None of the loan programs shown on our website have prepayment penalties, meaning you have the ability to prepay your loan and refinance if rates fall. If you do not qualify for a website program, our Loan Consultants will review alternative programs that are available to you. If a loan program with a prepayment penalty is offered to you, you will also be offered the same loan without a prepayment penalty so you can compare rates and decide which option is best for you.
You are not required to have an impound/escrow account unless the Loan-to-Value ratio on your loan is over 90%. Electing not to have an impound/escrow account will not affect the interest rate on your loan but the points will be increased by .25.
We offer conforming loan programs with as little as 5% down and jumbo loan programs with as little as 10-20% down. However, significantly lower rates are available with a down payment of 10% or greater.
On conforming loans, the maximum debt to income ratio is 45% depending on the loan program.
No. By offering financing only on traditional 1-4 family residential properties, we are able to be more efficient and offer the best possible pricing to our customers.
All of our servicers allow you to set up a direct debit to make your monthly payment. Upon receiving notification regarding the servicer for your loan, contact the toll-free number provided to set up your direct debit.
Many of our servicers allow you to set up bi-weekly payments. However, you should seriously weigh the merits of this program before setting it up. A bi-weekly payment program pays off the mortgage early by making 13 payments each year (52 weeks in a year divided by 2 equals 26 half-payments or 13 full payments). By simply paying an extra 1/12 of a payment each month, you will pay your mortgage off faster and avoid any administration fees associated with the biweekly payment program. Use our Amortization Table Calculator to set up a prepayment schedule that is right for you.
On a 1-unit primary residence or second home, federal regulations require that PMI be automatically cancelled when your loan balance reaches 78% of the original property value at the time the loan was secured. Depending on the loan program, you may be able to request in writing that PMI be removed sooner, based on an increase in the property value as determined by a new appraisal to be ordered by the servicer. Generally, PMI must have been in place for at least two years and you must have a good payment history for PMI to be cancelled under this scenario.
If your home was listed within the past twelve months but is not presently on the market, you may still refinance, however you must provide a letter of explanation and you may not select a rate with rebate pricing.
Loans may not be closed in the name of a Trust. Escrow will prepare a grant deed removing the property from the trust prior to recording your new loan.
If your current second mortgage was not obtained in conjunction with purchasing your home, then paying it off with a new mortgage is considered cash out. Please see Program Guidelines for any possible add-ons for cash out transactions.
Yes, you can subordinate multiple liens provided the combined loan to value is within the Program Guidelines.