The APR, interest rate, and principal and interest payment may increase after the closing of the loan due to market-driven changes to the index. As an example, for a 30 year, 5 year ARM loan with a $165,000 loan amount (assuming a 20% down payment) at a 5.625% initial premium rate, the APR is 4.903% subject to increase after closing. The start rate is in effect for 5 years. Your payment schedule would be 60 payments of $949.83 and 300 payments of $838.57. Starting with the 61st payment, monthly payments are subject to change. Above rate is good for the purchase or refinance of a single-family owner-occupied home with a Loan to Value of 80% or lower. Loan approval is subject to Century Bank’s Standard Underwriting Guidelines. Rate is effective as of October 10, 2008, and is subject to change without notice.
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