"New cash out program just came to the market. "
(prHWY.com) April 13, 2012 - New York, NY -- New York, 13th April , 2012 - New cash out program just came to the market. If you already own a one to four family house, condo, or coop located in one of New York City's boroughs and this is your primary residence, you can do cash out refinance up to 65% of your appraised value with the maximum loan amount of $1,500,000. You can cash out up to $350,000. This is a full doc loan and you have to have at least 680 FICO score. The program has a prepayment penalty of one percent for the first 12 months, which will be waived in the event the property is sold.
If you plan on buying a one to four family house, condo, or coop located in one of New York City's boroughs and it will be your primary residence, you can finance up to 75% of your appraised value with the maximum loan amount of $1,500,000.
Type of Transaction Purchase, Refinance (Cash out and No cash out)
Occupancy Primary
Type of Property 1 - 4 Family, Condo, Coop
Property State NYC
Maximum LTV
Maximum LTV 75% to $1,500,000 (Purchase and No cash out)
65% to $1,500,000 (Cash out Refi). Cash-Out on primary residence limited to $350,000
Maximum Loan Amount See above
Type of Documentation Full Income/Full Assets
Expected Interest Rate High 4% to Mid 5%
Prepayment Penalty 1% in the first 12 months, waived in the event the property is sold
Minimum Credit Score 680
Self-Employed or W2 Both
Types of Loan Program available:
- 5/1 IO ARM - Interest only payments for the first 5 years. Rate is fixed for the first 5 years. After the initial five year period, the rate will adjust monthly to prime rate (interest only) as published in the Wall Street Journal or similar financial publication. This product will adjust monthly for the next 60 months where it will balloon on the 120th month. Expected Interest Rate is Mid to High 3%.
- 10 Year Fixed - Fixed rate fully amortizing. Expected Interest Rate is Mid 5%.
- Prime Monthly ARM - Introductory rate of Prime minus 1% for the first 6 months interest only. After initial introductory rate, loan adjusts monthly thereafter, prime based interest only. Loan will balloon on the 120th month.
About Great Northern Mortgage:
Great Northern Mortgage is a professional mortgage company. They offer expertise in the areas of purchasing and financing commercial properties, lowering monthly payments and achieving financial goals by increasing cash flow, or funding property's renovations or repairs. The cornerstone of their business is service excellence. Their emphasis on personal attention means that each client will receive unsurpassed customer service and customized product knowledge. Most importantly, they deliver the same terms, interest rate and bank closing costs as provided on the client accepted Broker's Agreement. They specialize in hotel financing which includes Hotel Acquisition Loans, Hotel Refinance Loans, Hotel Construction and Development Loans, Conversion and Repositioning and Hotel SBA Loans
Great Northern Mortgage
17 West 24th Street, Suite 100
New York, NY 10010
U.S.A
Phone: 212-464-8100
Fax: 212-464-8038
Toll Free: 888-9-LOAN-99 (888-956-2699)
Email ID: inoble@getlowrate.com
Website:
http://www.getlowrate.com/
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