What Contour Mortgage Corporation Offers

Transcription

1 What Contour Mortgage Corporation Offers Purchase a Home FHA Refinance Reverse Mortgage VA Loans 203K Rehab Loans Commercial Loans Multi-Family Loans Debt Consolidation Jumbo Mortgages Non-Warrantable Condo/Co-Op Contour s Fresh Start Foreign National Investor Jumbo Alternative Homeowner s Access

2 Purchasing a home If You Can Afford To Rent, You Can Afford To Buy! Owning a Home Comes with Tremendous Advantages: When you own, it s your home, not just a house! You are building equity with every payment Your home is working for you by appreciating in value The government is helping finance your home via tax deductions Trade Up, Or Purchase That Dream Vacation Home! Trade Up, Or Purchase That Dream Vacation Home! Contour Mortgage will help you buy even more home than you already have. Whether your family is expanding and you need the extra room, or you are looking for a house to just get away from it all, our programs are tailored to suit your needs. Fixed Rate Loans Offer Stability If you prefer a consistent payment over a very long period of time with no surprises, fixed loans are the best choice for you. The peace of mind of a fixed-rate loan offsets what could be a slightly higher long-term payment. When rates are very low, refinance from an adjustable rate loan into a fixed-rate loan to lower your monthly payment or convert the uncertainty of an adjustable rate to a reliable fixed-rate. Better news! If you have a large Home Equity Loan or high interest credit cards that are not fixed, you have the option of refinancing them all into one fixed-rate loan. This can save you thousands of dollars in the long run. Adjustable Rate Mortgage May Be Just What You Need! Most ARM products offer low introductory rates that are fixed from one to 10 years - after which it adjusts either annually or every six months for the life of the loan. Our ARM programs come with a lifetime rate cap, which means that your rate will never go above a certain level, even if rates skyrocket.arm loans are appropriate if: You plan to stay in the home for less than three to 10 years. Interest rates are high - you will benefit when rates begin to fall. You plan to take out a short-term cash/out loan.

3 FHA Financing FHA financing is a safe and affordable loan option for many homeowners. The only requirement is a low down payment. Contour Mortgage is an approved FHA direct lender. This means you receive the benefits directly, which include: As little as low down payment Lock in a low 30-year fixed-rate. More lenient credit score requirements and explainable credit challenges permitted. Quick and easy approval and closing process directly with Contour Mortgage! No pre-payment penalty. Loans are insured by the Federal Housing Administration but issued directly by Contour Mortgage. For more information on FHA loans, see HUD.gov What is an FHA Loan? An FHA loan is a mortgage insured by the Federal Housing Administration ( FHA ), a government agency within the U.S. Department of Housing and Urban Development. These loans are a safe, viable option for building credit in today s tough real estate market. Your down-payment can be as low as 3.5% of the purchase price, and in many cases your closing costs and fees can be included in the loan. The FHA allows home sellers, builders and lenders to pay some of the borrower s closing costs, which include appraisal, credit reports and/or title expenses. Two Mortgage Insurance Premiums are required on all FHA loans. The first is the upfront premium and the second is the annual premium. Contact your mortgage professional to learn more about these premiums and the current annual premiums for your loan amount. FHA also offers a special loan product designed to finance home repairs and improvements called a 203K. *Contour Mortgage Corporation is an FHA-Approved lender.

4 Refinance Adjustable Rate Mortgage May Be Just What You Need! Most Adjustable Rate Mortgage (ARM) products offer low introductory rates that are fixed from one to 10 years -after which it adjusts either annually or every six months for the life of the loan. Our ARM programs come with a lifetime cap on the rate, which means that even if industry rates skyrocket, your rate will never go above a certain level, giving you peace of mind. Is an ARM right for you? Do you plan to stay in the home for less than three to 10 years? If Interest rates are high, you will benefit when rates begin to fall. Do you plan to take out a short-term cash/out loan? How Can You Benefit From Refinancing Decrease your monthly payments or shorten the length of your loan Use cash to pay off high interest credit card debt Combine a first mortgage with a home equity loan Take out cash to pay off student loans or other large expenses Switch into a fixed-rate mortgage to take advantage of historically low interest rates For more information on FHA loans, see HUD.gov Fixed Rate Loans Offer Stability Fixed loans are optimal if you are looking for a consistent payment over a long period of time with no surprises. The peace of mind of a fixed-rate loan will offset the slightly higher overall long-term payment. When rates are very low, you can refinance into a fixed-rate loan to lower your monthly payment or convert the fluctuations of an adjustable rate to a steady fixed-rate. Great news! If you have a large Home Equity Loan or high interest credit cards that are not fixed, you have the option of refinancing them all into a fixed-rate loan which will save you thousands of dollars over the life of the loan. Cost of a Refinance Refinancing is an investment that does cost the borrower money. Refinancing costs should range from 3-6% of the outstanding principal balance of the loan being refinanced. However, oftentimes these costs can be minimized by making minor adjustments to the interest rate or rolling them into the new loan to avoid out-of-pocket expenses.

