Compare Mortgages
Compare Mortgages
Rainier Pacific mortgages feature:
Your options with Rainier Pacific
• Tax-deductible interest payments1
You can finance your primary residence, second home or investment property with a Rainier Pacific mortgage. Review the Product Comparison Chart below to decide which type of mortgage might fit your needs best, and then refer to the Sample Rates and Monthly Payments Chart on page 3 to estimate what your monthly costs might be.
• No prepayment penalties • 15-day grace payment period2 • Minimum down payment of 1%3, 3%3 or 5% • Financing starting at $50,0004 • Fixed terms range from 7 to 30 years5 • Automatic mortgage payment option • Rate lock option6
Product Comparison Chart
Choose this Rainier Pacific mortgage Fixed
Standard or Convertible ARM
If you want …
(1 year Adjustable Rate Mortgage) Protection against unlimited rate increases
A mortgage loan for more than $417,000 for your residential property Fixed monthly payments
ARMs (3, 5, 7 and 10 year Adjustable Rate Mortgages)
9
9
Rate fixed for life of loan
Annual cap of 2% & lifetime cap of 6%
9
9
Jumbo 15 or 30 year 7 Fixed Loans only
9 Jumbo 3, 5, 7 or 10 7 year ARMs only
9 9
Lower initial monthly payments
9 Fixed for period of 3, 5, 7, or 10 years
A low down payment
9 97% or 99% LTV options3
Bi-weekly payments option
9 15 or 30 year only
Ownership of your home for less than 10 years
A Difference You Can Bank On
9
9 Page 1 of 3 Rev. 01.21.09
Choose this Rainier Pacific mortgage Fixed
Standard or Convertible ARM
If you want …
(1 year Adjustable Rate Mortgage) Ownership of your home for more than 10 years
9
Ability to refinance without penalties if interest rates fall
9
Ability to convert to a fixed mortgage if interest rates rise An investment property with less than 70% LTV
ARMs (3, 5, 7 and 10 year Adjustable Rate Mortgages)
9
9
9
9
9 15 or 30 year only
9
Custom construction
15, 20 and 30 year only
1
Typically, interest charged on a mortgage loan is tax-deductible. Consult a tax advisor for details.
2
Late fees are assessed as 5% of the outstanding balance owed.
3
1% and 3% minimum down payment only available to first-time home owners. Subject to credit approval.
4
Closing costs for a typical loan are $2,000-$3,000. $500 Good Faith Deposit required at the time of application, except on 7 year, 10 year and 2nd mortgage loans. Minimum loan amount on a 7 or 10 year fixed loan is $50,000 and maximum loan amount is $150,000. Minimum loan amount on a 15, 20, or 30 year fixed loan is $60,000 and maximum loan amount is $417,000. Customer pays for appraisal, if required, for all loan programs. Private mortgage insurance is required for a conventional mortgage with less than a 20% down payment. If you wish to purchase a conventional mortgage without private mortgage insurance, contact a Rainier Pacific Personal Banker for more information.
5
ARMs are amortized over a 30-year period.
6
Rate lock fee of 0.50% for 30, 60, or 90 days.
7
Jumbo loans are for mortgages over $417,000. Maximum LTV on a jumbo loan is 80%. No private mortgage insurance available. Origination fees and rate are determined by Rainier Pacific.
