Consumer Loan Products
Effective: 6/05/2017
IBC Mortgage
8998 Research Blvd. Austin, TX 78758
Fax (512) 338‐3946
Ph (512) 320 ‐ 9501
[email protected]
The material herein is informational in nature and is intended for IBC internal use or distribution to business entities only. It is not intended for distribution or use by consumers.
H
E i Fi d R
*
Home Equity Fixed Rates*
2 d Li O l /O l R fi
*
2nd Lien Only/Owelty Refinance*
1st Lien
2nd Lien
Max LTV = 80%
Max CLTV = 80%
Credit Score 620+
Credit Score 660+
Rate
Term
Rate
Term
5‐Yr
5.000%
5‐Yr
5.375%
10‐Yr
5.250%
10‐Yr
5.625%
15‐Yr
5.250%
15‐Yr
5.625%
20 Yr
20‐Yr
5 500%
5.500%
20 Yr
20‐Yr
5 875%
5.875%
Closing Costs Paid by IBC**
Rate Sheet Adjustments below apply
15‐Yr Fixed Term Rates
Max CLTV
Loan Amount
Credit Score
Rate
80%
$10,000 ‐ $250,000
700+
4.990%
90%
$10,000 ‐ $200,000
700+
5.250%
90%
$10,000 ‐ $75,000
680‐699
5.990%
95%
$10,000 ‐ $75,000
700+
5.990%
95%
$10,000 ‐ $50,000
690‐699
6.990%
2nd Lien Refi + Owetly Adjustments to Rate
2nd Lien Refi + Owetly Adjustments to Rate
10‐Yr Term
‐0.25%
0.250%
20‐Yr Term
Condo ≤ 90% CLTV
0.500%
Condo ≤ 95% CLTV
0.750%
Fees Paid by Borrower, see Closing Fee Estimates
Home Equity Line of Credit*
1st Lien
2nd Lien
Max LTV = 50%
Max CLTV = 80%
Credit Score 620+
Credit Score 660+
C dit S
620
C dit S
660
$15,000 ‐ $500,000
$15,000 ‐ $200,000
NYP
NYP + 1%
Floor Rate = 4.25%
Floor Rate = 4.25%
Draw Period = 60 months
Repayment Period = 180 Months
Lot Loans*
Credit Score 640+ Required
C dit S
640 R
i d
Max LTV
Loan Amount
$5,000 ‐ $250,000
75%
70%
$250,001 ‐ $500,000
65%
$500,001 ‐ $999,9999
60%
$1,000,000 +
Rate
TERM
5‐Year Fixed
6.500%
10 Year Fixed
6 750%
10‐Year Fixed
6.750%
15‐Year Fixed
7.000%
Fees Paid by Borrower, see Closing Fee Estimates
Closing Costs Paid by IBC**
Home Improvement Loans*
1st Lien
2nd Lien
Max LTV/CLTV = 90%
Loan Amounts $10,000 ‐ $200,000
Credit Score 620+
Credit Score 680+
Term
Rate
Term
Rate
5‐Yr
5.000%
5‐Yr
5.375%
10‐Yr
5.250%
10‐Yr
5.625%
10 Yr
5 250%
10 Yr
5 625%
15‐Yr
5.250%
15‐Yr
5.625%
20‐Yr
5.500%
20‐Yr
5.875%
Texas >80% LTV Restricted to $150,000 Max
Max Loan Amount $75,000 for Credit scores < 700 Fees Paid by Borrower, see Closing Fee Estimates
Rate Sheet Adjustments below apply
Rate Sheet Adjustments
Applies to all Home Equity & Home Improvement Loan Types Only:
Criteria
Adjustment to Rate
FICO 700+
No Adjustment
FICO 680 ‐ 699
+0.50%
FICO 660 ‐ 679
FICO 660 679
+0.75%
FICO 620 ‐ 659
+1.25%
Applies to Home Equity 1st Lien and Lot Loans:***
Foreign National
+1.00%
Certain restrictions apply, rates are subject to change without notice. Equal Housing Lender ‐ Member FDIC ‐ International Bancshares Corporation
International Bank of Commerce NMLS #421821
Closing Fee Estimates $175 + $225 Doc Prep for Home Improvement, or Origination Fees 1% + $150 Doc Prep for Lot Loans, or
$300 + $100 Doc Prep for 2nd Lien Refinance
Credit
$31.50
$31 50
Flood
$8.00
$15.80
VOE
Title Search
$95.00
Recording
$120 ‐ $140
Closing
$200 Purchase / $250 Refinance
Appraisal Fee
$500 (if applicable)
$15 (if applicable)
Tax Cert
Varies (applicable to lot loans and all products with
Varies (applicable to lot loans and all products with Title Policy
LA > $250K)
Credit card authorization required for title search, flood cert, credit report, and appraisal fees prior to ordering.
