Edina Realty Mortgage - Special Financing

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Edina Realty Mortgage


Special Programs

With one of the most diverse and extensive product lines in the industry, we have mortgage products to fit a variety of home financing needs. We’ve listed some of the most popular here. To learn which loan options are best suited for your individual situation, you may schedule a complimentary, no-obligation consultation with one of our Home Mortgage Consultant.


Builder Best®


Our BuilderBest program protects homebuyers against rising interest rates while their new homes are under construction, by enabling them to lock their pricing for up to 180 days. And if the market improves during construction, homebuyers may seek a one-time float-down option at no additional cost to get the best rate. Or they may request a one-time switch to any eligible product and get the current rate, at no additional cost.1

  • Free 6-month lock. Your loan pricing can be locked2 for up to 180 days, giving you protection against financial market fluctuations. A nominal fee applies for locks longer than six months.
  • Choose from a variety of Edina Realty Mortgage loan products, including 3/1, 5/1, 7/1 and 10/1 adjustable-rate mortgages.
  • Within 60 days of closing, eligible borrowers have the option to switch to any eligible product at the current market interest rate.3

Best for people who:

    • Want to protect themselves against rising interest rates while their homes are under construction

Reverse Mortgage

  • Borrow your own equity as you continue to live in your home
  • Receive monthly installments, a line of credit, lump sum payment or any combination of these

For homebuyers with the following consideration points:

    • Homeowners age 62+ who want to convert their home’s equity into tax-free income

Lot Loans


  • Receive your loan as a lump sum (i.e. a one-time disbursement)
  • Make fixed payments each month based on a fixed rate so you always know exactly how much you’ll be paying

For homebuyers with the following consideration points:

    • Financing to purchase or refinance a residential lot where you will construct an owner-occupied primary or secondary residence


Alternative Documentation Options


  • Alternate documentation options for income, debt, and credit
  • Less hassle for self-employed customers or foreign nationals
  • Financing for income property and unusual property types, such as condotels and log or earth homes

For homebuyers with the following consideration points:

    • Self-employed customers, foreign nationals, and others who want to reduce the amount of paperwork that is traditionally required for a mortgage
    • People interested in financing income properties or unusual property types


The Relocation Mortgage Program®


  • A comprehensive loan program designed for corporate transferees

For homebuyers with the following consideration points:

    • Homebuyers who are relocating as part of a corporate transfer

FLEX/FIXED® Program Loan


  • Temporary interest rate buy-down of up to three percentage points
  • Lower initial monthly payments than for a typical fixed-rate loan

    For homebuyers with the following consideration points:

    • Homeowners looking to combine the low initial interest rates of an adjustable-rate loan with the predictable payments of a fixed-rate loan

1 Change of loan product, float-down, or re-locking requires underwriting approval. One-time float-down option is available for any non-Builder Best program; re-lock is not allowed within 30 days of the original lock and must occur immediately after existing lock cancellation. If re-lock period exceeds 60 days, applicable extended lock fees will be assessed. Credit is subject to approval.

2 A non-refundable closing cost commitment deposit will be required for a lock ranging from 3 months to 12 months on qualified products. An extended lock/commitment fee may be required for a lock ranging from 4 months to 24 months on qualified products. Due to daily pricing variations between products, you are encouraged to work with your Edina Realty Mortgage Consultant to ensure the pricing available on the Builder Best lock feature that you choose is the most advantageously priced Builder Best lock feature for you.

3 Product switch option may only be exercised within 60 days of closing.

Due to various federal, state and local requirements, certain products may not be available in all areas.  Other restrictions may apply.

All first mortgage products are provided by Homeservices Lending, LLC Series A dba Edina Realty Mortgage. Edina Realty Mortgage may not be available in your area.
Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. ©1999-2010 Wells Fargo Bank. All Rights Reserved.

 

 

 

  
Contact Edina Realty Mortgage
  800.229.1219
mortgage@edinarealty.com
  952.928.5300
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