Disclosures USALLIANCE Financial provides its mortgage lending services to 1-4 family homes or condos. If your home is a Condo, you will need to have the Condo Questionnaire completed by your homeowners association before we can order any appraisal.
For Purchase or Refinance Mortgage Transactions – in all States EXCEPT: AK, HI, TX. For Home Equity Transactions – in all States EXCEPT: AK, HI, SC, TX.
We do not offer mortgages on land, mobile homes, cooperatives, investment properties, properties held in a revocable trust, held in a realty trust or held in a life estate, properties that are in a leasehold (not fee simple), reverse mortgages, FHA, VA and applications with a non-occupant co-borrower. You must become a member of the Credit Union prior to the loan closing date. Membership is not required to apply for a mortgage.
Properties in the following states are subject to Mortgage and/or Transfer Taxes: AL, AR, CA, CO, DE, FL, GA, HI, IL, LA, ME, MD, NH, NJ, NY, OR, PA, TN, VT, and VA.
Adjustable Rate Mortgages (ARM) Features a variable interest rate, which is periodically adjusted, based on the change in a financial index such as the Secured Overnight Financing Rate (SOFR), plus a margin that is established at origination. Interest rate changes are limited or capped at each adjustment and for the life of the loan. ARMs may provide the security, flexibility and affordability prospective home-buyers desire. These loans are especially attractive to home-buyers who plan to trade up in future years. Generally, initial interest rates are lower than fixed rate mortgages.
USALLIANCE Financial currently offers 5 Year, 7 Year, and 10 Year adjustable rate mortgages for conforming and jumbo loan amounts. Each ARM product has their own Index, Margin and Caps. The initial interest rate is fixed for a certain period, for example: with a 5 year ARM loan, the initial rate is fixed for the first five years. At month 61, the interest rate can increase, or decrease, to a maximum of 2% above, or below, the initial rate according to the index plus the margin. Thereafter, the interest rate will be adjusted every 6 months, capped at 1% above, or below, the previous rate until it has reached the lifetime cap of 5% above, or below, the initial interest rate. However, the rate will never be lower than the margin.
Jumbo Mortgages These applications with more than $150,000 cash-out and an LTV over 70% will require Senior Management approval and may require an add-on to the rate.
|
|