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Mortgage Rate Assumptions

  • Rates shown assume a Purchase Transaction.

  • Annual Percentage Rate (APR) calculations assume a purchase transaction:- a single-family, detached, owner-occupied primary residence; loan-to-value ratio ≤ 75%; minimum FICO score of 740; and loan amount of $225,000.

  • Rates may be higher for loan amounts under $225,000 or loan amounts over $400,000.

  • Closing Costs assume that borrower will escrow monthly property tax and insurance payments.

  • Payments shown 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. For interest only loans, the initial payments do not include principal.

  • Mortgage insurance is not included in the payment quoted. Mortgage insurance will be required for all FHA and VA loans as well as conventional loans where the loan to value is greater than 80%.

  • On refinance transactions, the Annual Percentage Rate (APR) calculations assume a single-family owner occupied primary residence; loan-to-value ratio ≤ 75%; Fico score 740; rate and term refinance.

  • Subject to underwriter approval; not all applicants will be approved.

  • Rates based on properties located New York.

  • Guaranteed Rate - 55 Day Rate Lock.

  • Restrictions may apply.

  • Lender Fee $1,990.

  • Document Preparation Fee $250.

  • Settlement Agent Closing Fee $750.

  • Per diem Interest – 15 days

  • Fees and other charges may apply.

  • These assumptions are subject to change without notice. Rate, points and APR may be adjusted based on several factors including, but not limited to, state of property location, loan amount, documentation type, loan type, occupancy type, property type, loan to value and your credit score. Your final rate and points may be higher or lower than those quoted based on information relating to these factors, which may be determined after you apply.


Disclosures

30-50 Whitestone Expressway, Ste. 305, Flushing, New York 11354, 
Tel 914-328-4646, Fax 914-328-3737, Toll Free 855-MGN-LOAN (646-5626).

Licensed Mortgage Banker-New York State Department of Financial Services, New Jersey Department of Banking and Insurance, FHA and VA Approved. 

Applicants must qualify according to Credit, Income and Property guidelines. Conditions and restrictions may apply, Rate subject to change without notice.

NMLS# 42791


Fair Lending Policy

MGN FUNDING  is an Equal Housing Lender. We comply with both the Equal Credit Opportunity Act as well as the Fair Housing Act. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race; color; creed; ancestry; religion; national origin; sex; age (provided you have the capacity to enter into a binding contract); marital status; familial status (number and age of children); sexual orientation; if all or part of your income is possibly being derived from any public assistance program; or because you have, in good faith, exercised any right under the Consumer Credit Protection Act or the Service members Civil Relief Act (SCRA); or any other basis prohibited by law.