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Mortgage Loan

At Cathay Bank, we offer a wide array of fixed and adjustable-rate mortgage loans with competitive rates and  options. Whether you're a first-time home buyer with or without a traditional credit history, or are looking to refinance your present mortgage, our experienced Mortgage Loan Originators will help you find the right loan to fit your needs.

To help you determine which loan is best for you, the following chart outlines the key features and benefits of each of our mortgage loan plans.


MORTGAGE TYPE WHO SHOULD CHOOSE THIS? FEATURES AND BENEFITS
Community Home Buyers Program1,3
  • First time home buyers
  • Lower down payment
  • Flexibility to allow for higher debt servicing ratios
  • Use non-traditional payment history, such as rent or utility receipts to demonstrate good credit
  • Fixed and predictable payments for the life of the loan
  • Competitive rates
  • No lender fees2
  • Protects homeowners from rising interest rates
 
Conventional Fixed-Rate Mortgage3
  • If you plan on owning your home for a long time, generally 7 years or more
  • If you prefer the security of payment stability
 
  • Fixed and predictable payments for the life of the loan
  • Competitive rates
  • Protects homeowners from rising interest rates
 
Conventional Fixed-Period Adjustable Rate Mortgage (ARM) or Hybrid ARM3
  • Prefer a lower initial monthly payment
  • If you are purchasing or refinancing an investment property and do not intend to own it for a long time, generally less than 7 years
  • You have the ability to handle the potential increases to the monthly payment after the fixed period ends
 
  • Generally lower initial rate and is fixed for a certain period, typically 3, 5, 7 or 10 years
  • Competitive rates
  • May provide flexibility if you expect future income rise
 
Home Mortgage Plus3, 4 
  • Homeowners who intend to purchase or refinance their primary residence or second home and are looking for alternate form of financing. 
  • Alternative income documentation4
  • Lower initial rate and is fixed for 3 or 5 years
  • Flexible qualification options available
  • Competitive rates
Investment Plus Mortgage3
  • U.S. residents who are purchasing or refinancing a 1-4 family property for investment purpose
  • Investors who lacks the traditional credit history to qualify
 


  • Alternative income documentation5
  • Fixed and predictable payments for the life of the loan so it is easier to set your budget
  • Use non-traditional payment history, such as rent or utility receipts to demonstrate good credit history
  • Competitive rates
  • Protect investors from rising interest rates
 
Non-Resident Mortgage3
  • Foreign nationals interested to purchase or refinance an investment property in the U.S.
  • Fixed or adjustable payments
  • Flexible qualification options available
  • Competitive rates
 
Note: No prepayment penalty on the above mortgage plans.

At Cathay Bank, our Mortgage Loan Originators are committed to helping you get through the loan process smoothly and to aid you in selecting a mortgage that's tailored to match your needs. So, don't hold off fulfilling your dream of owning your own home.

Please visit one of our loan representatives at your nearest Cathay Bank Branch for details.

 

1 Subject to area median income restrictions.
2 Subject to full documentation, appraisal, credit and other necessary verifications.  Lender fees include discount points, origination fee, appraisal fee, credit report fee, flood determination fee, tax service fee and escrow/closing fee.
3 Restrictions and limitations may apply.
If you select the “Alternative Income Documentation” Home Mortgage Plus Adjustable Rate Mortgage loan program, the interest rate on your loan will be higher than a Conventional Adjustable Rate Mortgage Loan, and the Loan to Value (LTV) requirement is stricter, for example: a LTV of 70% is required for a maximum loan amount up to $1,500,000.  For comparison purposes, please ask us to provide the terms and payments for a Conventional Adjustable Rate Mortgage loan.
If you select the “Alternative Income Documentation” Investment Plus program, the interest rate on your loan will be higher than a Conventional Loan, and the Loan to Value (LTV) requirement is stricter, for example: a LTV of 60% is required for a maximum loan amount up to $1 million.  For comparison purposes, please us to provide the terms and payments for a Conventional Loan.


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