PORTFOLIO LENDER
Salem Co-operative Bank will portfolio your fixed rate mortgage loan. This means we would not sell your loan and you will make your monthly payments directly to us. We will be available in person or telephone for any questions or concerns you may have for the duration of your loan. See Best Rate in Process to learn more about our commitment to provide you with the best rate we can.
10% DOWN NO PRIVATE MORTGAGE INSURANCE (PMI)
This is a no PMI program without gimmicks and can
really save you money on your owner-occupied
home. To qualify, the loan amount must be $250,000.00
or less. If you have a good credit history with a
FICO (Fair Isaac Credit Opinion) score of 670 or higher,
and ratios of 30/38 (see
How to Figure Ratios), you may not be required to have private mortgage
insurance. Product is available for Single Family homes only. Other restrictions may also apply.
CONSTRUCTION-TO-PERMANENT
Construction-to-permanent financing is a one-step construction loan. You close once at the rate and term you select for your "end' financing. Must be an owner-occupied, single family residence to be constructed by a builder approved by Salem Co-operative Bank. Loan-to-value must be no higher than 80%. Salem Co-operative Bank would hold the construction funds and disburse to the builder according to a building schedule. Plans, specifications, permits, and final construction contract are required to begin the loan process. Other restrictions may also apply.
BEST RATE IN PROCESS
Salem Co-operative Bank is committed to giving you the best rate we can. Once you apply for a mortgage and pay the application fee required, your rate is locked. If the mortgage rate at Salem Co-operative Bank goes down any time during the application process, we will automatically give you the lower rate. The rate will have a final lock 5 days prior to the scheduled closing date, since documents are being prepared at this time. Please note that these rate locks do expire. The rate can be locked for a maximum of 90 days. Other restrictions may also apply. Lock a rate for 45 days at time of pre-approval.
SEASONAL PROPERTY
The subject seasonal property must be a true second home with complete utilities, that is, a full kitchen, bath, and heating system. Any rental income from the property may not be used to qualify the borrower. Maximum loan-to-value is 80%. Site assessment is required if it is waterfront property. Other restrictions may also apply.
CONDOMINIUM FINANCING
The condominium must be owner-occupied. Condominium documents are required. Condo Association must be in good standing. Other restrictions apply.
|
