This is NOT a loan offer. Caviness & Cates or Cates Building, Inc., the seller, is not a lender and does not offer financing. The above calculator and any related information provide an example of mortgage payments calculated for general informational and educational purposes only, are based on the above sample data points and cannot be used to determine loan terms or costs for any actual mortgage loan. Sample results may not be available to you for financing purposes, or address all loan options or important considerations for home buying and financing decisions. Mortgage loan terms actually available to you depend on factors like the lender and loan type you choose, and are subject to credit approval, market conditions, availability, and other terms and conditions, including closing costs which may increase the monthly payment calculation.
The source of sample rates prepopulated in the calculator for the Conventional 20% Down, FHA 3.5% Down and VA 0% Down. If the Loan Type in the calculator includes "w/ BFC*" in the name, it is prepopulated with an example rate involving a Builder Forward Commitment (BFC), such as those that Caviness & Cates periodically enters with First Point Home Loans to lock in a fixed interest rate for a pool of funds. Such rate is only available to qualified borrowers and homes until the pool of funds is depleted or the rate expires, and additional terms and conditions may apply. Not all borrowers or homes will qualify for a BFC rate, and said rate may not apply for all credit profiles. You are not required to obtain mortgage financing through First Point Home Loans to purchase a home from Caviness & Cates; however, use of First Point Home Loans, among other terms and conditions, is required to receive a DHIM-related BFC rate, if available, when purchasing a Caviness & Cates or Cates Building, Inc. home.
First Point Home Loans, LLC (financing partner) is an affiliate of Caviness & Cates Building & Development. All products are subject to credit and property approval. Programs, rates, program terms and conditions subject to change without notice. Not all products are available in all states or for all amounts. First Point Home Loans is not acting on behalf of or at the direction of FHA/HUD/VA or the federal government. Other restrictions and limitations apply. This is not a commitment to lend. Interest rates and products are subject to change without notice and may or may not be available at the time of loan commitment or lock-in. Borrowers must qualify at closing for all benefits. First Point Home Loans, LLC supports Equal Housing Opportunity | NMLS # 2615211, NC # B-223171, SC # 2615211 | (www.nmlsconsumeraccess.org) | 919-701-0143
** If you select an adjustable-rate mortgage (ARM) program,the sample interest rate and monthly payment shown in the above calculator are based on an introductory rate, which can change after the initial fixed-rate period expires. For example, a 7/6 ARM's introductory rate is fixed for the first 7 years (i.e., 84 months) of the loan, after which the interest rate can change every 6 months. Similarly, a 5/1 ARM's introductory rate is fixed for the first 5 years (i.e., 60 months) of the loan, after which the interest rate can change every 1 year (i.e., 12 months). (Other ARM products may have different initial fixed-rate periods and different rate adjustment periods.)This means that after the initial fixed-rate period, your monthly payment can increase or decrease substantially every 6 or 12 months based on changes in the interest rate, as described in the loan documents. Because the above calculator shows a sample monthly payment based only on the introductory rate, there may be higher monthly payments after the initial fixed-rate period expires.
Property Taxes, Home Insurance, Mortgage Insurance and Homeowners' Association Dues are estimates in the community or locality where the property is located. This calculator and related information should not be construed as financial, legal, or tax advice, or as a commitment to lend. Please consult your own advisor. The calculator and related information are provided "AS-IS" AND WITHOUT REPRESENTATION OR WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED and without legal obligation on Caviness & Cates or Cates Building, Inc., including any duty to update or correct information herein. Please contact a mortgage lender of your choosing for actual loan information (e.g., available rates and terms) and for requirements related to loan products they make available to you.
