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?
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).
Reduce your interest rate
by paying legal fees, or have the Bank pay legal fees and save approximately $300.
Easy application process
can be completed in 10 minutes on line or over the Telephone
No appraisal is required;
real estate tax assessed valuations are used to determine property value.
Terms of up to 15 years
mean your mortgage is repaid quickly.
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 Mini Mortgage; no dealing with out-of-state mortgage
No real estate tax or hazard
insurance escrows will be collected at closing-no extra out-of-pocket expenses.
HOW MUCH CAN I BORROW?
Mortgages are available from $25,000 to $250,000. You may qualify for up to 70%
of the assessed value of your home.
70% of assessed value.
Owner Occupied Condominium:
70% of assessed value up to $100,000.00
70% of appraised value over $100,000.00
Single Family Vacation
70% of assessed value.
speed the processing of your Mini Mortgage application, use this checklist to
be sure you include all of the following documents:
Real Estate Tax Bill
Copy of mortgage statement
Copy of deed
Copy of recent paystub and W-2
or 1040 form for prior 2 years if self-employed
WHAT HAPPENS NEXT?
Once we have all of the
items in the checklist, we will begin processing your application. When our normal
credit guidelines are met, we will issue a commitment letter. When you sign and
return this letter, we will contact you to set a mutually convenient closing date.
If you have any questions, you may contact us via E-mail
or feel free to call us toll free at (800) 810-2265