GOLD LOANS |
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Our Gold loan program offers loan amounts ranging from $50,000 to $500,000.
- Loan amounts up to 100% of your property's appraised value for refinance transactions.
- No penalties for cash out refinances. Take all the cash you need.
- Interest rates often lower then Conforming Loans.
- Loan fees are often much lower than Conforming Loans.
- NO private mortgage insurance is required.
- Escrows are waived for FREE!
- Qualifying ratios up to 50.00% debt to income.
The Gold loan is credit score and loan to value driven. This means the higher
your credit
score and the lower the loan to value, the lower your interest rate
will be. Below is a
matrix showing the current rates for our Gold loan program
at one discount point.
| GOLD LOAN PROGRAM PRICING |
| Points 1.000 |
| Credit Score |
LTV% |
LTV% |
LTV% |
LTV% |
LTV% |
LTV% |
LTV% |
| |
<= - 70.00 |
70.01 - 75.00 |
75.01 - 80.00 |
80.01 - 85.00 |
85.01 - 90.00 |
90.01 - 95.00 |
95.01 - 100.00 |
|
726+ |
5.700 |
5.800 |
5.900 |
6.050 |
6.200 |
6.400 |
6.750 |
700-725 |
5.800 |
5.900 |
6.050 |
6.200 |
6.400 |
6.650 |
7.100 |
675-699 |
5.950 |
6.050 |
6.250 |
6.400 |
6.650 |
6.950 |
7.500 |
650-674 |
6.150 |
6.250 |
6.450 |
6.700 |
7.000 |
7.400 |
8.050 |
625-649 |
6.400 |
6.550 |
6.750 |
7.050 |
|
|
|
| Points 2.000 |
726+ |
5.450 |
5.550 |
5.650 |
5.800 |
5.950 |
6.150 |
6.500 |
700-725 |
5.550 |
5.650 |
5.800 |
5.950 |
6.150 |
6.400 |
6.850 |
675-699 |
5.700 |
5.800 |
6.000 |
6.150 |
6.400 |
6.700 |
7.250 |
650-674 |
5.900 |
6.000 |
6.200 |
6.450 |
6.750 |
7.150 |
7.800 |
625-649 |
6.150 |
6.300 |
6.500 |
6.800 |
|
|
|
| Points 3.000 |
726+ |
5.200 |
5.300 |
5.400 |
5.550 |
5.700 |
5.900 |
6.250 |
700-725 |
5.300 |
5.400 |
5.550 |
5.700 |
5.900 |
6.150 |
6.600 |
675-699 |
5.450 |
5.550 |
5.750 |
5.900 |
6.150 |
6.450 |
7.000 |
650-674 |
5.650 |
5.750 |
5.950 |
6.200 |
6.500 |
6.900 |
7.550 |
625-649 |
5.900 |
6.050 |
6.250 |
6.550 |
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Example #1: Your Loan To Value is 70%
and your credit score is 725 = 5.800%
interest rate |
| Example
#2: Your Loan To Value is 75%
and your credit score is 725 = 5.900%
interest rate |
| *LTV-Loan To Value |
The Gold loan program interest rates and fees are
often much lower than the conforming
rates and fees. Mortgage Loans of America, LLC can offer lower interest rates
and fees
because all Gold loans are securitized. Because of the lower rates/fees and
the
securitization, the Gold loans have a short 24 month pre-payment penalty. The
24 month
pre-payment penalty allows the borrower to pay off up to 20% of the principal
balance in
the first 12 months without penalty, an additional 20% of the principal balance
can be paid
off in 13-24 months and starting the 25th month you can pay the entire balance
off without
penalty. The pre-payment penalty is 6 months interest.
Pre-payment penalty can be removed by adding .25% to the interest rate.
To learn more about Credit Scores please click on "Frequently Asked Questions"
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