Loan Program Interest Rate/Annual Percentage Rate Assumptions for payments listed above. Payments do not include taxes and insurance.
General Disclosures & Assumptions apply to all loan programs above:
Loan programs are subject to credit approval. Other terms, conditions, restrictions & fees may apply. Full documentation, title & property insurance required. Flood insurance required if property is located in a Special Flood Hazard Area. Mortgage loan programs offering minimal down payment options may require mortgage insurance.
The Interest Rate & APRs are subject to change without notice. These are posted for example purposes and do not constitute a commitment to lend.
The APRs displayed depend upon many variables based on loan programs, agency requirements, terms and underwriting guidelines. They reflect the current interest rate and may include discount points (as indicated in each specific loan program to the right, as applicable) and do not include other specific finance charges you may be required to pay. Quotes are based on a mortgage loan for residential home purchase transactions not for refinances and are based upon a 30 day lock. Loan pricing can only be locked with a Nicolet Bank officer.
Payments shown above do not include amounts for taxes and insurance. Actual payment obligation will be greater. For adjustable rate loans, after the initial period, rates and payments are based on today’s index plus a margin.
Adjustable Rate Mortgage (ARM) rates and payments assume no increase in the financial index after the initial fixed period. ARM rates and monthly payments are subject to increase after the fixed period. An increase to the index would result in a higher interest rate and monthly payment.
Disclosures & Assumptions for Specific Loan Programs below and payments above:
15 & 30 Year Fixed Rate Agency Conforming Mortgage
- The Annual Percentage Rate. This is the cost of credit over the term of the loan expressed as an annual percentage rate.
- *Discount Points
- Interest that is prepaid to lender at closing to lower your mortgage interest rate. One point is equal to one percent of the loan amount. (For example: 1 point on a $100,000 loan would cost $1,000).
- LTV is Loan-to-Value, and equates to a percentage of the appraised value of the home that can be financed to obtain the stated RATE/APR. A higher LTV may be available, meaning a lesser down payment, however adjustments to pricing may apply.
- An account established to hold reserves to pay property taxes and insurance premiums on your behalf from the escrow account over the life of the loan.
- FICO Credit Score
- FICO is the “Fair Isaac Corporation.” Each individual will have three credit scores ranked by different agencies;Equifax®, Experian® and TransUnion®. These companies rate the “likelihood” that a borrower will pay back the consumer credit they have applied for. FICO Scores range from 350-850. The higher your score, the better your FICO rating.
- Conforming Mortgage
- A loan that conforms to Government Sponsored Enterprise (GSE) guidelines (Fannie Mae or Freddie Mac). In general, a loan which does not meet guidelines is considered non-conforming. For example; if the loan amount requested exceeds the guideline limits for that loan program you would have to find an alternative non-conforming loan program, such as a Jumbo loan.