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Jumbo Loans - Avoid
the Jumbo Rates!
The Combo/Piggy Back
Our program combines a Fixed Rate first
mortgage with an ARM loan as a second mortgage to
finance the total loan amount needed.
You're creating two separate loans, both with first
mortgage rates and terms, to finance the combined loan amount.
You are able to beat the system, receiving low conforming
pricing for a large portion of the jumbo
loan amount, while not paying a premium for the
secondary financing ! This program is available for
combination loans up to $1,000,000 for primary residences and to $400,000 for
second homes.
Lower payments: This loan
structure offers the borrower a
weighted-average interest rate that will fall between the rate of a
comparable
fixed-rate loan and the rate of a full
ARM loan.
Reduced
risk of payment shock: Unlike 100% ARM financing, you can
substantially reduce the risk of payment shock by using an ARM solely for the
second mortgage.
Unlike
regular fixed-rate financing, pay-downs
will result in lower payments: The Combo/Piggy is two separate
loans. Therefore, you are able
to pay off the adjustable-rate second
mortgage at any time, and then will be left with
just the first mortgage balance and
payment. This payoff achieves the same
payment level as the traditional refinance or recast process without any
additional cost or
paperwork.
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Problem: You are relocating to a new area and will not complete the sale of
your
current residence
prior to the closing of your new home. Additional equity
will be available for down
payment after the previous home is sold. This
is a fairly typical relocation scenario.
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Solution:
A perfect fit for building the Combination/Piggyback
Loan. The second mortgage can be set equal to the
expected equity that will be freed up by the sale of
your current residence. Additionally, if the you need
the equity out of your previous residence today or need
relief from the previous home debt for qualifying, then
add a Bridge Loan to the
mix. Our Bridge Loan can get equity out today and the
Bridge debt is not used in qualifying the purchase
transaction. |
Other terms, conditions and limitations may
apply, call for details 239-566-8484
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Rates vary with geographic location
APR is abbreviation for annual percentage rate
Rates change frequently and these rates may not reflect the latest market
conditions
Expressed interest rate may change or be unavailable at commitment or closing
Rates based on primary residence, purchase transaction, with tax and insurance
escrows
Re-finance rates may be slightly higher
Rates on some programs may require higher down payments
This is only a brief summary of rates and programs and possible fees, call for additional
information on underwriting requirements
and program limitations. Rates must be locked by phone or in person.
Mortgage calculators are believed to be accurate but results are not guaranteed
Bill Meyers is employed as a mortgage loan officer for a licensed
correspondent lender. Bill is an employee and not a mortgage broker.
This is Bill's personal web site and not the official web site of any bank or
mortgage company. Please consider all information posted on this site
to be general in nature and representative of mortgage rates and policies that
may be available from various sources. Bill is located at 2828 Tamiami
Trail North in Naples Florida. Bill can be reached at 239-566-8484
or toll free at 877-994-9589. Please call for full information.
Closing Costs
(Refinance) Closing Costs (Purchase)
Commercial Mortgages Contact
Bill Meyers
Documents Needed For Loan
Approval Florida
Mortgage Rates Home Page Low closing cost
loan Lot loan information
Mortgage
Calculator No income verification
programs
Notes regarding APR Pre-approval loans
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Equal
Housing Lender
Member of the Mortgage Bankers Association of
America
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