Turn a house into a home
Purchasing a new home is an exciting undertaking, but sometimes the experience can seem overwhelming. That's why having the residential lending team at INTRUST Bank to guide you through the financing can be so helpful. Our expertise, coupled with our resources, can simplify the process for you from pre-qualification to loan closing. With us by your side, you can relax and concentrate on moving in to the home of your dreams.
Fixed Rate Loans
- Predictable, non-variable mortgage payments
- Might be right for you if you plan to be in your home for a while
Adjustable Rate Loans (ARMs)
- Generally offer an initial rate that is lower than a fixed rate loan
- After an initial fixed rate period (3, 5 or 7 years), the interest rate is subject to annual adjustments based on the movement of a specific index. The adjustment is not to exceed 5 percent as part of the initial adjustment, 2 percent annually after that, and 5 or 6 percent over the life of the loan, depending upon the loan program.
- Your monthly payment changes as the rate changes annually.
- May be right for you if you need the lowest possible initial payments or if you don't plan to keep your home for more than a few years.
Loan program details
|Rate Type||May be right for you if:||Features|
Fixed or ARM
|You plan to put down at least 5%|
|Home Possible or HomeReady®||Fixed|
|Jumbo Loan||Fixed or ARM||Borrow between $548,251 and $2 million|
|Federal Housing Administration (FHA)||Fixed||Allows for a gift from a family member for down payment|
|Veterans Affairs (VA)||Fixed||You are a qualified veteran borrower|
Rates and Terms
|Loan Type||Rate||APR||Assumptions||Monthly Payment||Final Payment|
|Conventional 30 Year Fixed Rate||3.000%||3.059%||Assumptions||$674.57||$672.47|
|Conventional 15 Year Fixed Rate||2.375%||2.477%||Assumptions||$1,057.47||$1,058.19|
|Conventional 10 Year Fixed Rate||2.250%||2.398%||Assumptions||$1,490.20||$1,489.89|
|FHA 30 Year Fixed Rate||2.500%||3.523%||Assumptions||$820.09||$817.27|
|VA 30 Year Fixed Rate||2.625%||2.799%||Assumptions||$738.51||$741.11|
Rates listed are effective as of 8/2/2019 for loan amounts of $100,000 to $548,250, are not guaranteed, and are subject to change without notice. Rates and/or origination fees may vary depending on the consumer’s credit scores, loan-to-value ratio, and/or reason for the loan, such as purchase, refinance or cash-out refinance.
Let us help guide you
Our team of experienced mortgage experts will help guide you through the process of purchasing a new home or refinancing your current mortgage. Learn more about each of our experts as well as their skills and experience.View Experts
These calculators are provided for your convenience. The accuracy of the calculation is not guaranteed. It is not intended as an advertisement, a disclosure statement under any consumer law, or an offer of tax, legal, financial or investment advice, and the calculator is not guaranteed to be applicable to your circumstances. It is not a guarantee of the availability of any particular loan product or interest rate, or an offer to make a loan.
Frequently Asked Questions
Answer: Rates are based on a variety of factors such as the loan purpose, your credit history and ability to repay, the value of the collateral, and the loan amount, to name a few.
Answer: Your tax situation is unique. Please consult a tax adviser to assess your individual situation.
Answer: Closing costs are items paid in connection with the settlement of your loan, including any appraisal fees, title insurance fees, pre-paid interest, and documentation fees. These costs will vary from loan to loan, depending on the loan type chosen, property location, and other factors. You will receive an estimate of your closing costs prior to closing in order for you to review and decide whether to proceed with the transaction.
Answer: Private Mortgage Insurance (PMI) is a type of insurance product that is protection for the lender against a lost which can occur if a borrower defaults on the loan. PMI is typically required on a purchase transaction when the borrower has less than a 20% down payment, or a refinance transaction when the borrower has less than 20% equity in the property being refinanced. The cost of the mortgage insurance is usually added to the monthly mortgage payment.
Answer: The main factors we examine are your credit history, the property value, and your debt-to-income ratio.
Answer: Traditionally, a down payment is needed on a purchase transaction, unless it is a loan product that allows for 0% down. The amount of downpayment required will vary depending on a variety of factors, and can also affect the interest rate you receive, and whether PMI will be required.
Answer: Documents required for each transaction are proof of income and assets, which usually include copies of W-2 statements or full tax returns, recent pay stubs, and account statements. Whether more documentation will be needed varies with every transaction.
Answer: Depending on how busy the lender is, it can take up to 45 or 60 days. Providing requested documents as soon as possible to the lender may help speed up the process. Make sure any job change, change in salary, or new debt is reported to your lender as soon as possible, as these changes can cause delays in the process.
Have questions or want to get started? Give us a call at the number below and we'll be happy to help.