NEW YORK, Feb. 19, 2020 /PRNewswire/ -- Quontic, the adaptive digital bank, today announced an innovative new Streamline Refinance mortgage product. Homeowners with a 660+ credit score and a 24 month timely mortgage payment history can refinance mortgages up to $3,000,000 at up to an 80% Loan-to-Value ratio - without providing any verification or income or assets; no tax returns, W2s, bank statements or any other documentation traditionally required to qualify for a mortgage. For loans up to $400,000, no appraisal is required either. This product is ideal for borrowers who have had difficulty qualifying for a mortgage in the past and have financed their property at higher than market rates as a result. Investment properties are also eligible at Loan-to-Value ratios up to 75%. Streamline Refinance loan rates start as low as 4.875%.
"The Dodd-Frank regulations have placed an unnecessary financial burden on non-QM mortgage customers as they typically obtain mortgages at interest rates of anywhere between 1% to 4% higher than conventional mortgage customers," shares Steve Schnall, CEO of Quontic. "Many are paying upwards of 7% even with today's average rate of 3.78%. The mission of our bank is to serve the underbanked and our Streamline Refinance is a powerful tool to reduce interest rates and mortgage payments for existing homeowners who are paying an excessive rate despite a solid payment history. Quontic is one of less than 2% of CDFI banks in the U.S and we were able to earn this status because approximately 70% of our home loans are to low income populations. Quontic is proud to make home ownership even more affordable for the most financially vulnerable homeowners in our society."
The savings are significant as a drop in interest rates from 7% to as low as 4.875% on a $400,000 loan translates to over $500 per month. The Streamline Refinance rewards mortgage customers with lower payments who may have been penalized with higher rates due to income documentation issues. Customers who were stuck paying high interest rates now have an option to pay off their homes more affordably by lowering their monthly payments. Quontic's Streamline Refinance is available nationally. Closings typically take less than 30 days and the application process is fast and easy due to the minimal documentation requirements. Standard closing costs apply, but can be rolled into the mortgage rather than an upfront cash requirement. Appraisals are waived for mortgages under $400,000 and loans are available up to $3,000,000.
Quontic is the adaptive digital bank which offers entrepreneurs, immigrants, millennials, low income, seniors, and others innovative banking products and services which embrace the diversity of circumstances that exist in its customers' lives while elevating their financial strength. Quontic gives its customers the underdog edge by offering unique products such as its Community Development Mortgage Loan (no tax returns, W2s or pay stubs required), and more. Quontic is a privately held company based in New York, New York. Follow and connect with Quontic on Facebook and Instagram.
Kel & Partners