All products and programs are subject to normal credit requirements such as but not limited to: Proving sufficient income to stay below required debt to income ratios for your selected product, meeting the minimum credit score requirement, documenting a prompt mortgage pay history. Home appraisal and subsequent equity requirements vary from product to product. Home appraisal is subject to underwriter review/approval. Escrow for taxes and insurance are required for certain products. Monthly mortgage insurance may be required depending on the product, amount of loan and subsequent risk involved. Some products require additional up front mortgage insurance or funding fee’s that are additional to discount points and other typical closing costs. We cannot guarantee approval for products, home appraisal value issues or general credit worthiness. We don’t charge up front for application, credit or appraisal fee’s to mitigate the risk for our customers of these concerns but will pass these charges along to you if your loan closes, see your loan estimate for details of your specific transaction. You will receive a written detailed estimate of charges within 3 business days of a full application for your protection. Currently none of our products have early prepayment penalties. We do offer adjustable rate mortgages but don’t typically advertise these products due to the complex disclaimer necessary to cover all risks involved. Most advertised best rates are for rate/term mortgage refinancing only using a 25 day lock, 760 or better credit score, 20% equity in your property and in some case up to 2.5 discount points in addition to processing, underwriting, title and appraisal charges. All products on the secondary market are subject to each investors subsequent overlays including pricing increases for: **Each 5% increase of your loan to value you borrow against, credit scores below 760 will receive various hits to pricing all the way down to 580. Typical debt to income ratios cannot exceed 43% of your gross monthly income, some products allow up to 57%-60% depending upon eligibility including disposable income after the new loan payments. Closing costs can vary based upon: Product, credit score and term. In most cases, choosing a higher rate can lower if not completely eliminate closing costs. Depending on your situation including how long you intend to stay in the home, choosing higher than normal closing costs for the lowest rate possible may be the best option.
**PRESCREEN & OPT-OUT NOTICE: This "prescreened” offer of credit is based on information in your credit report indicating that you meet certain criteria. This offer is not guaranteed if you do not meet our criteria and other factors bearing on your credit worthiness (including acceptable property collateral, income and employment history). If you do not want to receive prescreened offers of credit from this or any other companies, call 1-888-567-8688 or visit the website www.optoutprescreen.com; or write
Equifax Options, P.O. Box 740123 Atlanta, GA 30374-0123
Experian Consumer OPT-OUT, P.O. Box 919, Allen, TX 75013,
Trans Union Opt Out Request, P.O. Box 505, Woodlyn, PA 19094-0505