5 Reverse mortgage The Home Equity Conversion Mortgage Reverse Mortgages vary for different situations. Most common is the Home Equity Conversion Mortgage (HECM), which is insured by the federal government. Following recent legislation, there are new increased borrowing limits are available along with the ability to purchase a new home with this program. Eliminate your existing mortgage payments Available for individuals 62 years old and older No monthly payments are required (Borrowers must continue to pay taxes, insurance and maintain the home in good condition) Delivers tax free monthly income (consult your Tax Advisor) Allows homeowner to live in their home Title to the home remains in the homeowners name The customer can now also use a Reverse Mortgage to purchase their new home. Reverse Mortgage loans made throughout the United States are increasing at a dramatic rate. The reason? More and more seniors and their families are educating themselves about the benefits of Reverse Mortgages and realizing that it can be the best solution. You may be asking yourself Is a Reverse Mortgage right for me? or Is a Reverse Mortgage right for my parents or older relatives? In the Tri-state area, Contour Mortgage is the best source for information on Reverse Mortgages. Read on to help decide. How Can You Benefit From A Reverse Mortgage Reverse mortgages are special home loans designed with seniors in mind. If you have considerable equity in your home, you may be able to convert that asset into income. Payments are made to you, and as long as you live in the home, the loan never has to be repaid. Reverse mortgage can provide you with cash today with no requirement to ever pay it back for as long as you live in your home. The disbursement options on a reverse mortgage loan are flexible. You can access money by: Taking a lump sum Establishing a line of credit to use as needed Arranging a combination of the above options Payment options can adjust to fit you flexible needs. When and if the home is left permanently, the balance on your reverse mortgage becomes due. Selling the home itself can pay for this any remaining equity belongs to you or your heirs.

6 VA LOANS Contour is grateful for the service those in uniform provide our country. We are determined to do our best to thank them for their sacrifice. Our VA loans offer these benefits: No down payment may be required A great benefit for service to your country Benefit from extremely competitive interest rates Have the option to assume an existing mortgage from another veteran VA loans offer tremendous mortgage benefits to active-duty service members, veterans, and some surviving spouses. A VA home loan can be used for a number of purposes, including purchasing or building a new home, refinancing a current mortgage, repairing or improving your existing home, or installing home efficiency measures. How Can You Benefit From A VA Loan No down-payment options available No monthly mortgage insurance premium Limits on buyer s closing costs Assumable mortgages are subject to VA approval of the assumer s credit Penalty-free prepayment Should you experience temporary financial difficulties, the VA extends forbearance and financial counseling to help you avoid losing your home Other requirements and restrictions may apply

7 203k REhab loans Make your new or existing house the home of your dreams with an approved FHA renovation loan, insured by the Federal Housing Administration. There are two versions of 203k loans. A 203K Streamline is best for when repairs come to less than $31,500. The full k or standard 203k which can over up to $625,500 for the purchase price and repairs. Low down payment requirements Relaxed guidelines Standard 203K option is best for major structural repairs such as room additions, foundation repairs, fire damage, flood damage or major site improvements. How Can You Benefit From 203K Loans Streamline 203K option is best for non-structural repairs and can may allow you to qualify for a loan amount up to $35,000 (requires a reserve fund for 10%) These non-structural repairs would be repairs such as new paint, carpets, appliances, kitchen or bathroom remodels, plumbing, electrical work, and/or HVAC or septic systems. Borrower Benefits Turn an average home into a dream home. Qualified homebuyers can improve less-than-perfect homes in desirable locations or address property shortcomings immediately without draining your savings. Make the home your own removing the previous owner s style. Everyone has different tastes you don t have to live with the previous owner s choices. Fix things the previous owner may have ignored windows, roof repairs, etc. Get more house for the money. REOs and foreclosures are still a large part of the real estate inventory. Buyers can take advantage of reduced home prices. Rolling rehabilitation costs into the mortgage allows borrowers access to repair funds at lower rates. Product Eligibility Down payment as low as 3.5% of total amount of purchase plus costs of repairs Gift funds are allowed Seller may contribute 6% of purchase prices toward closing cost and pre-paids Purchase of owner occupied primary residence Commercial properties are not eligible Required $5,000 minimum renovation cost

