A second home is defined as a single family residence located a reasonable distance away from the primary residence that the owner occupies from time to time that does not derive rental income.
Maximum loan amount: $417,000
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Maximum loan to value ratio:
- 95%
- 80.01% up to 95% - add .125% to the posted fixed rate
- 81% up to 95% (No Cash): add .125% to the posted fixed rate
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Purchase*
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Refinance*
* Additional rate adjustments may apply depending on Loan to Value and Credit Scores.
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Fixed Term:
- 10-30 years
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Adjustable Terms:
- 30 year term only
- 1 year ARM, 3/1 ARM, 5/1 ARM, 7/1 ARM, 10/1 ARM, Interest First (10/20) & (15/15)
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Closing Costs:
- Estimated at 3% of the amount you borrow for attorney fees, title insurance, mortgage, recording fees, .25% commitment fee, etc.
- We will require funding of an escrow account for the payment of Real Estate Taxes, Homeowners insurance, Flood Insurance (if applicable), and Private Mortgage Insurance (if applicable).
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Rate Lock-Ins:
- Closing rate is set 48 hours prior to closing if a lock-in has not been selected
- 30 day rate lock: ½ point, non refundable fee
- 60 day rate lock: 1 point, non-refundable fee
- 90 day rate lock: 1 ½ points, non-refundable fee
