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The most important step you can take toward restoring
or remodeling your home is the first one-applying for
a loan. Southern Advantage Mortgage has the tools to
help you easily navigate all of the financing paperwork
so you can focus your attention on the renovation. Our
goal is to provide superior service that makes the
loan application process as simple as possible.
Ask about our single closing, renovation-to-permanent program.
With one single loan, you pay off your mortgage and pay your
renovation contractors while your home is under construction.
Then, when the work is done, the loan converts to a traditional,
permanent mortgage with only one application and one set of
closing costs.
- Special 1/2% Interim Renovation Commitment fee on the renovation dollar amount only (not full loan amount) saves you money
- LTVs calculated on the "as completed" appraised value (vs. construction costs) for LTVs up to 95% and/or for lower Private Mortgage Insurance fees, or possibly no Private Mortgage Insurance
- Reduced closing costs due to simultaneous closing of the construction renovation and permanent loans
- Permanent mortgage rate locks available, as early as at application
- Fixed Rate Mortgages available at many popular terms
- Adjustable Rate Mortgage (ARM) available on 15 & 30-year amortization. Initial fixed rate options up to 7 years
- Low Fixed Interim Renovation Rate, with interest-only payments on the amount drawn during renovation phase
- On completion of renovation phase, loan converts to permanent rate and loan program
- Fantastic extended lock program for your permanent loan WITH FREE FLOAT DOWN OPTION, offers:
- 90, 180, and 270-day Extended Lock periods
- Lock at today's rate plus 0.125%, 0.500%, or 0.750% depending on above lock period1
- Up-front lock-in fee of 0.50% may be 100% refundable2
- Free one time float-down option on rate3 (based on current 45-day market pricing at time of float-down)
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For more information, call direct (985) 326-0421 or toll free 1(866) 719-9178
or
fax (985) 326-0424 - info@southernadvantage.net.
You can also download the pre-qualification form below.
Download Southern Advantage Mortgage
Pre-Qualification Form
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Request Information about Restoration/Remodeling |
Southern Advantage Mortgage is an affiliate of Capital One, N.A., and its loans will be closed through Capital One,
N.A. (Capital One, N.A., Member FDIC). Offer applies to consumer applications only. Normal credit qualifications
apply. Rates are subject to change without notice. Borrower must lock permanent rate prior to loan closing,
extended rate lock fee and/or rate adjustment may apply.
1 See Southern Advantage Mortgage for details on rate
increases and extended lock fees.
2 Extended lock fees due at time of lock-in. Extended lock fee will be refunded
at time of loan funding should the loan close and fund by the original rate lock expiration date. Should the loan
need to be extended or re-locked for any amount of time, this fee is no longer refundable and the float-down option
is lost.
3 Borrower may float-down once loan is approved or, if used with a Renovation loan, once the project has
been appropriately verified as 100% complete. The borrower will receive a 30-day lock at the 45-day price, not to
exceed the original rate lock expiration date. Should the market move before all of these conditions have been
met, the lock is subject to the market rate. |
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