A Difference You Can Bank On
Page 2 of 3 Rev. 01.21.09
Sample Rates & Monthly Payments Chart1 Loan Type
2
Rate
Points (%)
3
APR (%)
Monthly Payment per 4 $1,000 Borrowed
Loan Amounts Up to $417,000 Fixed 7 year
5.75%
0%
5.75%
$ 14.49
Fixed 10 year
5.75%
0%
5.75%
$ 10.98
Fixed 15 year
5%
1%
5.125%
$ 7.91
Fixed 20 year
5.375%
1%
5.46%
$ 6.81
Fixed 30 year
5.625%
1%
5.751%
$ 5.76
1 year Standard ARM (Adjustable Rate Mortgage)
4.25%
1%
6.334%
$ 4.92
1 year Convertible ARM
5.095%
2%
7.263%
$ 5.43
3 year ARM
4.375%
1%
4.5%
$ 4.99
5 year ARM
4.875%
1%
5.001%
$ 5.29
7 year ARM
5.25%
1%
5.376%
$ 5.52
10 year ARM
5.625%
1%
5.751%
$ 5.76
1
These sample interest rates, points, APRs (Annual Percentage Rates) and monthly payment figures are provided for your convenience and are effective as of January 21, 2005. For loan amounts over $417,000, please contact our Call Center at (253) 926-4000 or (800) 228-2858 or visit a Rainier Pacific branch to find out more about rates and monthly payments. Please note that interest rates and/or points are subject to change without notice, and may vary depending on the loan amount, property type and your credit rating. Your rate is not locked by the rates published on this page. Rates may increase after the initial fixed-rate period on 3, 5, 7 and 10 year adjustable rate mortgages. All Rainier Pacific loans are subject to credit and property approvals. Additional fees and closing costs may apply, and property hazard and/or flood insurance may be required.
2
Points could include any discount and origination fees.
3
These sample APRs are for an owner-occupied, single-family residence in the state of Washington purchased with a 20% down payment and no secondary financing, and do not include all closing costs. If the down payment is less than 20%, mortgage insurance may be required (which would increase the APR and the amount of the monthly payments).
4
These sample monthly payments are for an owner-occupied, single-family residence in the state of Washington purchased with a 20% down payment. They do not include any amounts that might have to be paid into escrow (such as taxes and insurance). If the down payment is less than 20%, mortgage insurance may be required (which would increase the APR and the amount of the monthly payments).
Equal Housing Lender © 2009 Rainier Pacific. All rights reserved.
A Difference You Can Bank On
Page 3 of 3 Rev. 01.21.09
Rainier Pacific mortgages feature:
Your options with Rainier Pacific
• Tax-deductible interest payments1
You can finance your primary residence, second home or investment property with a Rainier Pacific mortgage. Review the Product Comparison Chart below to decide which type of mortgage might fit your needs best, and then refer to the Sample Rates and Monthly Payments Chart on page 3 to estimate what your monthly costs might be.
• No prepayment penalties • 15-day grace payment period2 • Minimum down payment of 1%3, 3%3 or 5% • Financing starting at $50,0004 • Fixed terms range from 7 to 30 years5 • Automatic mortgage payment option • Rate lock option6
Product Comparison Chart
Choose this Rainier Pacific mortgage Fixed
Standard or Convertible ARM
If you want …
(1 year Adjustable Rate Mortgage) Protection against unlimited rate increases
A mortgage loan for more than $417,000 for your residential property Fixed monthly payments
ARMs (3, 5, 7 and 10 year Adjustable Rate Mortgages)
9
9
Rate fixed for life of loan
Annual cap of 2% & lifetime cap of 6%
9
9
Jumbo 15 or 30 year 7 Fixed Loans only
9 Jumbo 3, 5, 7 or 10 7 year ARMs only
9 9
Lower initial monthly payments
9 Fixed for period of 3, 5, 7, or 10 years
A low down payment
9 97% or 99% LTV options3
Bi-weekly payments option
9 15 or 30 year only
Ownership of your home for less than 10 years
A Difference You Can Bank On
9
9 Page 1 of 3 Rev. 01.21.09
Choose this Rainier Pacific mortgage Fixed
Standard or Convertible ARM
If you want …
(1 year Adjustable Rate Mortgage) Ownership of your home for more than 10 years
9
Ability to refinance without penalties if interest rates fall
9
Ability to convert to a fixed mortgage if interest rates rise An investment property with less than 70% LTV
ARMs (3, 5, 7 and 10 year Adjustable Rate Mortgages)
9
9
9
9
9 15 or 30 year only
9
Custom construction
15, 20 and 30 year only
1
Typically, interest charged on a mortgage loan is tax-deductible. Consult a tax advisor for details.
