1% Down Payment

Guaranteed Rate Releases “5 Minute Approval”

Posted on by TMN Editor
Leaders at Guaranteed Rate have announced their latest speed-centric mortgage product, the 5 Minute Approval. Borrowers can sign their initial application package and upload documents at Rate.com. Then, once the approval comes through (in five minutes or less), they can continue their homebuying journey and close on a property in as few as 10 days. 5 Minute Approval is available for purchase and refi transactions with at least 3% down. Guaranteed Rate President and CEO Victor Ciardelli said the company has already approved more than 100 loans within five minutes through its completely automated process. “And we’re now the only lender in the entire country setting this new standard,” Ciardelli added. “Consumers deserve lightning-speed service powered by modern technology platforms.…

Guild Introduces 1% Down, 1% Lender Rate Program

Posted on by TMN Editor
Guild Mortgage has introduced a new 1% down, 1% one-year lender interest rate buy-down program. The program, 1% Down Payment Advantage, allows homebuyers to make the smallest possible down payment, with Guild covering the remaining 2% to bring the payment up to its 3% minimum requirement. Guild is offering a lender-paid temporary rate buydown as part of the program. Consumers can then refinance with Guild later with no lender fees. Leaders at Guild say they are committed to helping Americans tackle the three main components of owning a home: the cost to get in it, the cost to stay in it, and the ability to handle unexpected emergencies in the first five years. “No matter what is happening in the…