Guaranteed Rate Launches “GR Flex Power” for Jumbo Loans Up to $3 Million

Chicago, Dec. 27, 2017 (GLOBE NEWSWIRE) — Guaranteed Rate, one of the largest retail mortgage lenders in the nation, today announced a new jumbo loan program, “GR Flex Power,” which requires as little as a 10 percent down payment option for loans up to $3 million with no private mortgage insurance required. The program includes various financing options such as fixed rates and ARMs, and interest-only options are available with a 15 percent down payment.

“This program is proprietary to Guaranteed Rate, the pricing is controlled and is underwritten by the company,” says Executive Vice President, Secondary Markets Kasey Marty. “Offering great rates, low down payments and a variety of financing options including interest only ARMs, the program is completely flexible to suit customers’ individual needs and preferences.”

Additional features of the GR Flex Power program include:

  • In-house underwriting decisions for all loans
  • Loans up to $3 million with 10% down payment options available
  • Up to 50% of total debt service to income is allowed
  • Sensible asset reserve requirements, as low as only six months
  • Flexible condominium warrantability up to $2M with 20% down payment options available

“A 10 percent down requirement for a jumbo loan is an incredible offer for our customers and for me as a loan officer, enabling me to give my clients a variety of financing options,” says Guaranteed Rate’s top loan originator Shant Banosian. “Combine that with a no mortgage insurance requirement and flexible financing, this product is a win for those seeking loans up to several million dollars.”

About Guaranteed Rate

Guaranteed Rate is one of the largest retail mortgage lenders in the United States. Headquartered in Chicago, the company has approximately 195 offices across the U.S. and Washington, D.C., and is licensed in all 50 states. Since its founding in 2000, Guaranteed Rate has helped hundreds of thousands of homeowners with home purchase loans and refinances and funded nearly $23 billion in loans in 2016 alone. The company has become the Home Purchase Experts® by introducing the world’s first Digital Mortgage technology and offering low rate, low fee mortgages through an easy-to-understand process and unparalleled customer service. Guaranteed Rate won an American Business Award for its Digital Mortgage technology in 2016, ranked No. 1 in Scotsman Guide’s Top Mortgage Lenders 2016, was chosen as Top Lender 2016 and 2017 by Chicago Agent magazine and made the Chicago Tribune’s Top Workplaces list seven of the past eight years. Visit rate.com for more information.

 

 

Attachments:

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/071afe4b-6105-470f-aa2c-8aca10c591e3

CONTACT: Linda Marsicano
Guaranteed Rate
773-354-2004
linda.marsicano@rate.com

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