Mortgage Lending

• Our “Finish Line” Bi-Weekly payments can help you pay off your mortgage faster. Instead of making one monthly payment, you make half of your monthly payment every two weeks. By the end of the year, this adds up to 13 monthly payments instead of 12. This strategy can significantly reduce the length of your mortgage and save you a lot in interest. Plus, there are no prepayment penalties, so you can make extra payments anytime without extra costs.

• Use: Purchase (Primary or secondary residence; no investment properties)
• Loan Limits: Up to $832,750 / Jumbo: $832,751 or more.
• Terms Available (Years): 15, 20, 30
• Title Insurance required.
• MCT Bi-Weekly Mortgages are only available with auto payment from a checking or savings account.

• If you’re considering refinancing your home, this loan can help you save on closing costs. For loans under $250,000, title insurance isn’t required. You can also use this loan to purchase a home, though title insurance will be necessary in that case. There are no prepayment penalties, so you can make extra payments anytime without incurring additional costs.
• Use: Purchase or Refinance (Primary or secondary residence; no investment properties)
• Loan Limits: Up to $832,750.
• Title Insurance required.
• Terms Available (Years): 15, 20, 30

• To be considered a first-time homebuyer, you must not have owned any residential property within the past three years. This applies whether you owned the property by yourself or jointly with someone else. Homes, condominiums, and other types of real estate all count. If your name has been listed on a deed or title during that three-year period, you may not qualify.
• Use: Purchase Only
• Loan Limits: Up to $832,750
• Terms Available (Years):
  • Bi-Weekly: 15, 20, 30
  • Monthly: 15, 20, 30
• Title Insurance required.
• Low-to-Moderate Income Option Available: MCT’s Community Advantage Home Mortgage Loan is designed to help low-to-moderate income individuals with flexible financing options to make obtaining a mortgage more accessible. Different from other conventional mortgages, MCT’s Community Advantage program offers more lenient credit and income guidelines. Learn more here.

Bi-weekly payments can help you pay off your mortgage faster. Instead of making one monthly payment, you make half of your monthly payment every two weeks. By the end of the year, this adds up to 13 monthly payments instead of 12. This strategy can significantly reduce the length of your mortgage and save you a lot in interest. Plus, there are no prepayment penalties, so you can make extra payments anytime without extra costs.

Bi-Weekly Finish Line

• Use: Refinance (Primary or secondary residence; no investment properties)
• Loan Limits: $250,001 – $832,750
• Terms Available (Years): 15, 20, 30
• MCT Bi-Weekly Mortgages are only available with auto payment from a checking or savings account.
• Title Insurance only required for loan amounts over $250,000.

Bi-Weekly Money Saver

• Use: Refinance (Primary or secondary residence; no investment properties)
• Loan Limits: up to $250,000 / Title Insurance not required.
• Terms Available (Years): 15, 20, 30
• MCT Bi-Weekly Mortgages are only available with auto payment from a checking or savings account.

• If you’re considering refinancing your home, this loan can help you save on closing costs. For loans under $250,000, title insurance isn’t required. You can also use this loan to purchase a home, though title insurance will be necessary in that case. There are no prepayment penalties, so you can make extra payments anytime without incurring additional costs.
• Use: Purchase or Refinance (Primary or secondary residence; no investment properties)
• Loan Limits: Up to $832,750
• Title Insurance only required for loan amounts over $250,000.
• Terms Available (Years): 15, 20, 30

This innovative financial product combines two traditionally separate loans—a construction loan and a permanent mortgage—into one single loan. This integration simplifies the loan process, reducing closing costs and the complexity typically associated with construction financing. Whether you’re a first-time homebuilder or a seasoned developer whose clients need financing for their new build, MCT’s Single-Close Construction Mortgage offers the flexibility, support, and financial benefits needed to bring your vision to life.

Key Features:

• One-Time Closing: The single closing process means borrowers only go through the loan approval and closing process once, saving time and reducing paperwork.
• Lock-In Interest Rate: Borrowers can lock in their interest rate early in the application process, protecting them from potential rate increases.
• Interest-Only Payments: During the construction phase, borrowers are required to make interest-only payments, which helps manage cash flow more effectively.
• Funding for Land Purchase: Can include funding for the purchase of the land as part of the construction loan, if not already owned by the borrower.

Ideal For:

• Homebuilder looking to build their home from the ground up.
• Builders seeking an efficient and cost-effective way to finance new home construction for their clients.
• Individuals who already own land and are ready to begin construction.

Benefits:

• Simplicity and Convenience: Combines two complex processes into one, making the home construction process less daunting for borrowers.
• Cost Savings: Reduces the total costs associated with closing on two separate loans.
• Flexible and Supportive: Supports a wide range of construction projects, from custom homes to standard models, providing flexibility to meet diverse needs and preferences.

Important Details:

• Site-Built Homes:
  • The maximum Loan-To-Value (LTV) is 90% on a primary residence or 85% on a secondary/vacation residence and does not include an escrow account for taxes and homeowner’s insurance.
  • Excludes investment properties.
  • Maximum loan limit: $832,750
  • Term available: 31 Years (372 months): 12 months interest only, followed by a 30-year term.
  • Principal & interest payments will start after the initial 12 months regardless of whether the house is completed or not.
  • Private Mortgage Insurance (PMI) for any loan to value of greater than 80% will be required and escrowed. Borrowers are required to pay the first 14 months of private mortgage insurance (PMI) premiums at closing.
  • Title Insurance required.
• Manufactured Homes:
  • The maximum Loan-To-Value (LTV) is 80% on both primary and secondary residences and does not include an escrow account.
  • Excludes investment properties.
  • Maximum loan limit: $832,750.
  • Term available: 30 years, 4 months (364 months): 4 months interest only, followed by a 30-year term.
  • Principal & interest payments will start after the initial 4 months regardless of whether the house is completed or not.
  • Only available for manufactured homes on a permanent foundation on land owned or purchased as part of the mortgage transaction (excludes rented land).
  • Title Insurance required.