Notes:
* **
** ***
Additional requirements apply, please review Quick Reference Guidelines on following page.
Credit Report Appraisal and Title Policy fees not
Credit Report, Appraisal, and Title Policy fees not included in this offer.
Home Equity 1st Lien and Lot Loans are only products available to a Foreign National
IBC Mortgage
Consumer Quick Reference Guidelines
8998 Research Blvd. Austin, TX 78758
Ph (512)320‐9501 / Fax (512)338‐3946
[email protected]
Mortgage Loan Consultants
g g
Aaron Barnhart ‐ NMLS 1095633
[email protected]
Ph (512) 320‐9512
Fax (512) 676‐4688
Anita Surdel ‐ NMLS 1070852
[email protected]
Ph (512) 676‐4658
Fax (512) 338‐3946
Jo Cranshaw ‐ NMLS 514678
[email protected]
Ph (512) 676‐4687
Fax (512) 338‐3924
The material herein is informational in nature and is intended for IBC internal use or distribution to business entities only.
It is not intended for distribution or use by consumers. Guidelines provided for reference only, and do not guarantee approval.
Home Equity Fixed Rates*
1st Lien Home Equity Fixed Loans > $100,000 may be referred to another mortgage lending division within IBC. 1st or 2nd Lien Home Improvement Loans*
Work cannot begin and materials cannot be delivered until the loan has funded. The improvement amount cannot exceed 35% of the "as is" property value when in 2nd lien position.
Home Equity Line of Credit*
Rates are subject to change at any time without notice and may be higher or lower than the rate currently advertised, not to exceed an annual percentage rate of 18%. This variable rate is based on the value of an index, plus or minus a margin. The index is the highest rate on corporate loans posted by at least 75% of the USA's thirty largest banks known as the New York Prime Rate and is published by J.P. Morgan Chase & Co., New York, New York. As of March 16th 2017, the index was 4.00%. This offer is available only on new home equity lines. Purposes and amounts of credit lines may be restricted by state law and IBC credit policy. Borrower is required to pay for title insurance when loan amount exceeds $250,000.00.
Oklahoma Only: Maximum CLTV for 1st and 2nd Lien HELOC's is 90%. Additional State specific guidelines may apply.
Lot Loans*
Cash‐out refinances now available up to 75% LTV and $250,000 loan amount. Maximum 65% LTV for raw land or rural property up to 10 acres. Additional restrictions apply to foreign nationals. Borrower is required to pay for 3rd party appraisal and title policy for purchase transaction only. Tax valuations and title searches may be used for cash‐out refinances.
Appraisal Policy
Loan amounts up to $75,000 will utilize current county tax assessment for valuation purposes. Loan amounts up to $150,000 can utilize an AVM/Hybrid report or 2055 drive by appraisal. All others will require a full 1004 interior/exterior inspection.
All appraisal fees paid by the borrower.
Escrow Policy
Escrows accounts are required on all first lien products for property taxes, homeowners insurance, and flood insurance (if required); however q
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,
,
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an escrow waiver may be approved on a primary residence with an LTV of 80% or less if the borrower has 6 months PITI payments in liquid assets (HPML's will always require escrows).
Certain restrictions apply, rates are subject to change without notice. Equal Housing Lender ‐ Member FDIC ‐ International Bancshares Corporation
International Bank of Commerce NMLS #421821