Here is the text for the * (next to 1.00%):
We do not offer mortgage loans in New Jersey and Texas. Available programs may be limited in other states.Notice the "1.00% is fixed for the first 30 days." Oh no! :-(
Start rate of 1.00% is fixed for the first 30 days. Fixed payment option is available for the first 12 months. Terms of the payment are based on a margin of 2.10% plus the 1 month MTA Index (2.022% as of February 16, 2005). APR of 4.27% and payment of $643.28 per month is based on a 30-year term, $200,000 loan amount at 1.00%, and may change if the index adjusts after the first 30 days. If minimum payment option is selected, deferred interest may accrue. Interest rate quoted assumes a credit score of 620+ with a loan-to-value (LTV) of 80% on a primary residence. The APR and payment will vary based on the specific terms of the loan selected and verification of information and credit. Rates are subject to change without notice.
All loans will be secured by a lien against your property. Not all applicants will be approved. Terms and conditions apply, call for details. AZ Mortgage Banker LIC No. 0904930; Licensed by the Dept. of Corp. under the CA RMLA; GA Residential Mortgage Lender LIC No. 17302; IL Residential Mortgage Licensee; MA Mortgage Lender LIC No. ML2206; Licensed by the New Hampshire Banking Department; LIC by the NJ Dept. of Banking and Insurance; Licensed Mortgage Banker – NYS Banking Department; PA Dept. of Banking Licensee; RI Licensed Lender; 163 Technology Drive, Irvine, CA 92618.
Loan programs are offered by Home Loan Center, Inc which is also known as Home Loan Center USA, Inc. in AL, FL, ID, MI, MN, OH, OK, VT, & WY; Online Home Loan Center in NH; LT Loans in NV; and Loan Center, Inc. in WA.
For more information:
If you still have additional questions, please call one of our friendly loan specialist at 1-800-756-0789.
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What a deal! /cough
ReplyDeleteI'm reminded of a full page printed ad that I saw here in SD recently. I picked up one of those free glossy houses for sale magazines at the grocery store just for laughs. This one deserves a spot in the Hall of Shame.
The monthly rate might as well be a teaser.
**********************************
{Name Withheld}
Real Estate and Mortgage
Sell, Buy, Borrow, and Move Tomorrow!
Mortgage Specials
1 mo. LIBOR ARM
Interest Only 3.375%
Sample Payments*:
$500K only $1407/mo
$650K only $1829/mo
$750K only $2110/mo
$850K only $2391/mo
$1 Million only $2813/mo
30 Year Fixed
Interest Only (!)
5.85%
30 Year Fixed 5.375%
3/1 ARM 4.750%
...
WE OFFER:
*Loans to $6 million
*Purchase and Refinance
*103% financing
*Stated Income/Asset
*Fixed and variable rates
(The other half of the page has color photos of possible properties and their dreamy descriptions, priced with "Payments as low as ${Insert 1 mo. I/O ARM mortgage payment price here} *" These vary from $485K to over $2 million)
*Monthly payments are estimates based on 80% financing of list price & 1 mo. LIBOR IO ARM. Your payment may be different based on financing selected. Rates subject to change without notice. APR calculations are based on $500K loan amount. All loans have credit and income requirements. Not all applicants will qualify. Your rate may be substantially different from those listed above.
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I showed this ad to a couple of friends who were visiting from out of state. They couldn't stop laughing.
All loans will be secured by a lien against your property. Not all applicants will be approved. Terms and conditions apply, call for details. AZ Mortgage Banker LIC No. 0904930; Licensed by the Dept. of Corp. under the CA RMLA; GA Residential Mortgage Lender LIC No. 17302; IL Residential Mortgage Licensee; MA Mortgage Lender LIC No. ML2206; Licensed by the New Hampshire Banking Department; LIC by the NJ Dept. of Banking and Insurance; Licensed Mortgage Banker – NYS Banking Department; PA Dept. of Banking Licensee; RI Licensed Lender; 163 Technology Drive, Irvine, CA 92618.
ReplyDelete