Required when down-payment is less than 20% on a purchase or reseidual home equity is less than 20% on a refinance.
None of our loans have a prepayment penalty. You can make extra principle payments or pay the mortgage off completly as and when you wish with no penalty.
Lock-in fees: Most Locks have no lock-in fee up to 90 days.
Lock-in Procedure: To request a rate lock, APPLY
then submit a written request for a rate lock. This must be received and forwarded to the investor's lock-in dept. before interest rates change.
* Posted rates assume a 30 day lock, 80% CLTV, 780 FICO, conventional, $400,000 minimum, full documentation, conforming purchase mortgage with escrows for taxes and insurance. Longer term locks, lesser loan amounts, cash-out above 70% LTV, credit scores below 740, may have additional fees/rates. Information is deemed reliable and is subject to change.