Comments by the
Mortgage Professor |
Transaction Characteristics |
Offered by
CenturyPoint Mortgage |
| Not all lenders operate in every state |
States in which lender operates |
National Lender - 50 States
(Some restrictions by product) |
|
Fixed-rate programs are usually identified by their term.
The first figure is the initial rate period, the second figure is the
rate adjustment period after the initial rate period ends. ARM programs
are also identified by the interest rate index that they use, and other
features. See Requirement 5.
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| Fixed-Rate Programs |
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| 40-Years |
Priced Online |
| 30-Years |
Priced Online |
| 25-Years |
On Request |
| 20-Years |
Priced Online |
| 15-Years |
Priced Online |
| 10-Years |
Priced Online |
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| Adjustable-rate (ARM) Programs |
|
| 1 month / 1 month |
Not Available |
| 3 month / 3 month |
Not Available |
| 6 months / 6 months |
Not Available |
| 1 year / 1 year |
Priced Online |
| 3 years / 1 year |
Priced Online |
| 5 years / 1 year |
Priced Online |
| 7 years / 1 year |
Priced Online |
| 10 years / 1 year |
Priced Online |
| 3 years / 3 years |
Not Available |
| 5 years / 5 years |
Not Available |
| FHA Programs |
Not Available |
| VA Programs |
Not Available |
| |
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| Second Mortgage Programs |
|
| Fixed-rate Programs |
Please Call |
| 30-years |
Please Call |
| 15-years |
Please Call |
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| Few lenders make loans on all types of properties.* |
| Property Types Priced Online |
|
| Single Family Homes |
Priced Online |
| 2 - 4 Family Homes |
Priced Online |
| Condo, less than 5 stories |
Priced Online |
| Condo, more than 5 stories |
Priced Online |
| Co-ops |
Please Call |
| Manufactured homes |
Not Available |
| Land |
Not Available |
| In a planned unit development(PUD) |
Priced Online |
| Farms |
Not Available |
| Commercial |
Not Available |
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The precise details of alternative documentation requirements may differ a little from one lender to another.
|
| Alternative Documentation Priced Online |
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| "Stated income," "stated assets", or both: income and/or assets are disclosed but not verified by lender. |
Not Available |
| "No ratio:"maximum ratios of housing expense and total expense to income are ignored by lender. |
Not Available |
| "No income", "no assets", or both: income and/or assets are not disclosed. |
Not Available |
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Shoppers should expect to pay more for a waiver of escrows or a float-down, less for accepting a prepayment penalty. A float-down is a lock plus the right to a lower rate if market rates decline.
|
| Options Priced Online |
|
| Waive escrow of taxes and insurance |
Priced Online |
| Prepayment penalty |
Not Available |
| Float-down |
Not Available |
| Interest-only |
Priced Online |
| Temporary buydown |
Not Available |
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Warning! The maximums and minimums vary for different programs. For example, the longest lock might be available for ARMs but not FRMs. Further, the stated maximums and minimums are not likely to be available on the same loan. Don't expect to get a 107% loan, for example, if you have a 540 credit score. (Note: you can get your credit score on www.myfico.com.) Housing expense is the sum of the mortgage payment, property taxes and homeowners insurance.
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| Maximums and Minimums Across All Programs |
|
| Maximum ratio of loan to value |
97% |
| Minimum credit score |
575 |
| Maximum loan size |
$4,000,000 |
| Minimum loan size |
$75,000 |
| Maximum ratio of housing expense to income before taxes |
65% |
| Maximum ratio of housing expense plus other debt payments to income before taxes |
65% |
| Longest lock period available |
60 days |
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| Special Loan Purposes |
|
| Cash-out refinance |
Priced Online |
| Use house as a vacation or second home |
Priced Online |
| Rent out house |
Priced Online |
| Borrower a non-resident alien |
Not Available |
| Construction loan |
Not Available |
| Bridge Loan |
Not Available |
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