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.
About Quontic:
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.
PR Contact:
Lindsay
Levitts
Kel & Partners
lindsayl@kelandpartners.com
617-519-6551
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SOURCE Quontic