Combines today’s low interest rates with long-term stability
Prosperity Home Mortgage, LLC, a full service mortgage banker and a wholly owned subsidiary of The Long & Foster Companies, is now offering a new 15/15 adjustable rate mortgage (ARM) product. Dubbed the Two Step Advantage*, Prosperity’s loan product offers clients much of the stability of a fixed rate mortgage combined with the benefit of a low-rate ARM. The Two Step Advantage features a 30-year term that adjusts only once over the life of the loan—at the 15-year mark.
“We heard from many of our clients that they plan to move again within 15 years, so they’re looking for a mortgage that not only covers them for that timeframe, but also presents a good deal,” said Tim Wilson, president and CEO of Prosperity. “That’s why we introduced the Two Step Advantage—a competitive loan that matches our clients’ needs and helps prospective homebuyers become more confident and secure about jumping into the housing market.”
The Two Step Advantage is available on purchases and refinances of a primary residence or second home with loan amounts from $417,001 to $2 million. You can learn more about the Two Step Advantage and Prosperity’s other mortgage products at www.PHMLoans.com. Prosperty offers a wide range of mortgage products, including fixed and adjustable rate mortgages. It is represented by more than 140 mortgage consultants and operates its own in-house processing, underwriting and closing at its five operation centers across the East Coast, from South Carolina to New Jersey. Prosperity Home Mortgage also coordinates its clients’ appraisals and mortgage fulfillment in-house.
*Available on purchases and refinances up to $2 million. Not available for applications without a property address (pre-purchase). Investment properties are not eligible. The initial rate is fixed for 15 years (180 months). When the rate adjusts, the new rate will become the then-current index (weekly average yield on US Treasury securities adjusted to a constant maturity of 10 years) plus a margin of one percentage (1.000%) point, rounding to the nearest 0.125%. The new rate cannot exceed 6.000% above the initial rate or cannot be lower than the floor rate of 2.000%.
All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance. Also licensed in Delaware, District of Columbia, Maryland, North Carolina, Pennsylvania, South Carolina, Virginia, and West Virginia. NMLS ID #75164 (NMLS Consumer Access at http://www.nmlsconsumeraccess.org/) ©2014 Prosperity Home Mortgage, LLC. All Rights Reserved.