## Mortgage Rates

### March 27, 2020

### Fixed Rate Mortgage Loans

Rates are based on the purchase of an owner occupied single family residence in MA and RI with FICO score of 740 or greater. Annual Percentage Rate (APR) subject to change without notice and are dependent on loan terms. The estimated APR is based on a mortgage of $225,000 with 25% down payment. It does not take into account Private Mortgage Insurance (PMI). Down payment of less than 20% requires mortgage insurance for conventional products. Payment example does not include taxes and insurance. If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums resulting in a greater monthly payment obligation. Property insurance is required. Flood insurance where required. Subject to credit approval.

### Adjustable Rate Mortgage (ARM) Loans

Rates are based on the purchase of an owner occupied single family residence in MA and RI with FICO score of 740 or greater. Annual Percentage Rate (APR) subject to change without notice and are dependent on loan terms. The estimated APR is based on a mortgage of $225,000 with 25% down payment. It does not take into account Private Mortgage Insurance (PMI). APR is variable and may increase after closing. 5/1, 7/1 and 10/1 ARM Index is U.S. one-year Constant Maturity Treasury (CMT). Mortgages may have an introductory discount where the initial rate is less than the sum of the index and margin. The discount will be in effect for the initial period only. APRs shown above are based on a 30 year term (360 payments) and are subject to change after consummation. Down payment of less than 20% requires mortgage insurance for conventional products. Payment example does not include taxes and insurance. If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums resulting in a greater monthly payment obligation. Property insurance is required. Flood insurance where required. Subject to credit approval.

### SMCU Government Programs

Rates listed above are purchase of an owner occupied single family residence in MA and RI with FICO score of 640 or greater. Annual Percentage Rate (APR) subject to change without notice and are dependent on loan terms. The estimated APR for FHA is based on a purchase price of $250,000 with 3.5% down payment. The estimated APR for VA and USDA is based on a purchase price of $250,000 with 0% down payment. It does take into account Mortgage Insurance Premiums due for each product. Southern Mass Credit Union acts only within a Broker capacity on Government Loan Product and is not the lender of record. Payment example does not include taxes and insurance. If an escrow account is required or requested, the actual monthly payment will also include amounts for real estate taxes and homeowner’s insurance premiums resulting in a greater monthly payment obligation. Property insurance is required. Flood insurance where required. Subject to credit approval.

### Home Equity Loan Rates

**APR is annual percentage rate. Rate indicated reflects a credit score of 680 or greater and a 0.25% rate discount with automatic payment from a Southern Mass Credit Union checking account. Minimum loan amount $25,000; maximum loan amount $500,000. Maximum loan amount not to exceed 80% of property value on an owner occupied 1-4 family primary residence. For 10 years fixed at 3.625%, 120 monthly payments of $9.95 per $1,000 borrowed. Purchase transaction requires an SMCU first lien. Payment does not include taxes and insurance premiums therefore payment obligation will be greater. Borrower responsible for real estate taxes and property insurance. APR indicated requires automatic payment from a Southern Mass Credit Union checking account. Please see a member service representatives for rates without automatic payment. The following fees apply: Application fee: $0.00; Points 0.00%. Third party fees may apply: Power of Attorney, Revocable Trust Agreement or other legal documents will be required to be reviewed by the Credit Union’s Attorney and recorded as part of the closing. You will pay all fees related to this review and recording. These fees generally total between $0.00 and $500.00. If the loan amount is greater than $250,000 and in first position, the Borrower will be required to pay for Title Insurance Policy, Municipal Lien Certificate, and Survey Deletion Letter. Other terms and conditions and restrictions apply. Subject to credit approval. Offer subject to change without notice.

**Rate offer is subject to change at any time. Minimum loan amount $10,000, maximum loan amount $500,000. Maximum loan amount not to exceed 80% of property value on an owner occupied 1-4 family residence. Payment does not include taxes and insurance premiums therefore payment obligation will be greater. Borrower responsible for real estate taxes and property insurance. APR indicated requires automatic payment from a Southern Mass Credit Union checking account. Please see member service representatives for rates without automatic payment. Subject to credit approval. Other terms available.

### Home Equity Line of Credit

#### Promotional Offer Home Equity Line of Credit*

- 2.49% Introductory APR* for the first 12 months, thereafter APR will resort to Prime minus 0.25% (Currently 3.00% APR)
- Up to 80% loan to value on a 1-4 family owner occupied residence.

#### Home Equity Line of Credit**

- Owner and Second Home Occupancy up to 80% loan to value - Variable APR 3.00% (Prime minus 0.25%)
- Owner and Second Home Occupancy Over 80% - 90% loan to value - Variable APR 3.50% (Prime plus 0.25%)
- Owner Occupancy Over 90% - 95% loan to value - Variable APR 4.00% (Prime plus 0.75%)
- Investment occupancy up to 75% loan to value - Variable APR 3.75% (Prime plus 0.50%)

*After the introductory period, the Annual Percentage Rate (APR) may vary monthly and will be based on the Prime Rate as listed in The Wall Street Journal (Prime) plus a margin. A minimum initial draw of $25,000 is required for 120 days. All subsequent draws will be set at $500 or more. APR indicated requires automatic payment from a Southern Mass Credit Union checking account. After the introductory period the rate will be set at Prime minus 0.25%. $50 Annual Fee. Other terms and conditions and restrictions apply. Subject to credit approval. Offer subject to change without notice.

**APR indicated requires automatic payment from a Southern Mass Credit Union checking account. APR will vary monthly if the Prime Rate changes but will not exceed 18.00% or be less than 3.25%. Current Prime Rate available on the Wall Street Journal. Real Estate Taxes and Property insurance is required. Flood insurance where required by law. 1-4 family primary residence, second home, or investment occupancy. Loan-to-value of 80-95% require Southern Mass Credit Union in first position. Loan to Value 90-95% 1-unit owner occupied purchase only. Consult your tax advisor regarding the deductibility of interest. Other terms and conditions and restrictions apply. Subject to credit approval. FEES AND CHARGES: To open and maintain a line of credit, the following fees apply: Application fee: $0.00 (due at application); Points 0.00% of credit limit (due when account is opened). Fees charged to the customer will apply under the following circumstances: Annual Maintenance Fee of $50.00; Early Termination Fee of $500 or 2.00% of the line, whichever is less, if the line is closed within 3 years from the note date; if the loan amount is greater than $250,000 and in first position, the Borrower will be required to pay for Title Insurance Policy, Municipal Lien Certificate, and Survey Deletion Letter. Third party fees for Power of Attorney, Revocable Trust, or other legal documents must be paid by the member. Fees generally total between $0.00 and $500.00.

Other mortgage rates and terms available. Call the Credit Union for details. NMLS # 422864.