PLATINUM PLUS PURCHASE/REFI HIGHLIGHTS |
|
Our 80/20 Platinum Plus loan program offers loan amounts ranging from $50,000 to $500,000.
- Loan amounts up to 100.00% of your homes appraised value, purchase or
refinance. Your monthly payment may be lower with a first and second mortgage.
- The 80/20 Platinum Plus program is a first and second mortgage combined.
The
first mortgage is at a 80% Loan to Value and the second mortgage can be
up to
100% Loan to Value.
- Terms for the first mortgage can be 10, 15, 20, or 30 years. Terms for
the second
mortgage can be 10, 15, or 20 years with a 30 year amortization option that
balloons in 15 years.
- 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 on any of our loans.
- Escrows are waived for FREE!
- Qualifying ratios up to 50.00% debt to income.
Purchase a home with no cash out of pocket.
The Platinum Plus 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 Plus loan program at one discount point.
| PLATINUM PLUS PURCHASE/REFI HIGHLIGHTS |
| Credit Score |
LTV% |
LTV% |
LTV% |
LTV% |
LTV% |
| |
First Mtg |
Second Mtg |
Second Mtg |
Second Mtg |
Second Mtg |
| |
<= - 80.00 |
80.01 - 85.00 |
85.01 - 90.00 |
90.01 - 95.00 |
95.01 - 100.00 |
| Points 1.000 |
|
710+ |
6.150 | 7.150 | 7.450 | 7.700 | 8.150 |
660-709 |
6.300 | 7.400 | 7.700 | 7.950 | 8.400 |
640-659 |
6.550 | 7.850 | 8.150 | 8.400 | 8.850 |
| First Mortgage will always be 80.00% Loan to Value |
|
Example #1: Your Loan To Value is 85% and your credit score is 709 = 6.300 first
mortgage and 7.400 second mortgage |
| Example #2: Your Loan To Value is 90% and your credit score is 709 = 6.300 first
mortgage and 7.700 second mortgage |
| *LTV-Loan To Value |
The Platinum Plus 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 Plus loans are securitized. Because of the lower rates/fees
and the securitization, the Platinum Plus 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"
|
