interest rate/annual percentage rate assumptions

Today's rates

as of 4/23/14 8:00 AM Pacific
Product Rate APR Monthly Principal & Interest Payment
15-yr fixed 3.375% 3.640% $1,417.52
30-yr fixed 4.250% 4.410% $983.88
Construction 3.875% 3.681% $2,015.84
FHA 3.875% 5.537% $1,180.09

Loan Program Interest Rate/Annual Percentage Rate Assumptions for payments listed above. Payments do not include taxes and insurance.

General Disclosures & Assumptions apply to all loan programs above:

Loan programs are subject to credit approval. Other terms, conditions, restrictions & fees may apply. Full documentation, title & property insurance required. Flood insurance required if property is located in a Special Flood Hazard Area. Mortgage loan programs offering minimal down payment options may require mortgage insurance.

The Interest Rate & APRs displayed are accurate as of 4/23/14 8:00 AM Pacific, and are subject to change without notice. These are posted for example purposes and do not constitute a commitment to lend.

The APRs displayed depend upon many variables based on loan programs, agency requirements, terms and underwriting guidelines. They reflect the current interest rate and may include discount points (as indicated in each specific loan program to the right, as applicable) and do not include other specific finance charges you may be required to pay. Quotes are based on a mortgage loan for residential home purchase transactions not for refinances and are based upon a 30 day lock. Loan pricing can only be locked with an Umpqua Loan Officer or our Direct Lending Group.

Payments shown above 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.

Adjustable Rate Mortgage (ARM) rates and payments 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. An increase to the index would result in a higher interest rate and monthly payment.

Disclosures & Assumptions for Specific Loan Programs below and payments above:

15 & 30 Year Fixed Rate Agency Conforming Mortgage

Pricing is based upon our published Interest Rate plus 1 discount point* on a 15 or 30 year fixed rate term conforming mortgage loan. Rate/APR posted assume loan is for a owner occupied single family one unit purchase transaction with a loan amount of $200,000, at 80% LTV with a FICO Credit Score of 740 on a 30 day lock with escrows, delivered to Fannie Mae. Monthly payment posted assumes a loan amount of $200,000.

All-in-One Custom Construction Loan

Pricing is based upon our published Interest Rate plus 1 discount point* for a 7/1 ARM Construction Loan & Permanent Financing offered with a single closing. 18 month term to complete construction phase; loan may be extended the remaining 28.5 years subject to completion of construction and other loan terms. Annual Interest Rate adjustments begin in the 85th month and may adjust annually for remaining term. Interest Rate/APR assumes an Umpqua Bank portfolio single family custom construction loan with a maximum loan amount of $417,000, at 80% LTV with a FICO Credit Score of 700. Monthly payment posted assumes a loan amount of $417,000.

FHA Fixed Rate Conforming Mortgage

Pricing is based upon our published Interest Rate plus 1 discount point* on a FHA 30 year fixed rate term conforming mortgage loan. Interest Rate/APR posted assume loan is owner occupied single family one unit purchase transaction with a base loan amount of $200,000, at 96.5% LTV with a FICO Credit Score of 680 on a 30 day lock with escrows. Monthly payment posted assumes a loan amount of $200,000 plus financed upfront mortgage insurance premium.

Glossary

APR
The Annual Percentage Rate. This is the cost of credit over the term of the loan expressed as an annual percentage rate.
*Discount Points
Interest that is prepaid to lender at closing to lower your mortgage interest rate. One point is equal to one percent of the loan amount. (For example: 1 point on a $100,000 loan would cost $1,000).
LTV
LTV is Loan-to-Value, and equates to a percentage of the appraised value of the home that can be financed to obtain the stated RATE/APR. A higher LTV may be available, meaning a lesser down payment, however adjustments to pricing may apply.
Escrow
An account established to hold reserves to pay property taxes and insurance premiums on your behalf from the escrow account over the life of the loan.
FICO Credit Score
FICO is the "Fair Isaac Corporation." Each individual will have three credit scores ranked by different agencies;Equifax®Experian® and TransUnion®. These companies rate the "likelihood" that a borrower will pay back the consumer credit they have applied for. FICO Scores range from 350-850. The higher your score, the better your FICO rating.
FHA
The Federal Housing Administration that underwrites this specific loan program. See your lender or visit the FHA website for additional detail.
Conforming Mortgage
A loan that conforms to Government Sponsored Enterprise (GSE) guidelines (Fannie Mae or Freddie Mac). In general, a loan which does not meet guidelines is considered non-conforming. For example; if the loan amount requested exceeds the guideline limits for that loan program you would have to find an alternative non-conforming loan program, such as a Jumbo loan.