Home Loans Disclosures
APR is Annual Percentage Rate and is accurate as of 11/17/2023. Rates are subject to change without notice. To receive the most current version, please contact your Credit Union representative.
Loans are subject to American Airlines Federal Credit Union lending guidelines and credit approval. Rates are based on creditworthiness, so your rate after application may differ based on several factors including, but not limited to, loan type, loan purpose, loan amount, occupancy type, property type, loan to value, and your credit score. Rates and information given herein are neither a commitment by the Credit Union to make you a loan nor a guarantee that you will receive these rates or terms if you are approved for a loan. To receive any advertised product you must become a member of the Credit Union by opening a share account. Loans above 80% LTV may require Private Mortgage Insurance (PMI). Rates and points can only be locked upon receipt of a completed Rate Lock Agreement and nonrefundable processing fee. Other restrictions may apply.
Rates displayed are available only in conjunction with a conforming first mortgage (up to $726,200) and based upon a property value of $125,000, a down payment of 20%, and a loan amount of $100,000.
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We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.
Fixed Term Mortgages
15 Year Fixed Mortgage Payment Example:
30 Year Fixed Mortgage Payment Example:
The information provided assumes the purpose of the loan is to purchase an existing single family home to be used as a primary residence, with a loan amount of $100,000,an estimated property value of $125,000 located in Tarrant County, Texas, and 1 discount point paid. At a 7.000% interest rate, the APR for this loan type is 7.218%. The monthly principal and interest payment, exclusive of any required escrow for taxes and insurance, would be 359 payments of $665.30 and 1 payment of $668.28. Your actual monthly payments may be higher due to amounts for real estate taxes and insurance premiums.
Adjustable Rate Mortgages
The APR can increase or decrease on adjustable rate mortgages. The APR information provided is for a 5/1 ARM (30 Year) mortgage product. This type of loan has a fixed APR for five (5) years and then the APR adjusts annually. Each APR adjustment has a maximum two (2) percentage points up or down and will never exceed six (6) percentage points above or below the initial APR with a minimum floor of 3%. When the APR adjusts, your new APR will be the then current index plus a margin of 2.75% rounded to the nearest 1/8%, as long as it does not exceed the 2% adjustment cap. The current index is the rate of the 1 year constant maturity Treasury bill rate effective approximately 45 days prior to the rate adjustment.
5/1 ARM (30 Year) Mortgage Payment Example:
The information provided assumes the purpose of the loan is to purchase an existing single family home to be used as a primary residence, with a loan amount of $100,000, an estimated property value of $125,000 located in Tarrant County, Texas, and 1/2 discount point paid. Therefore, on a $100,000 5/1 ARM (30-Year) mortgage with an initial interest rate of 6.750% and an APR of 7.722%, where the interest rate adjusts annually with a maximum of 2% points up or down and will never exceed 6% points above or below the initial APR, a payment example would be as follows based on a fully capped interest rate over the life of the loan:
|Period of Payment||Interest Rate||Payment Amount|
|Years 1 – 5||6.75%||$648.60|
|Years 8 – 30||12.75%||$1,032.45|
Your actual monthly payments may be higher due to amounts for real estate taxes and insurance premiums.