Mortgages

Disclosures

General Requirements

The Annual Percentage Rate (APR), listed above, is based upon loan-to-value ratios of 80% or less and assumes excellent credit. Loan-to-value ratios greater than 80% may require private mortgage insurance, and your APR will be higher. The APR is estimated based on a loan size of $250,000 for conforming loans and $832,751 for jumbo loans, unless otherwise stated. APR may be higher for cash-out refinance applications or other loan scenarios. Interest rates, APRs, loan programs, terms, and conditions shown are subject to change without notice.

Any advertised rate, "as low as" rate, "great rate," "highly competitive rate," "affordable mortgage," or similar statement assumes well-qualified credit and may be available only for certain loan products, loan amounts, loan terms, occupancy types, property types, loan purposes, lien positions, loan-to-value ratios, credit profiles, and other underwriting factors. All mortgage loans are subject to application, credit approval, collateral approval, underwriting requirements, investor or program requirements, verification of information, and applicable law. Not all applicants will qualify.

A consumer credit report will be obtained in connection with an application. The name and address of the agency and/or agencies providing the credit report will be furnished upon request. A consumer credit report may also be requested in connection with any update, renewal, or extension of the credit for which application is made.

You must be a member of USALLIANCE Financial to receive a mortgage loan. Membership is not required to apply for a mortgage but will be established if not already a member upon the funding of your loan. Membership criteria and eligibility will be reviewed during the loan application process.

USALLIANCE Financial provides its mortgage lending services to eligible 1-4 family homes, planned unit developments (PUDs), and individual condominium units. If your home is an attached condominium unit, you may need to have the Condo Questionnaire completed.

USALLIANCE Financial will lend in all states, except for Alaska, Hawaii, and Texas.

We do not offer mortgage loans on vacant land, manufactured (mobile) homes, cooperatives, properties held in life estates, or leasehold properties. If property is held in trust, it may need to be removed prior to or at closing, depending on product and vesting. See your loan officer for more details.

Rates are based on the terms of the loan and set by the Asset/Liability Committee of USALLIANCE Financial. Conforming loan amounts, jumbo loan amounts, interest rates, APRs, and available products are subject to change. Loan amount limits may vary by property type, number of units, occupancy, loan purpose, and applicable program requirements.

Pre-qualification is not a loan approval, loan commitment, or guarantee of financing. Pre-qualification is based on preliminary information and is subject to verification, underwriting review, receipt of required documentation, collateral approval, and final credit approval. Final loan approval may require additional documentation and satisfaction of all loan conditions.

Statements such as "flexible payment plans," "streamlined," "convenient," "shop with confidence," "fast closings," and similar descriptions are general descriptions of available loan options or process features. Actual payment terms, available products, closing timeframes, costs, documentation requirements, and loan conditions vary by borrower, property, transaction type, loan program, and underwriting requirements.

Adjustable-Rate Mortgages (ARM)

Adjustable-Rate Mortgage (ARM) products feature an interest rate that is periodically adjusted based on the change in a financial index, such as the Secured Overnight Financing Rate (SOFR), plus a margin that is established at origination. Interest rate changes are limited or capped at each adjustment and for the life of the loan.

ARM products are subject to parameters that make up the rate for the mortgage, including index, margin, adjustment caps, and lifetime caps. If an advertised mortgage loan is an ARM, the interest rate and monthly payment may increase after consummation.

Example: A 5-year ARM loan will have an initial rate fixed for the first five years. After the initial fixed-rate period, the interest rate may increase or decrease according to the applicable index plus margin. Interest rate adjustments are subject to the applicable periodic adjustment caps and lifetime caps. However, the rate will never be lower than the margin, unless otherwise required by applicable law or the loan documents.

Fixed-Rate and Jumbo Mortgage Loans

Fixed-rate mortgage loans have an interest rate that does not change during the loan term. Jumbo mortgage loans are loans that exceed applicable conforming loan limits and may be subject to additional underwriting requirements, including but not limited to credit score, reserves, debt-to-income ratio, occupancy, property type, loan purpose, loan amount, and loan-to-value limitations.

Refinance and Tax Information

Refinancing an existing mortgage may not reduce total interest cost, total repayment amount, monthly payment, or overall financial obligation. Any potential savings depend on the borrower's individual circumstances, current loan terms, new loan terms, closing costs, how long the borrower keeps the loan, and other factors.

Interest paid on a mortgage loan may be tax deductible in some circumstances. Consult a qualified tax advisor regarding the deductibility of interest and charges for your specific situation. USALLIANCE Financial does not provide tax advice, and nothing on this page should be considered tax guidance.