Here's the problem:
You've been paying your
mortgage for awhile, and have reduced your loan balance. You'd like to take advantage
of today's low rates, but can't justify refinancing because the points and closing
costs make it too expensive. Besides, most banks and mortgage companies don't
offer the same service or products for smaller balances.
What's the solution?
Express Mini Mortgage. It's a unique fixed rate loan for people who have balances
from $25,000 to $250,000 and want to take advantage of today's low interest rates.
The collateral for the loan can be an owner-occupied 1-4 family home or condominium,
or a single family vacation home. Use it to refinance an existing mortgage, or
to "cash out" equity from your primary residence (not available for
purchase of new home or as second mortgage on existing home).
- No points.
- Interest Rate may be reduced
if you choose to pay the legal fees.
- Easy application process
can be completed in 10 minutes over the telephone
- No appraisal is required;
real estate tax assessed valuations are used to determine property value.
- Rate is fixed for entire
term of the mortgage, so payments remain the same.
- Loan closing is quick,
within 4 weeks upon receipt of a completed application package.
- You can pick your own payment
- Cambridgeport handles payment
processing and servicing for the Express Mini Mortgage; no dealing with out-of-state
- No real estate tax or hazard
insurance escrows will be collected at closing-no extra out-of-pocket expenses.
WHAT'S NEEDED TO PROCESS
speed the processing of your Express Mini Mortgage application, use this checklist
to be sure you include all of the following documents:
- Completed Application
- Real Estate Tax Bill
- Copy of mortgage statement
- Copy of deed
- Copy of recent paystub
or 1040 form for prior 2 years if self-employed
WHAT HAPPENS NEXT?
Once your loan is approved
and all required items are received, you will be contacted to set a mutually convenient
closing date. Your loan proceeds will be mailed three business days after the
closing. You may request to pick it up at the bank, if you prefer. If you have
any questions, you may contact us via E-mail or feel
free to call us toll free at (800) 731-4900
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