8 Commercial Loans Whether you are looking to buy property, machinery, or inventory, our loan specialists can help get your business up and running, or help you grow. Owner-occupied commercial property Equipment, machinery, inventory Multi-Family houses (over 4 units) Long-term working capital to expand or invest in your business

9 Multi-Family Loans Buying a home for an individual can be a difficult and detailed decision-making process. When you are buying a home for a family, that difficulty and level of detail increases significantly. Individual family members each have his or her own unique and constantly changing needs that all need to be satisfied by a single real-estate transaction. This can be a tough situation. However, Contour Mortgage has the experience and the know-how to lead home buyers through this process. The key to making the right decision is in weighing all the family-related factors that go beyond basic real estate considerations. From getting the right financing to deciding whether or not your kitchen has all the right upgrades, you must think ahead far ahead about how your family will grow, what it will need today, and what it will need 10 years from now. Here are some considerations that should be part of your home-buying process: The long haul. Are you starting a family? Do you already have children? Do you plan to have more? Activity level. Does your family like to stay active? Location, location, location. It s one thing to buy into a good area in terms of your real estate investment, but location takes on even more importance when family planning comes into the equation. The neighborhood. You ll likely note a neighborhood with other families of similar ages so that your children will have plenty of playmates. Home age can steer your search. As a rule of thumb, generally the older the home, or neighborhood, the more likely you are going to find older families, or perhaps even empty nesters. Safety. Ensuring a safe home, especially if your family has small children, is critical. How easy will if be for you to childproof kitchens, bathrooms and stairways? If the home has a pool or spa, have they been properly fenced, gated and covered to prevent accidents? Accessibility. If your family includes members have that have special access needs, ensure the home you are considering either provides the right access options, or can accommodate upgrades in the future. Take advantage of living in one portion of your home, while covering the mortgage expenses with rental income from the other portions of your property. Buy a 2 to 4 unit home to create rental income

10 Debt consolidation Let Contour Mortgage build a custom mortgage for you to: Get out of debt and into peace of mind! Pay your mortgage off early. Reduce your overall monthly payments. Make one low monthly payment. Get Out of Debt with Contour Mortgage! At Contour Mortgage, we want to help you become debt free. Whether you have lost your job, gone through a divorce, or want to pay off a student loan or other outstanding bills, we have the ability to design a program just for you. Through the use of Government Insured financing and our access to the capital markets, we can help get you out of debt even if you have had: Late payments. Collections. Credit repayment programs. Pay Off Your Mortgage Early! Remember the old mortgage burning ceremony? A time when the mortgage was paid off and the home was owned free and clear? Let a Contour Mortgage consultant help you with a free analysis and show you how you can reduce your overall monthly payments while paying your mortgage off years earlier than you ever imagined.

11 Jumbo Mortgage Are you looking to secure a large loan that many banks are hesitant to offer you? Contour is here to help. Secure a loan from $626,000 up to $10 million Luxury Homes/Estates Foreign Nationals lending Co-OP and Condo specialist

12 Non-Warrantable Condo/Co-Ops Looking to enter today s real estate market? A condo or co-op just might be your best bet. Condos and co-ops offer a lower-priced entry point into real estate ownership and are often an attractive option for firsttime buyers, as well as homeowners looking to downsize. And if you are looking to invest in a condo or co-op, Contour Mortgage specializes in condo and co-op financing. Benefit from our vast experience in getting you the right loan product. In the simplest terms, a non-warrantable condo/co-op is a property that does not meet the guidelines set by Fannie Mae and Freddie Mac, both of which are government-sponsored enterprises (GSEs) and play a big role in the US property market. Although obtaining a loan on non-warrantable properties can pose unique challenges, Contour is able to create opportunities in this growing segment of the market. Co-op Borrower Benefits No personal liability on the co-op mortgage. The cooperative association is responsible for paying off any mortgage loans. This can often make it possible for those whose income might not qualify them for an individual mortgage to buy a membership in a limited equity co-op. Equity. Co-ops can provide for accumulation of individual member equity. For market-rate co-ops, the accumulation of equity and resale prices is based on the market. Limited-equity co-ops establish limitations on the accumulation of equity to assure long-term affordability to new members. Elimination of Outside Landlord. Co-ops offer control of one s living environment and a security of tenure not available in rental housing. The information contained herein does not constitute tax advice. Please consult a tax advisor regarding the deductibility of taxes and interest. Condo Borrower Benefits Contour Mortgage Corporation offers very exclusive product options for Condominium properties. Some of the Condo project types we are able to provide financing for include Fannie Mae Warrantable Condos, FHA Approved Condos, New Projects and Non-Warrantable Condos. Non-Warrantable features MMI can lend on: Low Project Presale High Investor Concentration High Commercial Concentration Single Entity Ownership up to 25%

