High prices and interest rates make today’s real estate market challenging for homebuyers. You may want to consider an adjustable-rate mortgage (ARM) loan, which offers much lower initial interest rates, translating to lower monthly payments and more buying power.
1ARM = Adjustable-Rate Mortgage. APR = Annual Percentage Rate. 4.875% initial interest rate, followed by an estimated 6.875% adjustable interest rate, 6.110% APR based on zero points and 20% down for conforming loans up to $647,200, effective as of October 21, 2022. All advertised rates and terms are subject to change at any time without notice. Interest rates and payments may increase after consummation. Payments are fixed for five years. After the initial fixed-rate period, your interest rate can increase or decrease yearly according to the market index. Any change may significantly impact your monthly payment. Since the index in the future is unknown, the estimated adjustable rates are based on the current one-year CMT index plus a margin of 2.500% subject to adjustments every five years with a lifetime maximum adjustment of 5.000%. May not be combined with any other offer, program, or promotion. Cannot be used to refinance an existing LAPFCU mortgage. Payment example: A $500,000 loan with a 20% down payment and an initial interest rate of 4.875% would have 60 monthly payments of $2,646.04 followed by 300 monthly payments of $3,202.88 at a 6.875% estimated adjustable interest rate (subject to a yearly adjustment), 6.110% APR. Payments do not include taxes and insurance. Restrictions apply, ask for complete details. All loans are subject to credit approval and applicable LAPFCU policies. 2ARM = Adjustable-Rate Mortgage. APR = Annual Percentage Rate. 5.000% initial interest rate, followed by an estimated 6.875% adjustable interest rate, 6.157% APR based on zero points and 20% down for conforming loans up to $647,200, effective as of October 21, 2022. All advertised rates and terms are subject to change at any time without notice. Interest rates and payments may increase after consummation. Payments are fixed for five years. After the initial fixed-rate period, your interest rate can increase or decrease every five years according to the market index. Any change may significantly impact your monthly payment. Since the index in the future is unknown, the estimated adjustable rates are based on the current five-year CMT index plus a margin of 2.750% subject to adjustments every five years with a lifetime maximum adjustment of 5.000%. May not be combined with any other offer, program, or promotion. Cannot be used to refinance an existing LAPFCU mortgage. Payment example: A $500,000 loan with a 20% down payment and an initial interest rate of 5.000% would have 60 monthly payments of $2,684.11 followed by 300 monthly payments of $3,208.61 at a 6.875% estimated adjustable interest rate (subject to five-year adjustment), 6.157% APR. Payments do not include taxes and insurance. Restrictions apply, ask for complete details. All loans are subject to credit approval and applicable LAPFCU policies.
SMART HOLIDAY SHOPPING TIPS
We’ll help you handle the biggest shopping season of the year like a pro. Whether you’re shopping in stores or online from the comfort of home, follow these tips to help streamline your holiday shopping experience and increase your financial security.
Use the LAPFCU App
Stay on top of your seasonal spending while on the go, right from your smartphone. Securely view account activity, make check deposits and transfers, pay bills, and locate the nearest ATM or branch. Instantly lock your LAPFCU credit and debit cards if they’re lost, stolen, or inactive, and set transaction alerts for low balance and large withdrawals using Card Controls
Set up Mobile Payments
Be sure to add your LAPFCU credit or debit card to your wallet app (Apple Pay, Google Pay, Samsung Pay) and make it your default card for easier, more secure, and contactless payment in stores and online.
NOVEMBER • 2022 (877)
• lapfcu.org
695-2732
HOMEOWNERSHIP IS STILL WITHIN REACH Visit
or scan the QR code. Call
for assistance. LOANRATEAPR PAYMENT PER $100,000 (Taxes and Insurance Not Included) 5/1 ARM 4.875%6.110% $529.21 5/5 ARM 5.000%6.157% $536.82 BENEFITS OF ADJUSTABLE-RATE MORTGAGES (ARMS)
5/1 ARM: Low, fixed rate for 5 years, then adjusts annually1 5/5 ARM: Low, fixed rate for 5 years, then adjusts every five years2
lapfcu.org/ARM
(877) 695-2732
learn more. HOME
Visit lapfcu.org/home-equity-offer
TAKE A BREAK FROM BILLS
A LOAN PAYMENT
If year-end expenses are taking a toll on you or you just want some extra breathing room in your budget, take advantage of our loan skip-a-payment program. To skip a payment, log in to view your eligible loans and choose your month.
