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Specialty programs at MEP
Addressing the needs of our borrowers is our number one priority at MEP. As the market changes, we adapt our programs and processes to put our borrowers in the best position to secure their dream homes. For example, we have designed programs to make our borrowers highly competitive in a seller’s market, which is the primary advantage of working with a flexible local lender. We can quickly adapt to the needs of the homebuyer and our realtor partners.
2/1 Buydown
Mortgage Equity Partners offers a 2/1 Buydown loan that allows you to ease your mortgage payments for the first two years of the loan. Simply stated, the 2/1 Buydown program enables you to pay a lower monthly payment for the first two years of the mortgage.
- The first year your payment will be based on 2% below the note rate.
- In the second year, your monthly payment will be based on 1% below the note rate.
- Your monthly payment will be based on the note rate for the remainder of the term.
If you are looking to buy a home and need to find a way to lower your monthly payments, the 2/1 Buydown program is a perfect option.
Appraisal Waiver Program
Mortgage Equity Partner’s Appraisal Waiver program strengthens your offer. We have a tool that allows our borrowers to find out before making an offer on a property if they can waive the appraisal—no surprises for the borrower and no hassles for the seller. If our borrowers engage in a bidding war, they will have the confidence of knowing how high to bid without worrying if the house will appraise appropriately.
Fast Track Underwriting
Fast Track Underwriting puts our borrowers on the fast track to homeownership. All our borrowers need to do is apply for a loan with one of our loan officers and provide all the required documents, and their loan will be expedited to underwriting. MEP guarantees a 24-hour turnaround time on all complete loan files. Having the basics of the loan approval process completed quickly makes your offer more competitive and puts your mind at ease that the basics of the loan approval have been completed.
First Responders Lender Credit Program
We are dedicated to serving our first responders’ housing needs. Mortgage Equity Partners has an exclusive program that helps build communities while also making “home” more affordable exclusively for those who give so much to others by providing a $500.00 lender credit. This lender credit can be used towards the closing costs of a purchase or refinance transaction. The following occupations are eligible:*
- Active Military – All Branches
- National Guard- All Branches
- Fire Fighters
- Law Enforcement
- Paramedics/EMS
- 911 Dispatchers
- Physicians, Physicians Assistants, Nurses, Medical Technicians, Medical Lab Personnel
Instant Equity/Bridge Loan
Instant Equity/Bridge Loan- Mortgage Equity Partner’s Instant Equity Program will make your offer more competitive by removing the home sale contingency. Our instant equity or bridge loan program allows you to access your home equity fast for a down payment on a new home. When you find the home you want to purchase, no new qualification is required, and funds are sent directly to the closing.
The Instant Equity Program can be used to purchase a new primary residence. Eligible property types include; 1-4 unit homes, PUDs, and some manufactured homes and condo units. You get 180 days to sell your current home and repay the loan. The instant equity/bridge loan is an excellent strategy in a highly competitive seller’s market when inventory is tight.
Lock to Shop
Mortgage Equity Partner’s Lock to Shop program will give you peace of mind by locking in your rate as you shop for a new home. You will be protected from market rate increases as you are house hunting. You will receive a fully underwritten loan commitment from our underwriting team, making you a more competitive buyer and the loan process easier when you officially apply. If the rate has dropped during your home search, you will have a one-time option to modify to the lower rate.**
Rate Protection Program
Experts know it is best to purchase now, lock in the price, and start realizing appreciation. But if expert opinion isn’t enough, how about taking advantage of MEP’s Rate Protection Program (RPP)? Get off the sidelines and buy the new home you have been dreaming about.
This is a win-win-win situation for the borrower. If rates go up after your purchase, you have locked in a lower rate. If rates stay the same, you are building equity. And finally, if rates drop, you can fast-track refinance your loan to a lower rate and use the $2,000.00 closing cost credit to absorb the refinance cost.
This program is for you if you initially finance your home purchase with Mortgage Equity Partners and then refinance after six months and before 18 months with MEP. However, with all programs, there are some details you need to know before making your final decision. Contact one of our Mortgage Equity Partners Loan Officers to learn all the details.
TBD Loan Commitment
Our TBD Loan Commitment program allows you to get one step closer to your dream home. The benefits of this program are incredible. Your MEP loan officer can approve you for a loan even without a property. Even with the property address yet to be determined, you can submit a complete application with asset and income documentation and receive a conditional loan commitment from an underwriter. Your financed offer is now equivalent to a cash offer. Contact one of our experienced loan officers to learn more.
* Employment verification will be required.
** Interest rate must be lower than .25 lock to shop rate.