13 Homeowner s Access Contour Mortgage Coporation is pleased to offer disciplined credit alternatives for borrowers who can demonstrate the ability to repay, but otherwise don t meet agency guidelines due to various reasons, including: Prioiry housing/credit events High DTI Lack of mortgage or rental history Gift Fund limits Non-traditional credit Loan Features: Loan Amount up to $2 Million BK/FC/DIL > 24 months Short Sale < 24 months with 0 x 30 x12 DTI up to 60% with compensating factors Purchase money, Rate Term and Cash-out refinance to $350,000 Non-warrantable condominiums coming soon Unlimited financed properties on owner-occupied Non-traditional credit 5/1 ARM and 30 year fixed options available Maximum LTV 80% Fexible pay history requirements Minimum FICO % Gift from family members No Pre-Payment Penalties Rent-free borrowers allowed

14 Jumbo Alternative Contour Mortgage Coporation is pleased to offer our Jumbo Alternative product - one of the new offerings as part of our unique suite of portfolio lending products. Designed to serve the borrower who is looking for a higher loan amount, with fexible guidelines, and who can demonstrate the ability to repay, this offereing wil help you reach more qualified borrowers. Some of our Jumbo Alternative features include: LTV up to 90%, with no MI, up to $2 Million loan amount DTI up to 50% with compensating factors 5/1 ARM and 30 year fixed options available Interest-only option Eligible income sources include restricted stock units, asset depletion and other solutions for self-employed borrowers Unlimited financed properties on owner-occupied Non-warrantable condominiums coming soon Purchase money and Rate Term available Delayed Financing treated as Rate Term Maximum Cash-out up to $500,000 No Pre-Payment penalties Minimum FICO 660

15 Investor With maximum loan amounts up to $2MM, FICO scores as low as 620, and unlimited financed properties for qualifed investment borrowers, the Investor product may be just what your borrowers need to finance their investment properties. Our Investor products is just one more way that Contour Mortgage Corporation and our Correspondent business parters are bring innovative solutions to the mortgage marketplace. Loan Features: Loan Amounts up to $2 Million Maximum LTV 80% up to $1.5 Million Minimum FICO 620 Unlimited financed properties allowed Low mimnimum loan amount of $100,000 Purchase Money and Rate Term available Delayed financing treated as Rate Term Cash-out refinance to $500,000 Model home Leaseback allowed 6% seller contributions 5/1 ARM and 30 year Fixed options available No Pre-Payment penalties * Not Available in NY *

16 Foreign national The Foreign National Program from Contour Mortgage Corporation helps make buying a second home or investment property in the U.S. easier for qualified non-u.s. citizens who visit the country on business or vacation. This unique product offers borrowers, who can demonstrat the Ability to Repay, fewer restrictions and greater flexibilty than other programs. This means that our business partners can reach more borrowers and provide mortgage credit that has not been readily available in the industry. Loan Features: Loan Amounts up to $2 Million Maximum LTV 70% Low minimum loan amount of $200,000 DTI up to 43% Non-warrantable condominium coming soon Second home and Investment properties allowed Up to two U.S. financed properties allowed Purchase Money and Rate Term Available Delayed financing treated as a Rate Term refinance Self-Employed allowed No FICO required. Minimum FICO 680 if domestic credit is available 5/1 ARM and 30 year Fixed options available No Pre-payment penalties

17 Contour s Fresh Start Over the past few years, many hard-working people who lost their homes or were forced into bankruptcy due to a layoff or reduced income have since rebuilt their credit and are able to demonstrate their ability to repay. For these borrowers who may be unable to obtain mortgage financing due to seasoning or other requirements, Fresh Start from Contour Mortgage Corporation may be the lending solution they have been looking for. Loan Features: No seasoning requirement forbankruptcy, foreclosure, deed-in-lieu of foreclosure or short sale No mortgage or rental pay history required Minimum credit score 580 DTI up to 50% with compensating factors LTV up to 80% Loan amounts $100,000 to $2,000,000 Non-warrantable condominiums coming soon Purchase, Rate Term & Cash-Out up to $350,000 5/1 ARM and 30 year Fixed options available No Pre-Payment penalties