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MINI MORTGAGE - THE PERFECT SOLUTION:
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?
Cambridgeport Bank's 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).
KEY FEATURES:
- No points.
- 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 due date.
- Cambridgeport handles payment processing and servicing for the Mini Mortgage; no dealing with out-of-state mortgage servicers.
- No real estate tax or hazard insurance escrows will be collected at closing-no extra out-of-pocket expenses.
HOW MUCH CAN I BORROW?
Mini Mortgages are available from $25,000 to $250,000. You may qualify for up to 70% of the assessed value of your home.
FINANCING GUIDELINES
- 1-4 family:
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 Homes:
70% of assessed value.
WHAT'S NEEDED TO PROCESS MY APPLICATION?
Completed Application
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
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