|
WALLSTREET MORTGAGE AND REALTY, INC.
|
|
 |
|
|
|
 |
|
 |
 |
|
|
| |
| Fixed Rate Conforming Loans |
| Fixed Rate ARM |
| Continuous ARM |
| HELOC |
| FHA |
| Construction Loans |
| Commercial Loans |
|
Fixed Rate Conforming Loans
|
This loan is based on a fixed rate for a period of X months. There may or may not be a prepayment penalty |
|
based on the documentation given to us as well as the borrower's credit score. These loans can be stated or |
|
full-doc. |
|
|
|
|
|
Term: 30 years
Maximum Amount: $417,000
|
| | Loan Product - Fixed Rate
Amortization Type - Fixed
Loan Type - Conforming or Jumbo
Max. Loan Amount - $417,000 or $20,000,000
Term - 180,360 or 480 months
Due In - 180,360 or 480 months
|
 |
Fixed Rate ARM
|
This loan is Fixed for X amount of years and then adjusts according to an index with a margin. The index is generally |
|
the libor or CD from the lender of choice. The margin is based on the borrowers credit and documentation type. There |
|
may or may not be a prepayment penalty on these loans. These loans may be stated or full-doc. |
|
Term: 30 years
Maximum Amount: $417,000
|
| | Loan Product - Fixed Rate or ARM
Amortization Type - Fixed
Loan Type - Conforming or Jumbo
Max. Loan Amount - $417,000 or $20,000,000
Term - 180,360 or 480 months
Due In - 180,360 and 480 months |
|
Continuous ARM
|
This program is based on the lender's CD and is done on a 12 month rolling average. By doing this the "adjustments" |
|
are made very slowly and the payment changes are much less volitile. These loans come with a prepayment penalty |
|
of 3 years and require a down payment of 20%, but are treated as stated income. 25% is required for the borrower's |
|
assets to be stated as well. |
|
|
|
|
Term: 30 years
Maximum Amount: $1,202,925
|
| | Loan Product - Continuous ARM
Amortization Type - ARM
Loan Type - Conforming or Jumbo
Max. Loan Amount - $1,202,925
Term -360 months
Due In - 360 months
|
|
HELOC
|
HELOC-Home Equity Line of Credit. These loans work much like a credit card does although the |
|
borrower gets a much better interest rate due to the fact that the loan is collateralized by the borrower's home. These |
|
loans are almost always adjustable and tied to the Prime Rate which can be found at in any financial paper. |
|
They usually do not have a prepayment penalty, but many require you to keep it open for a set period of time. Some |
|
require that you draw funds upon closing while others do not and most are paid as interest only for the first 10 years |
|
and then amoritized over the next 20 years. |
|
|
|
|
Term: 30 years
Maximum Amount: $2,000,000
|
| | Loan Product - HELOC
Amortization Type - ARM
Loan Type - Conforming
Max. Loan Amount - $2,000,000
Term - Varies
Due In - 180,360, 480 months
|
|
FHA
Term: 30 years
Maximum Amount: $417,000
|
|
Construction Loans
|
|
Commercial Loans
|
|
|
Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,202,925 with closing costs of $24,058. Your actual APR may be different depending upon these factors.
|
|
|
|
|
| |