| The highlight of
our recent innovations in mortgage banking is Credit Freedom – a mortgage loan
program available exclusively from Capital Mortgage Services which allows individuals with
unusual credit conditions access to mortgage financing. This program has been very well
received by clients, and many have taken advantage of the financing benefits available. At Capital we don’t ever expect a loan to fail.
Since we began our Credit Freedom program in May of 1996, we have been able to offer a
loan proposal to every applicant. The program has helped a lot of people, and we get great
satisfaction from helping families achieve their dream of home ownership.
The specialty programs of Credit Freedom
are tools buyers can use to gain access to home ownership now, despite their current
credit problems. The ultimate goal, of course, is to refinance the mortgage into the
A-credit market, where the homeowner will enjoy a good market rate on a fixed-rate
mortgage.
With the Credit Freedom loans, we have
identified the credit issues which kept the buyer from qualifying for agency approval and
addressed those problems. It is always our intent to refinance the loan in the agency
market when the credit issues have been cleared up. Credit Freedom acts as a conduit into
the A-credit market.
Several unique programs are available under
the umbrella of Credit Freedom, including:
CREDIT PROBLEMS – The Credit Freedom
program is designed to assist borrowers with challenging credit issues either in their
recent past or ongoing. A variety of credit grades are available to such persons for
mortgage financing, depending on current credit and the nature and severity of credit
problems. Following negotiations with key investors, mortgage programs are in place at
Capital to allow mortgage approval for borrowers with less than perfect credit, generally
at larger loan amounts with greater loan value.
FORECLOSURE – For homeowners facing
foreclosure, Capital Mortgage Services is able to offer refinance of a current home
mortgage even though the mortgage loan may be in default and the real estate which secures
the loan may be pending foreclosure. If the property has as much as 40 percent equity (a
loan balance of no more than 60 percent of the value of the property based on Capital
Mortgage’s current appraisal), Capital can, more than likely, refinance the present
mortgage. By using the innovative Credit Freedom program, homeowners can save their homes
from foreclosure, potentially with little cash for closing costs as these can be rolled
into the refinanced package.
For more information about any of the
mortgage programs discussed here, please contact us. Our skilled staff will be happy to
answer your questions, as well as counsel you on credit criteria, pricing and other
qualifying considerations. Of course, Capital Mortgage Services continues to serve the
A-grade mortgage clients as a primary market. |
