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Betsy Cavanaugh

Betsy Cavanaugh

Mortgage Loan Officer, VP

NMLS ID#746518
Office Phone: 734-887-2646

Old National Bank

2723 S State St
Ann Arbor, MI

About Betsy

Betsy has been working in the mortgage loan business since 1989. She graduated from Western Michigan University with a degree in finance and marketing and came to Ann Arbor to work with her father who owned a mortgage company. Betsy started as a loan officer and realized right away that this was going to be her career for life. Betsy is a third-generation mortgage lender. From helping those first-time buyers finance their first home to helping a couple build the $1 million home of their dreams, Betsy embraces the fact that she gets to be a part of the homeowner’s life. Her first job is to listen, and then educate, and then advise the borrower on the best financing program to fit their long and short-term financing goals. Betsy believes that communication is a key in every type of relationship, and she does her best to keep clients advised of the loan progress every step of the way. She realizes that this is the largest single investment most clients will make in their life and therefore will make sure that she does everything she can to make this a smooth transaction for them. No matter if this is a purchase, new home construction or a home refinance, Betsy recognizes the trust the client is placing in her to help them with their financing. She doesn't just originate loans, she invests in relationships.  

Current Mortgage Rates

Conventional
Term Rate APR
30 Year Fixed 4.750% 5.132%
15 Year Fixed 4.250% 4.460%
The above rate is based off of the following assumptions for your Conventional Loan:
  • Credit score 740 or higher
  • LTV 95% (5% down payment)
  • Loan amount of $230,000
  • $800 origination fee, $6.70 flood certification fee and $72 tax service fee. Additional closing costs apply
Please note that if your credit score, down-payment or loan amount is different than the above assumptions, your rate could be higher or lower. Subject to credit approval. Rates, terms and conditions effective 12/13/18 are for sample purposes only and subject to change. Please contact your Mortgage Loan Officer for specific, customized pricing for your financial situation.

Construction
Term Rate APR
Construction 30yr 4.500% 4.540%
Construction 15yr 4.000% 4.069%
The above rate is based off of the following assumptions for your Construction Loan:
  • Credit score 700 or higher
  • LTV 80% (20% down payment)
  • Loan amount up to $1,000,000
  • $1,000 origination fee, $6.70 flood certification fee and $72 tax service fee. Additional closing costs apply
Please note that if your credit score, down-payment or loan amount is different than the above assumptions, your rate could be higher or lower. Subject to credit approval. Rates, terms and conditions effective 12/13/18 are for sample purposes only and subject to change. Please contact your Mortgage Loan Officer for specific, customized pricing for your financial situation.

Jumbo
Term Rate APR
Jumbo 30 Year 4.375% 4.382%
2.25The above rate is based off of the following assumptions for your Jumbo Loan:
  • Credit score 740 or higher
  • LTV 60% (40% down payment)
  • Loan amount $453,101 to $1,000,000
  • $800 origination fee, $6.70 flood certification fee and $72 tax service fee. Additional closing costs apply
Please note that if your credit score, down-payment or loan amount is different than the above assumptions, your rate could be higher or lower. Subject to credit approval. Rates, terms and conditions effective 12/13/18 are for sample purposes only and subject to change. Please contact your Mortgage Loan Officer for specific, customized pricing for your financial situation.

ARM
Term Rate APR
5/1 ARM 4.125% 4.794%
The above rate is based off of the following assumptions for your Conventional ARM Loan:
  • Credit score 740 or higher
  • LTV 95% (5% down payment)
  • Loan amount up to $453,100
  • $800 origination fee, $6.70 flood certification fee and $72 tax service fee. Additional closing costs apply

Please note that if your credit score, down-payment or loan amount is different than the above assumptions, your rate could be higher or lower. Subject to credit approval. Rates, terms and conditions effective 12/13/18 are for sample purposes only and subject to change. Please contact your Mortgage Loan Officer for specific, customized pricing for your financial situation.

On a $230,000, 5-1 ARM amortized over 20 years with an initial interest rate of 4.625% with an annual percentage rate of 4.451%, after fixed-period of 5 years the rate may increase annually; individual adjustments are capped at 2% first, 2% subsequent and rate can never increase by more than the lifetime cap of 5%. A payment example would be as follows based on a fully-capped interest rate of the loan: Years 1-5 at 4.625% rate with a payment of $511.53, Year 6 at 6.625% rate with a payment of $582, Year 7 at 8.625% rate with a payment of $654 and Years 8-20 at 9.625% rate with a payment of $689. The monthly payment may change when the interest rate on an adjustable rate mortgage is reset. After the initial fixed-rate period, your interest rate can increase annually according to the market index. Current index (LIBOR 12 month) as of October 25, 2017 is 1.835%. The current index plus Margin rounded to the nearest 0.125 is 4.125%. Any change may significantly impact your monthly payment.


FHA
Term Rate APR
FHA 30 Year 4.500% 5.655%
The above rate is based off of the following assumptions for your FHA Loan:
  • Credit score 640 or higher
  • LTV 96.5% (3.5% down payment)
  • Loan amount of $170,000
  • $800 origination fee and $6.70 flood certification fee. Additional closing costs apply
Please note that if your credit score, down-payment or loan amount is different than the above assumptions, your rate could be higher or lower. Subject to credit approval. Rates, terms and conditions effective 12/13/18 are for sample purposes only and subject to change. Please contact your Mortgage Loan Officer for specific, customized pricing for your financial situation.

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