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| Money for Life, Mortgage Fee Guarantee program |
| Extended (1-year) rate lock program |
| Conventional loans |
| Home Possible conventional loans |
| HomeOne conventional loans |
| Lender-Paid Mortgage Insurance |
| FHA loans |
| VA loans |
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Money for Life, Mortgage Fee Guarantee program
The average homeowner will purchase a new home and refinance several times during their lifetime. The costs of refinancing a mortgage can add up over time, which is why we're offering the Money for Life, Mortgage Fee Guarantee to Central National Bank mortgage customers. When you finance the purchase of a home with us, we'll waive our Lender fees for that loan and all of your future refinances of that property.* Refinancing an existing mortgage? Once refinanced, you'll receive the same guarantee!*
Check out our Money for Life, Mortgage Fee Guarantee FAQs!
* The Money for Life, Mortgage Fee Guarantee ("Guarantee") applies to new purchase transactions and future refinances of the same property by the same borrower with Central National Bank ("CNB"), subject to the conditions and requirements outlined below.
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| *A mortgage relationship with CNB must be maintained on the subject property to redeem Guarantee. Guarantee is non-transferable, can only be applied to secondary market mortgage loans made within the mortgage division of CNB and may not be combined with other discounts or promotions. Guarantee excludes down payment assistance programs, bond loan programs, assumptions, HELOCs, and any loans received by CNB from a third-party loan originator (e.g., wholesale or brokered transactions). Future refinancing is conditional on whether the program type or applicable state/federal laws contain "seasoning" restrictions that prohibit refinancing during a specific period. For future refis of the same property with CNB, Guarantee may not be redeemed within 180 days of the date issued. Your loan approval and appraised value of your home for any future loan is not guaranteed. You will have to qualify for the loan requested and will be quoted the interest rates in effect at the time of your next loan. “Lender fees” are defined as, and include only, the CNB underwriting fee, processing fee, and any closing fee payable to CNB. For loans meeting the above requirements and which are successfully closed, the lender fees listed above will be waived at the closing of the loan transaction. To redeem Guarantee, the certificate MUST be presented to the CNB loan originator at the time of application for the new refinance loan. This program is subject to change or cancellation without notice. |
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Extended (1-year) rate lock program
Building a home that won't be done for months? Then the Extended Rate Lock program may be for you! Lock in your interest rate for 1-year at today's rates and get a FREE float down within 60-days of closing to take advantage of any rate decrease!
Features:
- 1-year (365 days) lock
- Extended rate fee collected upfront - .5% of loan amount
- As long as loan closes by lock expiration date, the extended rate fee will be credited to you at closing
- Within 60 days of closing, you can change your interest rate to any 60-day rate that is available
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Conventional loans
If you are not a first-time homebuyer and don't qualify for a HomeOne loan or exceed income limits of Home Possible loans, or you're looking to purchase a second home or investment property a Conventional mortgage may be a good fit for you!
Features:
- Low down payment options with as little as 5% down on 1-unit primary residences
- 15-to-30 year fixed rate mortgages
- Mortgage insurance which can be cancelled once 20% equity is reached, which lowers your loan amount and saves you thousands over the life of the loan
- No borrower geographic or income limits
- 10% down payment on second home purchases
- 15% down payment on 1-unit investment property purchases. 2- to 4-unit investment property purchases require 25% down payment
- Refinance options available
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Home Possible conventional loans
Home ownership is now possible for a wider variety of people including many low- to moderate income borrowers. This product also allows non-occupying co-borrowers to help strengthen the loan.
This product offers:
- Up to 97% LTV financing
- 15-to-30 year fixed rate mortgages
- Flexible credit parameters
- Flexible closing cost funding options - no minimum borrower contributions required
- Reduced mortgage insurance premiums - that can be cancelled once 20% equity is reached, which lowers your loan amount and saves you thousands over the life of the loan
- A no cash-out refinancing option is available for borrowers who occupy the property
- Home buyer education required for purchase transactions when all borrowers are first-time home buyers, which supports informed and responsible home ownership
- Income limits based on location of the property
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HomeOne conventional loans
This mortgage product is low down payment option to help first-time homebuyers attain the goal of homeownership.
This product offers:
- Low down payment options with as little as 3% down
- 15-to-30 year fixed rate mortgages
- At least one borrower much be a first time homebuyer or buyer who has not owned a home in at least 3 years
- Purchases and no-cash out refinance mortgages
- Mortgage insurance which can be cancelled once 20% equity is reached, which lowers your loan amount and saves you thousands over the life of the loan
- No borrower geographic or income limits
- Homebuyer education required for purchase transactions when all borrowers are first-time homebuyers, which supports informed and responsible homeownership
- Limited to one-unit properties
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Lender-Paid Mortgage Insurance
A loan with Lender-Paid Mortgage Insurance, or LPMI, means a reduced monthly mortgage payment versus other MI options. Lender-paid MI differs from traditional borrower-paid MI (BPMI) in that the lender pays the premium and the loan has a slightly higher interest rate. With BPMI, the borrower pays for the premium monthly with their mortgage payment. A loan with LPMI lowers the overall cost of mortgage insurance while providing the protection from default losses often needed to enable lenders and investors to make low-down-payment mortgage loans.
Features:
- 3% Minimum Downpayment
- No Borrower-Paid MI
- Lower Monthly Payments
- Greater Tax Benefits
- Purchase or Refinance
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FHA loans
Designed for low-to-moderate income borrowers, FHA loans require lower minimum down payments and credit scores than many conventional loans.
Features:
- Low down payment options with as little as 3.5% down
- Minimum credit score of 600
- Flexible down payment options
- 30-year fixed rate mortgages
- Upfront and monthly Mortgage Insurance
- Loan limits set by location and property type
- Easier credit qualifying
- Purchase, no cash-out and cash-out refinance loans available
- Principle residences only
- Non-occupying co-borrowers permitted
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VA loans
Designed to help service members, veterans, and eligible surviving spouses become homeowners
Features:
- No down payment required and funding fee financing available
- Minimum credit score of 600
- 30-year fixed rate mortgages
- Purchase, no cash-out and cash-out refinance mortgages available
- Loan limits set by location of property
- No mortgage insurance
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