2
Late fees are assessed as 5% of the outstanding balance owed.
3
1% and 3% minimum down payment only available to first-time home owners. Subject to credit approval.
4
Closing costs for a typical loan are $2,000-$3,000. $500 Good Faith Deposit required at the time of application, except on 7 year, 10 year and 2nd mortgage loans. Minimum loan amount on a 7 or 10 year fixed loan is $50,000 and maximum loan amount is $150,000. Minimum loan amount on a 15, 20, or 30 year fixed loan is $60,000 and maximum loan amount is $417,000. Customer pays for appraisal, if required, for all loan programs. Private mortgage insurance is required for a conventional mortgage with less than a 20% down payment. If you wish to purchase a conventional mortgage without private mortgage insurance, contact a Rainier Pacific Personal Banker for more information.
5
ARMs are amortized over a 30-year period.
6
Rate lock fee of 0.50% for 30, 60, or 90 days.
7
Jumbo loans are for mortgages over $417,000. Maximum LTV on a jumbo loan is 80%. No private mortgage insurance available. Origination fees and rate are determined by Rainier Pacific.
A Difference You Can Bank On
Page 2 of 3 Rev. 01.21.09
Sample Rates & Monthly Payments Chart1 Loan Type
2
Rate
Points (%)
3
APR (%)
Monthly Payment per 4 $1,000 Borrowed
Loan Amounts Up to $417,000 Fixed 7 year
5.75%
0%
5.75%
$ 14.49
Fixed 10 year
5.75%
0%
5.75%
$ 10.98
Fixed 15 year
5%
1%
5.125%
$ 7.91
Fixed 20 year
5.375%
1%
5.46%
$ 6.81
Fixed 30 year
5.625%
1%
5.751%
$ 5.76
1 year Standard ARM (Adjustable Rate Mortgage)
4.25%
1%
6.334%
$ 4.92
1 year Convertible ARM
5.095%
2%
7.263%
$ 5.43
3 year ARM
4.375%
1%
4.5%
$ 4.99
5 year ARM
4.875%
1%
5.001%
$ 5.29
7 year ARM
5.25%
1%
5.376%
$ 5.52
10 year ARM
5.625%
1%
5.751%
$ 5.76
1
These sample interest rates, points, APRs (Annual Percentage Rates) and monthly payment figures are provided for your convenience and are effective as of January 21, 2005. For loan amounts over $417,000, please contact our Call Center at (253) 926-4000 or (800) 228-2858 or visit a Rainier Pacific branch to find out more about rates and monthly payments. Please note that interest rates and/or points are subject to change without notice, and may vary depending on the loan amount, property type and your credit rating. Your rate is not locked by the rates published on this page. Rates may increase after the initial fixed-rate period on 3, 5, 7 and 10 year adjustable rate mortgages. All Rainier Pacific loans are subject to credit and property approvals. Additional fees and closing costs may apply, and property hazard and/or flood insurance may be required.
2
Points could include any discount and origination fees.
3
These sample APRs are for an owner-occupied, single-family residence in the state of Washington purchased with a 20% down payment and no secondary financing, and do not include all closing costs. If the down payment is less than 20%, mortgage insurance may be required (which would increase the APR and the amount of the monthly payments).
4
These sample monthly payments are for an owner-occupied, single-family residence in the state of Washington purchased with a 20% down payment. They do not include any amounts that might have to be paid into escrow (such as taxes and insurance). If the down payment is less than 20%, mortgage insurance may be required (which would increase the APR and the amount of the monthly payments).
Equal Housing Lender © 2009 Rainier Pacific. All rights reserved.
A Difference You Can Bank On
Page 3 of 3 Rev. 01.21.09
