Want to lower your monthly payment AND increase your home’s equity? Then, we’ve got a solution for you. Unlike other mortgage loans, the Equity Builder Mortgage is an Adjustable Rate Mortgage (ARM) product designed to offer an affordable monthly payment, while also offering numerous benefits over traditional mortgage loans. The rate can adjust and does so according to the term of the loan (e.g. a 1/1 ARM has a fixed rate for one year then can increase or decrease each year thereafter). What’s great about the Equity Builder is that when we adjust the interest rate, we do it based on an internal index (our Cost of Funds*) that is not subject to the changes in the short term-interest rates that normally affect the mortgage industry.
|Equity Builder ARM Loan||Typical Industry ARM Loans|
| Index||Historically stable internal cost of funds.||Volatile standard industry indexes|
| Adjustment Period|| 1/1, 3/3, 5/5||1/1, 3/1, 5/1|
| Private Mortgage|
|Not required up to 95% LTV||Required over 80% LTV|
| Interest-Only Option (Only available on 1/1 ARM product, full term = 20 years)||Full-term interest-only up to 75% LTV. Rate caps of 1.00% at the time of each adjustment and 6.00% over the life of the loan.||Converts to principal and interest payments after introductory period expires.|
|Loan Servicing||In-house servicing||Lender typically makes and sell the loans immediately; may make loan payments to several different lenders over the life of the loan. |
| Monthly Payment|
For more information, contact Jermaine Medley or Alieu Jallow and be sure to ask about our no-closing cost options!***
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