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A SmartMortgage is an easy-qualifier mortgage which requires
no income verification1 and limited credit references
for only a 25% down payment. In addition to SmartMortgage, we offer
you a wide array of other fixed-rate mortgage loans at competitive
rates with low down payments, no points and no lender fees options.
For further details, please call our Mortgage Hotline at 1-800-646-6383
or fill in the inquiry form.
Property Description: Single Family Residence,
Condo, Planned Unit Development and 2-4 Unit Properties.
Maximum Loan Amount: $1,250,000.00
| Term |
Loan
Point |
Rate
Information |
Down
Payment |
| |
|
Interest Rate |
APR |
|
|
25 due in 7 2 |
0.500pt. |
6.625% |
6.860% |
25% |
|
15 years |
0.500pt. |
6.625% |
6.822% |
25% |
|
30 years |
0.500pt. |
7.000% |
7.123% |
25% |
| Interest
Rates, as of 7/5/2008, are good for owner-occupied residential
property only. The above Annual Percentage Rate (APR)
is based on a $100,000 loan amount. Borrower needs
to maintain 3 months' principal and interest payments
in a deposit account at Cathay Bank for the first 3
months of the loan term. |
|
1 If you select the "no income verification" SmartMortgage Loan, the interest rate on your loan will be a higher rate than the Conforming Loan, and the Loan to Value (LTV) requirement is stricter, for example: a LTV of 75% is required for a loan amount up to and including $750,000; a LTV of 70% is required for a loan amount over $750,000 up to and including $1 million, etc. For comparison purposes, please ask us to also provide the terms and payments for a Conforming Loan.
2 Based on term selected, the loan
could have a balloon payment due at maturity. Please ask us what
the balloon payment could be, what monthly payment would be for this
loan that does not fully amortize over the life of the loan, and
what the other terms and payments are for a fully amortized loan
term that is also available.
 Payment
Schedule
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