100  Boulder Condominium - Mortgage Financing Products

 

 

Mortgage Financing and Lease/Purchase

Mortgage Financing

15/15 Fixed Rate

This potential financing option provides a “fixed” interest rate for the 15 year term of the loan, with the maturity as well as amortization (repayment) period being 15 years.  The monthly payment of principal and interest is “fixed” at a specific amount for the full 15 year term of the loan.

 

7/1 ARM*

This potential financing option is an Adjustable Rate Mortgage (“ARM”) with the loan interest rate and monthly payment fixed for an initial 7 year period.  Thereafter, the loan interest rate is subject to adjustment annually based on the weekly average one-year U.S. Treasury Bill rate plus 2.75%.  In the event of an interest rate adjustment, there is a corresponding change in the monthly principal and interest payment based on the adjusted interest rate and remaining term of the loan.  There are interest rate “caps” for the term of the loan that limit any interest rate increase to no more than 2% annually and no more than 5% over the life of the loan.    The term (maturity) of the loan and the amortization (repayment) period is 30 years.

 

5/1 ARM*

Another potential financing option is this Adjustable Rate Mortgage (“ARM”) with the loan interest rate and monthly payment fixed for an initial 5 year period.  Thereafter, the loan interest rate is subject to adjustment annually based on the weekly average one-year U.S. Treasury Bill rate plus 2.75%. In the event of an interest rate adjustment, there is a corresponding change in the monthly principal and interest payment based on the adjusted interest rate and remaining term of the loan.  There are interest rate “caps” for the term of the loan that limit any interest rate increase to no more than 2% annually and no more than 6% over the life of the loan. The term (maturity) of the loan and the amortization (repayment) period is 30 years.

 

Note that each individual loan will be approved on a case-by-case basic subject to widely accepted residential regulatory underwriting standards for such loans

 

Lease/Purchase

In addition to the mortgage financing products offered by MidFirst Private Bank, 100 Boulder Condominiums also offers a financing option that allows a new resident to move in with a Lease/Purchase Agreement. The Lease/Purchase Agreement establishes the purchase price of the unit at time of signing and allows for an accrual of the downpayment necessary for closing from the established monthly rental rate. A portion of the rent will be credited towards the downpayment for the purchase of the unit, with closing occurring  when the downpayment threshold is met by the resident.

The Lease/Purchase provides a new or first time home buyer an opportunity to invest in Tulsa’s downtown even if they lack a sufficient downpayment as required by conventional financings.

If at any time the resident decides to not follow through with the purchase of their unit at 100 Boulder, that lease purchase agreement can be terminated with a 30 day notice.

 

*ARM loans are a common channel for condominium mortgage financing because frequently the units are not lifelong investments, as 1-4 family residences are often reported to be. The Adjustable Rate Mortgage (ARM) options, provide a fixed rate for either 5 or 7 years while still providing up to a 30-year amortization. The loan then reprices annually at 1 year SWAP basis + the same spread the Borrower obtained at origination, with a cap. Unless agreed otherwise, Borrower may refinance or pay off the loan at any time without Prepayment Penalty.

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How To Buy a Unit

• Contact Joe Westervelt or Chris Bumgarner to request additional information about 100 Boulder to buy or lease / purchase a unit.

• Contact Scot Williams to discuss steps necessary to pre-qualify for mortgage financing programs provided by MidFirst Private Bank.

For information on 100 Boulder contact:

 

Joe Westervelt

 

918-583-8808

 

joe@100boulder.com

 

Chris Bumgarner

 

918-584-1462

 

chris@100boulder.com

For more information on Mortgage Financing contact:

Scot Williams

 

918-293-6870

 

Fax: 918-293-6880

 

scot.williams@midfirst.com