Investment Property Mortgages
Mortgage Applications:
Mortgage Application – Purchase & Pre-Qualification App Mortgage Application – Refinance App
NMLS: 440207
Do you own an investment property? Now you can get away from the high rates at the banks and bring your investment property mortgage to the credit union.
- Part II - Real and Personal Property and Domestic Relations
- Title I - Title to Real Property
- Chapter 184 - General Provisions Relative to Real Property
- Section 17B - Mortgage Loan Application; Real Estate Consisting of a Certain Dwelling House; Required Statements and Information
Section 17B. Every application for a mortgage loan on 1 to 4 family residential property and occupied or to be occupied in whole or in part by the obligor on the mortgage debt shall be made on a printed form which shall contain the following 2 statements in type of at least 2 points larger than the other type used on the application:
- The responsibility of the attorney for the mortgagee is to protect the interest of the mortgagee.
- Mortgagors may, at their expense, engage an attorney of their selection to represent their interests in the transaction.
A printed copy of the above statements shall be given to the mortgagor at the time of making the application.
Investment Property Mortgage Rates
| Type | Initial Term | Rate | APR | Fully Indexed Rate | Initial Payment Example/$1,000 | Remaining Payment Example/$1,000 |
|---|---|---|---|---|---|---|
| 3/3 ARM* | 3 Years | 7.500% | 7.549% | 7.500% | 36 monthly payments of $6.99 (3 years) | 324 monthly payments of $6.98 (27 years) |
| 5/3 ARM** | 5 Years | 7.625% | 7.604% | 7.500% | 60 monthly payments of $7.08 (5 years) | 300 monthly payments of $6.99 (25 years) |
All payment examples do not include taxes and insurance, therefore actual payment will be greater. APR = Annual percentage rate. APRs subject to change. Other rates and terms are available and may apply based on individual credit score. Payment examples based on a loan with 0 points and 25% down payment. Closing costs apply to the above rates. All loans are subject to credit approval.
*Adjustable rate and payment example is fixed for the first 3 years; then adjusts every 3 years to 3.50% above the weekly average yield on the 3 year U.S. Treasury Index. Interest rate cap of 2% per adjustment and 6% over the life of the loan apply.
**Adjustable rate and payment example is fixed for the first 5 years; then adjusts every 3 years to 3.50% above the weekly average yield on the 3 year U.S. Treasury Index. Interest rate cap of 2% per adjustment and 6% over the life of the loan apply.