Fixed Rate Loans

A fixed rate loan allows you, the homeowner, the benefit of knowing exactly what your interest and principal payments will be for the life of your loan.

  • Available for purchase or refinance
  • Fixed interest rates
  • Fixed monthly payments
  • Terms: 10, 15, 20, 25 and 30 years
  • Financing up to 97% LTV available (LTV over 80% may require Private Mortgage Insurance - PMI)

Effective Date: Monday, May 21, 2018

Fixed Conforming (Loan Amounts up to $560,000)

Program Name
Rate
Points
Annual Percentage Rate
Monthly Payment
per $1,000 Borrowed^
30 Years Fixed 4.625% 0.00% 4.656% $5.14
25 Years Fixed 4.500% 0.00% 4.535% $5.56
20 Years Fixed 4.250% 0.00% 4.292% $6.19
15 Years Fixed 3.875% 0.00% 3.928% $7.33
10 Years Fixed 3.750% 0.00% 3.827% $10.01
Lot Loan* 5.625% 1.00% 5.904% N/A

* 15 year amortization with 5 year balloon. Purchase only. APR based on $100,000 loan with fees of $75 in APR.

^ Payments do not include amount for taxes and insurance premiums if applicable and the actual payment obligation will be higher.

# Above $1,000,000 other rates and terms may apply.

SUBJECT TO CREDIT APPROVAL

Adjustable Rate Mortgage Loans (ARM)

Consider an Adjustable Rate Mortgage (ARM) if beginning with a lower monthly payment is what you need. An ARM loan generally offers you an attractive interest rate for the first several years of your loan, then will adjust annually for the remainder of your loan term.

  • Available for purchase or refinance
  • Variable interest rates
  • 1 year, 3/1, 5/1 and 7/1 ARMS available
  • Variable monthly payments
  • Terms: 30 year amortization
  • Financing up to 97% LTV available (LTV over 80% may require Private Mortgage Insurance - PMI)

Adjustable Rate Mortgage (ARM) Conforming (Loan Amounts up to $560,000)

Program Name
Rate
Points
Annual Percentage Rate
Monthly Payment
per $1,000 Borrowed^
7/1 ARM years 1-7* 3.750% 0.00% 3.813% $4.63

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...years 8-30 4.750 0.00% 4.750 $5.22

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5/1 ARM years 1-5* 3.500% 0.00% 3.583% $4.49

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...years 6-30 4.750 0.00% 4.750 $5.22

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3/1 ARM years 1-3* 3.375% 0.00% 3.506% $4.42

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...years 4-30 4.750 0.00% 4.750 $5.22

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1/1 ARM* 3.250% 0.00% 4.617% $4.35

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Jumbo Loans

When considering a larger loan, a jumbo loan will provide you with the best financing for loans $560,001 to $1,000,000.

  • Available for purchase or refinance
  • Fixed interest rates
    • Fixed monthly payments
    • Terms: 10, 15, 20, 25 and 30 years
  • Adjustable interest rates
    • 1 year, 3/1, 5/1 and 7/1 ARMS available
    • Variable monthly payments
    • Terms: 30 year amortization

Effective Date: Monday, May 21, 2018

Jumbo (Loan Amounts $560,001 to $1,000,000)

Program Name
Rate
Points
Annual Percentage Rate
Monthly Payment
per $1,000 Borrowed^
30 Years Fixed 4.750% 0.00% 4.759% $5.22

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25 Years Fixed 4.625% 0.00% 4.636% $5.63

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20 Years Fixed 4.375% 0.00% 4.387% $6.26

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15 Years Fixed 4.000% 0.00% 4.016% $7.40

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10 Years Fixed 3.875% 0.00% 3.898% $10.07

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* Interest rate is fixed during the initial period, then converts to a 1 Year Treasury ARM. Initial periods are: 7/1 ARM - 84 months; 5/1 ARM - 60 months; 3/1 ARM - 36 months; 1/1 ARM - 12 months. Payments are amortized over 30 years. After the Initial Period, the rate may vary and the payment may increase.

** 15 year amortization with 5 year balloon. Purchase only. APR based on $100,000 loan with fees of $75 in APR.

^ Payments do not include amount for taxes and insurance premiums if applicable and the actual payment obligation will be higher.

# Above $1,000,000 other rates and terms may apply.

SUBJECT TO CREDIT APPROVAL

Payments do not include amounts for taxes and insurance premiums if applicable and the actual payment obligation will be higher.

Loans greater than $1,000,000 other rates and terms may apply.

Home Equity Lines of Credit

A home equity loan can provide the cash you need to consolidate debt, make home improvements, pay college tuition, etc. Arundel Federal Savings Bank offers revolving home equity lines of credit as well as fixed rate/term home equity loans. As a revolving line of credit, you can borrow and repay funds for the duration of the draw period.

