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A Sophisticated Loan Program for Savvy Borrowers – Home Select by Geneva
Hello...
What is a Home Select Loan?
It is a mortgage that works like a checking account, a revolutionary alternative to the traditional mortgage that allows funds deposited in the checking account to “Offset” the balance of your home loan, significantly reducing the amount of interest accruing daily. It is a first lien position, 30-year open-ended mortgage (HELOC) tied with an embedded transactional sweep-checking account.
• No balloon payment or pre-payment penalty
• Provides 30 years of draw access to equity money
• Allows for loans to $2 Million without geo-limits
• Can be used for purchases and refinances
• Applies to primary, second and investment properties
• Single-family as well as multi-family homes
What are the benefits of Home Select?
It comes with banking access features including online bill-pay management, direct payroll deposit, ACH transferring, ATM-VISA POS cards, personal checks, digital money transferring (wire), automatic bill-pay, mobile check imaging-deposits, all the features of a traditional checking account. This provides borrowers the flexibility to use their income dollars to drastically reduce their mortgage interest costs, without requiring them to change their budget or lifestyle.
What are the guidelines for Home Select?
Requirements:
• 700 min FICO: Primary and Second Home
• 720 min FICO: Investment Property
• 90% max LTV 2: Primary Home, Purchase or R/T Refi
• 75% max LTV 2: Investment Property, Purchase or R/T Refi
• 43% max DTI: Requires up to 15% of LOC in reserves
• Applicants must possess strong positive cash-flow
Rate Options:
• 5-year fixed
• 3-year fixed
• 1-month adjustable
• Uses the 1-year CMT index (Maximum rate cap applies)
• Rates are competitive to conventional mortgages
The HomeSelect Program is a unique Home Loan where you pay the principle before interest. If you look at a 30-year fixed-rate mortgage amortization table, you will see it takes about 20 years to pay off half the 30-year loan. With the Home Select, we frequently see the entire loan paid off in 10-12 years.
These are NOT offers to lend, just samples to understand the program. If you would like a custom scenario, we simply need:
---Your existing mortgage statement and income profile or
---Purchase price, anticipated down payment and income profile
We can replay with a custom scenario.
What is a Home Select Loan?
It is a mortgage that works like a checking account, a revolutionary alternative to the traditional mortgage that allows funds deposited in the checking account to “Offset” the balance of your home loan, significantly reducing the amount of interest accruing daily. It is a first lien position, 30-year open-ended mortgage (HELOC) tied with an embedded transactional sweep-checking account.
• No balloon payment or pre-payment penalty
• Provides 30 years of draw access to equity money
• Allows for loans to $2 Million without geo-limits
• Can be used for purchases and refinances
• Applies to primary, second and investment properties
• Single-family as well as multi-family homes
What are the benefits of Home Select?
It comes with banking access features including online bill-pay management, direct payroll deposit, ACH transferring, ATM-VISA POS cards, personal checks, digital money transferring (wire), automatic bill-pay, mobile check imaging-deposits, all the features of a traditional checking account. This provides borrowers the flexibility to use their income dollars to drastically reduce their mortgage interest costs, without requiring them to change their budget or lifestyle.
What are the guidelines for Home Select?
Requirements:
• 700 min FICO: Primary and Second Home
• 720 min FICO: Investment Property
• 90% max LTV 2: Primary Home, Purchase or R/T Refi
• 75% max LTV 2: Investment Property, Purchase or R/T Refi
• 43% max DTI: Requires up to 15% of LOC in reserves
• Applicants must possess strong positive cash-flow
Rate Options:
• 5-year fixed
• 3-year fixed
• 1-month adjustable
• Uses the 1-year CMT index (Maximum rate cap applies)
• Rates are competitive to conventional mortgages
The HomeSelect Program is a unique Home Loan where you pay the principle before interest. If you look at a 30-year fixed-rate mortgage amortization table, you will see it takes about 20 years to pay off half the 30-year loan. With the Home Select, we frequently see the entire loan paid off in 10-12 years.
These are NOT offers to lend, just samples to understand the program. If you would like a custom scenario, we simply need:
---Your existing mortgage statement and income profile or
---Purchase price, anticipated down payment and income profile
We can replay with a custom scenario.