frogLOAN.com
Get the jump on savings
Statement of Policy:
Welcome to the frogLoan (frequent reduction option granted) utilizing a standard 15, 20, or 30 yr. fixed rate mortgage and a 5/1, 7/1 or 10/1 ARM. The frogLoan is comprised of systems and methods surrounding the standard mortgage which educate consumers on the financial benefits of choosing a lender credit for closing costs, as well as providing a clear structure for lowering their mortgage rate in the future should rates fall.
The frogLoan strategy has been in existence since 1993 and has served thousands of customers nationwide. Over 90% of borrowers who have entered the program have remained in the program and lowered their rates through refinance cycles to the lowest possible market rates with little to no closing costs, and streamlined processes.
The frogLoan strategy has been investigated and featured by the following national media: Money, Time, Kiplinger, CNBC, Washington Post, New York Times, Real Estate Finance Today, Mortgage Banker, American Banker, and Bankrate.com.
As a frogLoan customer you are entitled to the following program benefits. These benefits remain even if your mortgage company should sell the servicing rights to your mortgage. The frogLoan offers a ‘win-win’ scenario for the homeowner, the servicer, and the Loan Officer. This design allows proper incentive to all parties to insure continued mortgage management throughout the life of the loan.
frogLoan Parameters & Benefits:
The frogLoan works the same as a standard mortgage with the following added benefits:
- Save $$ up front with frogLoan Savings!
Upon entry to the frogLoan program you will be shown options that allow you a closing cost credit. This credit may be sufficient to cover ALL CLOSING COSTS in your state.
2. Save more money When Rates Drop!
A frogLoan customer may reduce their mortgage interest rate whenever the frogLoan reduction rate falls by at least 1/4% provided:
1. Three mortgage payments have elapsed since entry to the program, or the last rate cut.
2. You may not have any late payments (over 30 days) in the previous 12 months, or since entry, if less than 12 months since entry.
3. Some updated income and asset verification documentation may be required which may need to be approved by an underwriter. A new appraisal may be required. Ask your frogLoan representative about your frogLoan Mortgage Management Program reduction details.
A frogLoan customer may inquirer at anytime prior to the third mortgage payment as to the current frogLoan no closing costs rate for their mortgage by calling their loan officer directly. A frogLoan customer may lock-in an interest prior to the third mortgage payment, however the customer must wait until the third mortgage payment has been posted before going to settlement on the new interest rate.
The frogLoan adjustment rate is based on current market rates for mortgages. The adjustment rate takes into account loan amount, and lender credit sufficient enough to allow all, or majority of, the closing costs associated with a streamlined refinance to be paid by the lender. Number of mortgage payments required prior to rate reduction is subject to servicing lender guidelines and could change. New Appraisal may be required. These closing cost credits are not added onto the existing loan.
For more information on the frogLOAN™ , call 800-999-3764 to speak with a Private Mortgage Banker.
Disclosure: All loans subject to credit approval and property appraisal. Programs subject to change without notice. Adjustable Rate mortgage rates may increase after settlement. |