LAPFCU App >> More >> Skip-A-Pay
PATROL Online Banking
Skip-A-Pay 1Each loan you elect to skip-a-payment on is assessed a $15 processing fee which will be deducted from your LAPFCU Share Account. Only loans with six (6) previous on-time payments are eligible. This offer excludes payments on mortgages (first and second trust deeds), business loans, certificate loans, and Visa credit cards. The number of payments on the consumer loan remains the same, and interest will continue to accrue on a daily basis at the Annual Percentage Rate (APR) set forth in the loan agreement, both during and after the deferral period. When payments resume, unpaid interest will be collected first. If you skip a payment, the term of your loan will be extended. All terms and conditions of original loan agreement remain in force. Skip-A-Pay may be used after you’ve had the loan for a minimum of 270 days and have successfully made 6 consecutive payments. After this, you are limited to one Skip-A-Pay per loan in a 6-month period. If you previously elected credit life and/or disability insurance, your monthly premium will still be added to the loan on the skipped month; however, coverage will not be extended beyond the original maturity date. Skipping a payment may void your GAP and Mechanical Breakdown Insurance (MBI) during the month you skip and/or during the extended term of your loan(s). Please consult your insurer for complete details. If you have scheduled an automatic recurring payment, you must log into PATROL Online Banking to adjust your scheduled payment date for the month you wish to skip. Otherwise, your payment(s) will still be deducted even though you have indicated on this form that you wish to skip it. If you have scheduled an automatic payment from your account at another financial institution, you will need to change the date or cancel that payment with the other financial institution. If you are unable to make the payment change in time, please contact us so we can reverse the payment and credit your LAPFCU Share Account. If for some reason you do not qualify to skip a payment, you will be notified by LAPFCU. LAPFCU reserves the right to revoke this offer if your account is delinquent, the process fee is not paid, required signatures is/are missing, a skip payment has been processed on this loan within the past 6 months, or upon knowledge of any legal proceedings such as bankruptcy
0922-70 (877) 695-2732 • lapfcu.org
– SKIP
n
n
>> Services >>
or scan the QR code to
EQUITY LOANS STARTING AT 5.250% APR FOR UP TO 84 MONTHS1! Borrow
of your home’s equity to pay
your
or
1APR = Annual Percentage Rate. 5.250% fixed APR is based on a loan term of up to 84 months. Minimum loan amount $5000. Maximum loan-to-value is 80% for owner occupied properties, and 70% for non-owner occupied properties. Maximum term on owner occupied properties is 20 years, and 15 years on non-owner occupied properties. Loans available on 1-4 family dwellings. Property hazard insurance is required. Home Equity Loans are available for properties located in California, Arizona, Colorado, Idaho, Montana, Nevada, Oregon and Utah. 7-year rate term payment example (effective date October 20, 2022): $35,000 loan with 5.250% fixed APR for 84 months would cost $14.25 per $1,000 borrowed. All loans are subject to credit approval and applicable LAPFCU policies. All advertised rates and terms are subject to change without notice. Your actual payment may vary. Restrictions apply, ask for complete details. PLEASE NOTE: If you want to skip a loan payment, and you currently have a scheduled automatic payment or ACH from another financial institution, you must call us at (877) 695-2732 to arrange your skipped payment. Otherwise, the loan payment will still be made. HOLIDAY CLOSURE Branches will be closed Friday, November 11 , for Veterans Day, and Thursday, November 24, and Friday, November 25, for Thanksgiving. ATMs, online banking, and mobile banking available. 24/7 assistance at (877) 695-2732.
up to 80 percent
off debt, remodel
home,
pay unexpected bills. A home equity loan or line of credit is a simple and smart way to save big and consolidate debt or finance any need.
