PLATINUM LOANS |
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Our Platinum loan program offers loan amounts ranging
from $50,000 to $500,000.
- Loan amounts up to 100.00% of your home's appraised value, purchase or refinance.
- No Penalties for cash out refinance. Take all the cash you desire.
- Interest rates often lower then Conforming Loans.
- Points often much lower then Conforming Loans.
- NO mortgage insurance is required.
- Escrows are waived for FREE!
- Qualifying ratios up to 50.00% debt to income.
The Platinum 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 rates for our Platinum loan program at one discount point.
| PLATINUM LOAN PRICING |
| Credit Score |
LTV% |
LTV% |
LTV% |
LTV% |
LTV% |
LTV% |
| |
<= - 75.00 |
75.01 - 80.00 |
80.01 - 85.00 |
85.01 - 90.00 |
90.01 - 95.00 |
95.01 - 100.00 |
| Points 1.000 |
|
710+ |
6.500 |
6.550 |
6.750 |
7.050 |
7.300 |
7.750 |
660-709 |
6.650 |
6.700 |
6.900 |
7.200 |
7.450 |
7.900 |
640-659 |
6.750 |
6.800 |
7.000 |
7.300 |
7.550 |
8.000 |
620-639 |
7.050 |
7.100 |
7.300 |
7.600 |
|
|
575-619 |
7.450 |
7.500 |
7.700 |
8.000 |
|
|
| Example
#1: Your Loan To Value is 75%
and your credit score is 709 = 6.650%
interest rate |
| Example
#2: Your Loan to Value is 80%
and your credit score is 709 = 6.700%
interest rate |
| *LTV-Loan To Value |
The Platinum 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 Platinum loans are securitized. Because of the lower rates/fees
and the securitization, the Platinum 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.
To learn more about Credit Scores please click on "Frequently Asked Questions"
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