  • Revolving line with check writing convenience
  • 10 year initial draw period (renewable)
  • 15 year repayment period
  • Interest-only payments during draw period
  • Access up to 90% of the available equity in your home
  • Interest may be tax deductible (consult your tax advisor)
  • No closing cost option available (excludes city/county transfer tax)
    • Borrowers must take $10,000 advance at closing
    • Prepayment Penalty

Effective Date: Monday, May 21, 2018

Home Equity Line of Credit

80% 85% 90%
Required
Minimum
Credit
Score
660
Required
Minimum
Credit
Score
680
Required
Minimum
Credit
Score
720

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Borrower Pays Closing
WSJ Prime Rate+
Annual Percentage Rate

-0.50%
4.250%

0.00%
4.750%

0.50%
5.250%

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No Closing Costs *
WSJ Prime Rate+
Annual Percentage Rate

0.50%
5.250%

1.00%
5.750%

1.50%
6.250%

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Revolving line of credit. Interest varies monthly based on Wall Street Journal Prime rate +/- the margin shown. The maximum APR on Home Equity Lines of Credit is 18%. Minimum loan amount $10,000, Maximum loan amount $1,000,000. Borrowers must exhibit minimum credit scores to qualify. Home Equity Lines of Credit have initial draw periods of 10 years which can be extended for another 5 years at the discretion of AFSB. The repayment period is 15 years. All loan applications are subject to credit and property approval. No fees to use, not use or close your Home Equity Line of Credit loans and No Closing Cost Loans after 36 months. State and/or local government taxes may apply at closing. Closing cost fees for loans of $50,000 range from $500-$1,200. Property insurance is required on your home. Call for rates for loan amounts above $1,000,000.

* $10,000 advance required at loan closing. Excludes any county/city imposed transfer taxes. Borrower is responsible for all closing costs if the loan is paid off and closed in less than 36 months.

+Prime Rate as published in the "Money Rates" table in the Wall Street Journal. An increase or decrease in the index will result in an increase or decrease in the APR and the Finance Charge you will pay. The Wall Street Journal Prime rate as of March 27, 2018 was 4.75%.

SUBJECT TO CREDIT APPROVAL

Fixed Rate Home Equity Loans

Borrow from the equity that you have established in your home to finance home improvement projects, large purchases or consolidate debt.

  • Fixed interest rates
  • Fixed monthly payments
  • Terms up to 15 years
  • Access up to 90% of the available equity in your home

Effective Date: Monday, May 21, 2018

Home Equity Rates

Combined Loan to Value Ratio
Loan Term
Interest Rate
Points
Annual Percentage Rate
Payment per $1,000 borrowed
90% LTV
Minimum
Credit Score
720
15 Years
(Minimum Loan $22,500)
6.625% 0.00% 6.640% $8.78

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10 Years
(Minimum Loan $17,500)
6.375% 0.00% 6.395% $11.29

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7 Years
(Minimum Loan $12,500)
6.250% 0.00% 6.278% $14.73

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5 Years
(Minimum Loan $10,000)
6.125% 0.00% 6.163% $19.39

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85% LTV
Minimum
Credit Score
680
15 Years
(Minimum Loan $22,500)
6.000% 0.00% 6.014% $8.44

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10 Years
(Minimum Loan $17,500)
5.750% 0.00% 5.770% $10.98

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7 Years
(Minimum Loan $12,500)
5.625% 0.00% 5.653% $14.43

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5 Years
(Minimum Loan $10,000)
5.500% 0.00% 5.538% $19.10

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80% LTV
Minimum
Credit Score
660
15 Years
(Minimum Loan $22,500)
5.500% 0.00% 5.514% $8.17

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10 Years
(Minimum Loan $17,500)
5.250% 0.00% 5.270% $10.73

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7 Years
(Minimum Loan $12,500)
5.125% 0.00% 5.153% $14.19

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5 Years
(Minimum Loan $10,000)
5.000% 0.00% 5.038% $18.87

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Fixed Rate and Term. Single Advance. Maximum loan amount at these terms is $1,000,000. Annual Percentage Rate based on loan amount of $100,000 and fees of $91.50. Payments per $1,000 borrowed do not include taxes or insurance premiums which may increase the monthly payment. Borrower pays all closing costs. Property insurance is required on your home.

Combined Loan to Value Ratio is the total of your outstanding 1st mortgage balance plus the proposed equity loan, divided by the value of your home. Call for rates for combined LTV lower than 85% or loan amounts above $1,000,000.

Construction/ Permanent Loans

Whether you’re building or renovating, we can help you with your construction and permanent loan financing. The construction loan can convert to a fixed mortgage at the end of construction, with no change in rate. This will save you money on rising interest rates and help you maintain your monthly budget. Plus, you only pay interest on the amount advanced during the construction phase.

  • 12 months construction with interest only due each month.
  • At construction completion, we can provide conversion to a fixed or adjustable rate term mortgage.
  • You choose your own licensed builder/contractor.
  • Your builder is funded based on completed and inspected work.
  • Draws are funded, most times, the same day as inspection reports are provided! This is the benefit of working with your local lender.

Please call us for current rates.

Arundel Federal Savings Bank will consider a request for a self-managed construction job. We will require documented work experience specific to construction and evidence of a present work situation that will allow for time to supervise an ongoing construction project.

STATEMENT OF LOAN POLICY

Arundel Federal Savings Bank has established a policy of making sound loans to qualified applicants without regard to race, color, national origin, religion, sex, marital status, age, handicap, familial status, the receipt of public assistance, the borrower's good faith exercise of rights under the Consumer Credit Protection Act or the age or location of the dwelling (where applicable).

EQUAL CREDIT OPPORTUNITY ACT NOTICE

The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, marital status, age (provided that the applicant has the capacity to enter into a binding contract), sex, handicap or familial status (having children under the age of 18), because all or part of the applicant's income derives from any public assistance program, or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal agency that administers compliance with the law concerning this lender is below:

Office of the Comptroller of the Currency, Customer Assistance Group, 1301 McKinney St., Ste. 3450, Houston, TX 77010. 800-613-6743

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