The Mortgage House - Home Loans

Condotel Financing

WITH OUR WIDE RANGE of adjustable rate products, you can finance a condotel as a primary residence, second home or vacation property. A condotel lifestyle can provide many advantages, including the ability to benefit from rental income.

BENEFITS AND FEATURES:

Finance a condotel with many of our products from a 1 month adjustable rate mortgage to a 10 year intermediate fixed term ARM
No interest rate add on for this property type
Financing in popular US resort and vacation areas
Financing up to 80%

Stated income and no ratio loans available

Extended Lock Program

THE EXTENDED LOCK PROGRAM is a great way for you to lock in today’s rate for up to 18 months for one low fee. It’s an excellent financing option for those of you with a home under construction who do not want to worry about where rates will be when your home is complete. You can elect a float-down option at the time of lock for an additional fee.

BENEFITS AND FEATURES:

Long term lock periods available from 120 days to 540 days
Available on any hybrid and traditional adjustable rate mortgage
Float-down option available at the time of lock
All adjustments are to the 30 day base price and rate
Upfront fee is not refundable; no credit back at closing

FLOAT-DOWN OPTION:

You must elect the float-down or no float-down option at the time of the lock.
If you select to buy the Float-Down Option, the cost is an additional .125 in upfront fees.
One-time option to float the lock down to any current rate/price combination; however, the float-down rate will be 1/8th higher than the then-current rate.
You can only float down within the same product.

All up-front fees must be received within 15 calendar days of the locks.

Option Arm Program

THE OPTION ARM allows you to utilize a mortgage as a cash management tool. You can manage cash flow with flexible payment options each month. You will enjoy a low start rate and choose your payment based on financial goals each month. There’s no longer a need to get locked into a high fixed payment for the long term.

BENEFITS AND FEATURES:

Four payment options each month:
   1. Minimum payment
   2. Interest-0nly payment
   3. Principal & interest over 30 yr. term
   4. Principal & interest over 15 yr. term

Introductory base rate
Monthly interest rate adjustment
Annual payment adjustment
7.5% payment change cap
Lifetime interest rate cap of 9.95%
Principal balance will not exceed 115% of the original loan amount
Recast every 5th year
Single family, PUD, condominiums and condos
Owner-occupied and second homes
Full documentation and stated income

Available on Pledged Asset Loans

Pledged Assets Program

THE PLEDGED ASSET Loan Program allows you to finance 100%* of a home purchase without liquidating investment assets. You keep the investment strategy in place and defer capital gains taxes.

BENEFITS AND FEATURES:

There is no additional cost for this program, and no interest rate add-on
A parent or sponsor may pledge assets on your behalf in lieu of a down payment
Available on second homes, investment properties and for cash-out refinances
You can maintain long-term investment strategy and benefit from interest, dividends and investment appreciation
There is no Private Mortgage Insurance (PMI) required, as would be typical with a loan-to-value over 80%
Defer capital gains tax by keeping investment assets in place
You may keep pledged assets with your brokerage firm of choice, as long as the firm agrees to certain pledge account requirements. You may pledge multiple accounts
Eligible assets include stocks, bonds, mutual funds, CDs and other. Retirement accounts are not eligible
Single family, PUD, condominiums and condos
Trading is allowed in the pledged account
Full documentation and stated income
Available on Pledged Asset Loans

*PAL disclosure

Vesting Title in Entities

WE PROVIDE you with the option to vest the title of your residential property in a Trust, LLC, Corporation, or Partnership. Our unique funding option provides the ability to retain the title within the preferred legal structure, allowing you to continue realizing the tax benefits and legal protection associated with these financial planning tools. We expedite the funding process and require only minimal paperwork.

BENEFITS AND FEATURES:

Title is allowed to be vested in different types of entities*:
   1. Trust
   2. Limited Liability Company
   3. Corporation
   4. Partnership

Pre-approval of entity is required**
Expedited process with minimal paperwork
Review fee of $200**
Common sense underwriting

*While title may be vested in a non-natural entity, you must be a natural person who completes the loan application and whose social security number, employment, assets and credit are used to qualify for the loan. The borrower is personally responsible for the indebtedness.

**Not applicable if correspondent provides Fannie Mae compliance certification per guidelines. Additional fees may apply.