UT mortgages : UT mortgage rates and home loans

Owning an exclusive home comes with a special set of challenges when it is time for financing. Not all borrower situations are alike. Mortgage Max offers a variety of products that can be combined or modified for special circumstance.

Loan Amounts that exceed area conventional loan limits are called Jumbo Loans. Super Jumbo Loans ordinarily exceed $1,000,000 in value.

Besides the standard loan programs, we also have a large number of unique options which may be customized.

Interest Only Mortgages

If you need a mortgage with the lowest possible payment, or you are planning to move or refinancing in a short period of time you may want to consider a mortgage that offers an interest only payment. This mortgage will allow you to qualify for a higher amount, while maintaining your monthly liquidity. You may pay interest only for 10 years and then the loan becomes fully amortized for the remaining 15 or 20 year term. If you choose, you may pay as much toward the outstanding principle amount at any time with no pre-payment penalties.

An interest only mortgage may also be structured with a balloon after one, two or three years while you qualify at the higher mortgage amount and then you may refinance.

Limited and No Documentation Mortgages

If you are trying to take the hassle out of purchasing or refinancing your home and your income is not easily documented this mortgage program is designed to expedite the processing of your mortgage application with less documentation required from you. You must have an excellent credit history for either program. See OUR "NO DOC" LOAN PROGRAMS.

Option Arm Mortgages

The PayOption ARM is an adjustable rate mortgage that begins with a very low introductory interest rate and ends up giving you monthly payment options. What makes this loan so attractive is that you may choose from up to four payment options each month after the Introductory Period.*

Here's how it works:
Your statement will have up to 4 payment options (options vary each month). EACH MONTH, YOU CHOOSE WHICH PAYMENT YOU WANT TO MAKE.

Minimum payment - The lowest payment amount required each month and it will remain unchanged for the first 12 months of the loan. (This payment option may result in negative amortization.)

Interest only payment - This payment option covers only the interest due for the previous month (but will not pay down any of the principal balance on your loan).

15 year amortized payment - Is calculated using the then-current interest rate and principal balance and the remaining term of an assumed original loan term of 15 years from the first payment due date.

30 or 40 year amortized payment - This payment option equals the principal and interest due for that month, calculated at the then-current interest rate and principal balance and remaining loan term

Construction and Construction Permanent Mortgages

If you are planning on building a new home or remodeling your existing home this mortgage program offers an interest only payment until the construction is complete. See CONSTRUCTION & CONSTRUCTION-PERM LOANS.