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The rates shown here assume a loan size of $350,000 for a primary occupancy single family home in CA, a downpayment of 20%, and a credit score of 720 or higher. Monthly payments do not include property taxes and insurance.
These rates are valid as of Jan 16, 2019 @ 7:04 PM EST.
Cost is additional money paid at closing that may lower the rate for the life of the loan. These costs are also known as “points”. Typically, a one-point fee is equivalent to one percent of the loan amount.
Credits result in higher rate for the life of the loan in order to receive credit to help cover closing costs. Credits cannot exceed closing costs.
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Laurel Road Bank is a Connecticut state-chartered bank offering products in all 50 U.S. states, Washington, D.C. and Puerto Rico. Laurel Road has helped thousands of professionals with graduate and undergraduate degrees across the country to refinance and consolidate over $4 billion in federal and private school loans, saving these borrowers thousands of dollars each.
Laurel Road is a trade name licensed by Laurel Road Bank. Laurel Road is a federally registered service mark of Laurel Road Bank. Laurel Road Bank is an Equal Housing Lender, Member FDIC. NMLS ID # 402942.
By gathering the most recent comparable sales that are most similar to the subject property both in square footage, style and location.
Yes, Laurel Road is a direct lender, which means we support borrowers throughout the entire loan process and provide funds at closing.
The home inspection is an evaluation of the condition of the property, while the appraisal is an evaluation of the value of the property.
Laurel Road does service mortgages, but reserves the right to transfer the servicing of your loan after closing. If we sell your loan, we will notify you of your new servicing lender before your first payment is due.
You will be provided with payment instructions in the closing package.
*The advertised payment amounts and rates are based on a $300,000 loan. Advertised payments do not include taxes or insurance. Your actual payments will be greater. Assumes Primary Occupancy, Purchase, 80 LTV, 720 or higher FICO score.
†The Annual Percentage Rate (APR) is for informational purposes only and is subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, credit score, loan to value, refinance with cash out, state specific fees, and other variables.
‡Adjustable rate mortgage (ARM) interest rates and payments are subject to increase after the initial fixed-rate period (5 years for a 5/1 ARM, 7 years for a 7/1 ARM and 10 years for a 10/1 ARM). ARM rates 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: ARMs assume a 30-year term. For more information on ARMS please click here.
Laurel Road Bank offers applicants the opportunity to participate in a reward-based program (the “Rewards Program”) throughout the mortgage loan application process. Through the Rewards Program, applicants may have the opportunity to accrue points that will be redeemable and applied towards costs at closing.
The accrued points are earned by choosing certain specified options to complete the mortgage loan application process. The most cost effective and efficient tasks lead to the greatest amount of points. When you close your mortgage, the total amount of points earned are awarded and then converted into a lender credit. The dollar amount of the lender credit is then applied toward eligible non-recurring closing costs or disclosed fees.
Your participation in the Rewards Program is voluntary, and is expressly conditioned on compliance with the Program Rules and with all present and future Program Rules, terms, regulations, policies, and procedures that Laurel Road may, in its discretion, adopt from time to time.
ACCRUING POINTS AND/OR CHOOSING CERTAIN SPECIFIED OPTIONS TO COMPLETE THE MORTGAGE APPLICATION PROCESS DOES NOT AFFECT THE REVIEW OF THE BORROWER’S MORTGAGE APPLICATION, LAUREL ROAD’S ULTIMATE DECISION REGARDING THE BORROWER’S MORTGAGE APPLICATION, OR ANY TERM OF A LOAN OFFERED BY LAUREL ROAD OTHER THAN A REDUCTION OF NON-RECURRING CLOSING COSTS OR DISCLOSED FEES.
• Only available to individuals legally eligible to obtain a mortgage loan. Proof of age is required at closing.
• Points are accrued based on tasks performed within a given application. Earnings are accrued per task. Points are earned once per task.
• Borrowers can accrue up to 650 points per loan transaction. Total points accrued and/or available are located in the “My Rewards” widget.
• Points are converted on a one-to-one basis to lender credits that will be reflected on the Closing Disclosure and applied to eligible non-recurring closing costs at Laurel Road’s discretion. The maximum available lender credit that may be obtained for the Reward Program is $650.
• Points accrued during the process may be converted into rewards at the closing of an approved Laurel Road loan, provided the applicants’ application remains active until the time of closing.
• Points are non-assignable and non-transferable.
• Accrued points have no cash value, are non-negotiable, and are not redeemable either in whole or in part for cash. Applicants cannot receive cash back from rewards applied at closing. Accrued points have no value in the event that the applicant withdrawals the loan application, the application is withdrawn by Laurel Road as incomplete, or the application is denied.
• Applied lender credits may not exceed limits that may be imposed on lender credits by investor or program guidelines. Applied lender credits may be modified if the total amount of credit exceeds the maximum allowed under the applicable guidelines.
• DETERMINATION OF TAX LIABILITY OF REWARDS IS THE RESPONSIBILITY OF THE APPLICANT. APPLICANTS SHOULD CONTACT THEIR TAX ADVISORS WITH ANY TAX RELATED QUESTIONS.
• Laurel Road has the right, in its sole discretion and without notice, to change, update, revise, limit, supplement and otherwise modify the terms of the Reward Program and impose new or additional terms and conditions on the applicant’s use of the reward program, at any time, at its discretion, with or without notice, even though such changes may affect the accumulation of points or the ability to obtain the reward. Laurel Road reserves the right to change the Program Rules at any time in its sole discretion without prior notice to borrower, including but not limited to: (i) the qualifications for eligibility; (ii) the value of Points earned by the applicant; (iii) the number of Points needed to earn a Reward; and (iv) the Rewards available to be earned. Each such modification will be effective upon posting on the Site.
• Laurel Road reserves the right, in its sole discretion and without notice, to terminate or cancel the Rewards Program, in whole or in part, or an individual applicant’s participation in the Program for any reason and at its sole discretion, with or without cause. “Termination” means ending the Rewards Program, with no further ability to earn Points and/or convert points at closing by any applicant; “Cancellation” means the expiration or revocation of an individual applicant’s eligibility, for any reason, with or without cause. Neither Termination nor Cancellation of the Rewards Program affects the applicant’s pending loan application(s).
MORTGAGE TERMS AND CONDITIONS
Laurel Road Bank is an Equal Housing Lender and complies with the Federal Fair Housing Act. Laurel Road Bank does not engage in business practices that discriminate on the basis of race, color, national origin, religion, sex, disability, marital status or family status (including having children under the age of 18 and pregnant women). Laurel Road Bank also does not discriminate because all or part of your income may be derived from a public assistance program or because you have in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that monitors Laurel Road Bank’s compliance with the Federal Fair Housing Act is the Federal Deposit Insurance Corporation.
Laurel Road Bank loans are originated by Laurel Road Bank, NMLS #402942.