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|
FIXED-RATE MORTGAGE |
SMART MORTGAGE 6 |
COMMUNITY HOME BUYERS PROGRAM 1 |
| Outstanding
Features |
| 1. |
Fixed monthly payment. |
| 2. |
Loan decision within 10 working days.2 |
| 3. |
No rate lock-in fees. |
|
| 1. |
No income verification.7 |
| 2. |
Limited or no credit history. |
| 3. |
Available to non-residents. |
| 4. |
Fast equity build-up. |
| 5. |
Loan decision within 10 working days.2 |
| 6. |
No rate lock-in fees. |
|
| 1. |
Lower down payment. |
| 2. |
Qualify with less income. |
| 3. |
No cash reserves required. |
| 4. |
Use non-traditional payment history,
such as rent and utility receipts to demonstrate
good credit. |
| 5. |
No lender fees3. |
| 6. |
Loan decision within 10 working days2. |
| 7. |
Free Simple Checking when using automatic
loan payment4. |
| 8. |
No rate lock-in fees. |
|
| Loan Amount |
Up to $801,9505 - conforming
Up to $1,500,000 - jumbo |
Up
to $1,250,000 |
Up to $417,000 |
| Down Payment & Terms |
| Flexible
down payment and terms available |
| Interest Rate |
| Fixed |
Fixed |
Fixed |
| Rate Lock-in |
| 30 days
upon application at no charge |
| Lender Fees |
| Applicable
points, processing and documentation fees vary according
to the type of mortgage loan. |
No
lender fees3 |
| Other Charges |
| Appraisal,
credit report, recording and settlement fees, tax service,
flood insurance, title insurance if applicable. |
No
lender fees3 |
| Prepayment
Penalty |
| None |
| Cash Reserves |
| 2 months mortgage payments. |
3 months mortgage payments
to be maintained in a Cathay Bank account. |
Not
required |
1 Subject
to area median income restrictions. No income restrictions
for property located in specific census tracts designated
by Fannie Mae. Applicants may have to attend a home
buyer education workshop.
2 Excluding Saturdays, Sundays and holidays.
3 Subject to full documentation, appraisal,
credit and other necessary verifications. Lender fees
include points, appraisal, credit report, flood report,
tax service, processing, and documentation fees.
4 Monthly Maintenance Charge will be waived
if your mortgage loan is maintained at Cathay Bank, and
loan payment is automatically deducted from your Cathay
Bank Simple Checking account. Information in this brochure
is accurate as of the printing date and is subject to
change without notice.
5 Loan amount applies to 4-unit property only.
6 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.
7 If you select the "no income verification" Smart
Mortgage 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. |
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Checking
