Mortgage Assist provides applicants with a "NO BANK FEE OPTION" for both Purchase and Refinance transactions. Many individuals and families find that they are unable to purchase a new home or refinance due to the extensive and sometimes prohibitive costs associated with a standard closing. There are many cases in which it is NOT prudent apply under Mortgage Assist as it may carry a slightly higher interest rate than a program with standard closing costs, however it does offer an option not widely available which puts homeowners in a position where they may be able to aquire a new home or refinance their existing mortgage with no bank fees.
In addition the "Mortgage Assist" option DOES apply to Federally Insured Mortgages. This means that even if you select the "No Bank Fee Option" and pay a slightly higher rate, you may be able to apply for a "Streamline Refinance" as little as four (4) months after you close. A streamline refinance through ICC Mortgage Services may enable you to obtain a lower interest rate should market conditions improve without having to pay application fees, mortgage broker fees, points, processing fees, or underwriting fees. Streamline refinances are subject to qualification. In addition, under "Mortgage Assist" there are no Pre-payment penalties, No Balloon payments, and No Negative amortization.
Average Savings through "Mortgage Assist" is approximately $11,395.00 based on a loan amount of $300,000.00 in the State of New York.
For more information, please speak with one of our Credit Officers at 516-766-3400, Chat with us Live on-line by clicking on the ICON on our home page or e-mail us at email@example.com