Products – New South Mortgage
TMM and New South Mortgage, the Worthington’s special Mortgage Team, offers a variety of loan programs to meet your needs.
Fixed rate, fixed term, Conventional mortgage loans, 10, 15, 20, 25, 30 years. Max. Loan $417,000. Rate and term never change for the life of loan
Adjustable Rate Mortgages, 5/1, 7/1 Libor Initial rate is fixed for either 5 or 7 years, based on a 30 yr amortization. After the initial fixed period, rate adjusts annually up or down, based on the Libor index plus a margin. Has max adjustable caps.
FHA and VA insured Mortgages. Max loan varies depending on the Metro Statistical Area (MSA) where the property is located.
Construction Loans– We provide the permanent take out and one of our select bank partners provides the interim construction financing. Call us before you start!
Home Equity Conversion Mortgage (HECM) commonly referred to as a Reverse Mortgage. Available to seniors over the age of 62. Insured by FHA. Extinguish your current mortgage to eliminate any current house payments.
Proceeds can be used to
1- Purchase a new home
2- Provide a monthly, tax-free, income
3- Line of Credit for emergencies and home improvements
4- Lump sum payment
5- Combination of any of the above
Minimal income and credit documentation
Details tailored to the individual need upon request.
JUMBO Mortgages…..for loans greater than $417,000…Call for details but YES, we have them.
Condos….whether a second home, rental, or for the college bound student……