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| Debt Consolidation/Cash Out |
| Investment/Second or Vacation Home |
| No Money Down |
| Purchase |
| Refinance |
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Debt Consolidation/Cash Out
The replacement of multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. Or by drawing equity out of the property in order to receive cash out of the transaction
Term: 30 years
Maximum Amount: $6,000,000
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Investment/Second or Vacation Home
A property which is used for rental purposes or bought to renovate and re-sale to gain a profit is considered investment property. Second or Vacation Home is used for personal use only and not as rental property.
Term: 30 years
Maximum Amount: $6,000,000
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No Money Down
The purchase of home when you finance the entire amount of the purchase and are not required to put any money down. (Some closing cost may apply)
Term: 30 years
Maximum Amount: $6,000,000
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| | The only products available at this time for the purchase of a new home with 100% financing is USDA loans which the property must qualify for and VA loans which the borrower would have to be eligible for this type of financing |
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Purchase
The process of acquiring a home.
Term: 30 years
Maximum Amount: $6,000,000
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Refinance
The repayment of a mortgage with another mortgage. Homeowners typically refinance to take advantage of lower interest rates or to transform equity into cash.
Term: 30 years
Maximum Amount: $6,000,000
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $424,100 with closing costs of $8,482. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $6,000,000 with closing costs of $120,000. Your actual APR may be different depending upon these factors.
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