Payoff Mortgage Early!
One of the first mortgage products of its kind to appear here in the United States came out in 2005. It parallels the types of loans used in Europe and Austraila for many years (offset loans). There are over $5 billion of these loans funded here in the US, and they are a great mortgage to have if your income is steady, you have good credit (700 required) and you have at least 25% equity in your home. In a nutshell, you become "the bank" and by putting your money that is sitting around idle to good use, you will pay substantially less in interest than you would pay on a traditional mortgage loan. Rather that go into complete details on this web page, I'll provide a link for you so you can watch the introduction movie from CMG mortgage. Please let me know if I can answer any questions for you about the Homeownership Accelerator mortgage product. To start the movie click on the yellow icon below.
The Homeowner Accelerator Mortgage is only available in certain states.
|
State
|
Line Amount
|
Max LTV/CLTV
|
Min FICO
|
|
CO, ID, IL, MD, MN, NM, OR, UT, WA |
$100,000 - $1,500,000 |
75%/75% |
700 |
|
AZ, CA, NV |
$100,000 - $1,500,000 |
70%/70%
(75%/75% with investor approval) |
720 |
|
AZ, CA, CO, ID, IL, MD, MN, NM, NV, OR, UT, WA |
$1,500,100 - $2,500,000 |
65%/65% |
740 |
|
