Low Documentation Fixed Rate Mortgage: Fixed rate mortgage amortized over 7, 10, 12 or 15 years for a primary residence and vacation homes. The maximum loan amount is $417,000. Quick and easy qualification, relaxed documentation requirements, an appraisal or tax value may be used to determine value provided the loan amount is $250,000 or less (loans greater than $250,000 require an appraisal), loan amounts up to 90% of tax value or appraised value with no PMI. There is a 1% origination fee charged to the borrower at closing. Allegacy will pay all closing costs (appraisal, flood certification, tax service fee, title insurance, attorney fees, recording fees) with the exception of prepaid items.

Low Documentation Balloon: This is a fixed rate mortgage with a 15 or 20-year balloon term for a primary residence or vacation home. The payments are amortized over a 30-year period. Loan amounts are up to 90% of tax value or appraised value without PMI. The maximum loan amount is $417,000. Tax value loans are limited to $250,000. Loan amounts greater than $250,000 require an appraisal. This product offers a quick and easy qualification with relaxed documentation requirements. There is a 1% origination fee charged to the borrower at closing. Allegacy will pay all closing costs (appraisal, flood certification, tax service fee, title insurance, attorney fees, recording fees) with the exception of prepaid items.

Jumbo SmartChoice Mortgage (for loan amounts greater than $417,000): This is a 10-year fixed rate mortgage. The principal and interest are amortized over a 30-year period. At the end of the 10-year balloon period, you must pay off the outstanding balance with a lump sum balance. Loan amounts are up to 90% of the appraised value. The origination fee is 0.75%.

Fixed Rate Mortgage: A first lien home mortgage where the interest rate remains the same for the entire term of the loan.

One-Year Adjustable Rate Mortgage: The rate is adjusted every 12 months and is based on the One-Year Treasury Bill Index, as published in the Wall Street Journal, plus the Lender’s Margin.* There is a 2% cap per adjustment with a lifetime cap of 6% above the initial rate.

Two-Year Adjustable Rate Mortgage: The rate is adjusted every 24 months and is based on the Two-Year Treasury Bill Index, as published in the Wall Street Journal, plus the Lender’s Margin. There is a 1% cap per adjustment with a lifetime cap of 8% above the initial rate.

Five to One Adjustable Rate Mortgage: This rate is fixed for the first five years, then the adjustment period is every 12 months and is based on the One-Year Treasury Bill Index, as published in the Wall Street Journal, plus the Lender’s Margin. For loans up to $417,000, there is a 2% cap per adjustment with a lifetime cap of 6% above the initial rate. Loans over $417,000 have a 2% cap per adjustment after the first adjustment and a lifetime cap of 5%.

Seven to One Adjustable Rate Mortgage: The rate is fixed for the first 7 years, then the adjustment period is every 12 months and is based on the One-Year Treasury Bill Index, as published in the Wall Street Journal, plus the Lender’s Margin. The loan can adjust the full lifetime cap of 5% at the first adjustment and after this the 2% cap per year applies.

Interest Only 6-Month LIBOR** Adjustable Rate Mortgage: This mortgage has a 30-year term. The payment for the first 10 years is based on interest only; payment for the remaining 20 years is based on principal and interest. The interest rate adjusts every 6 months and has no per adjustment cap, the lifetime cap is 12% above the initial rate. The rate is based on the 6 Month LIBOR Index, as published in the Wall Street Journal, plus the Lender’s Margin.

*The Lender’s Margin is Allegacy’s minimum floor limit on the rate.

**LIBOR: London InterBank Offered Rate index is a factor of the rate tied to a variation on the adjustable rate published in the Wall Street Journal.

First Mortgages are available in CA, CT, DE, FL, GA, IL, IN, MD, NJ,
NY, NC, PA, SC, TX, VA, WV and Washington DC.