Wealth Building Loan
what is the wealth building loan?
With no down payment required and the opportunity to build equity quickly, the Wealth Building Loan is a winning option for many homebuyers.
The Wealth Building Loan was designed with savvy homebuyers in mind – those who want to expand their financial portfolio and build wealth efficiently. However, it’s open to any homebuyer who meets the requirements and can be just as beneficial.
Unique to Waterstone Mortgage, the Wealth Building Loan requires no down payment and offers eligible homebuyers a 7/6 or 10/6 adjustable-rate mortgage (ARM) with a 20-year amortization (meaning you’ll have a fixed interest rate for the first seven or ten years of the mortgage, and the total length of your mortgage will be 20 years).
how do I build wealth?
The Wealth Building Loan helps you build wealth in a variety of ways, such as:
- Eliminates monthly mortgage insurance payments nearly four years sooner than a 30-year conventional loan with a 3% down payment
- Single premium mortgage insurance (MI) can lower your monthly payment. Homebuyers can lower their monthly mortgage payment by financing their single MI premium in the loan amount, up to 103% loan-to-value*
- Applies more of your payment to principal and less to interest each month