remaining balance of the loan. For example, a $127,500 loan will be repaid in 119 monthly payments of $1,126.73 each and a 120th and final balloon payment in the amount of $91,030.48. These payments do not include taxes and required insurance, and the actual payment amounts will be greater. Interest Rate and APR are subject to change without notice and may vary based on the creditworthiness of the borrower, loan-to-value, loan amount, and loan purpose. The APR is effective January 12, 2024 and assumes a loan-to-value of 80%.