Interest Rate and Terms

ADJUSTABLE RATE MORTGAGES

RATES for CIC Adjustable Mortgages*         Click here for a loan application

TERMS:
Usually 20 years with a 25-year amortization
Personal recourse/guarantee normally required

MAXIMUM LOAN TO VALUE:
80% of projected after-rehab value for 3-year adjustable loans;
70% of projected after-rehab value for 5-year adjustable loans

MINIMUM DEBT COVER:
Normally 1.25

PREPAYMENT:
NO penalty or “lockout” period

APPLICATION FEE:
$300 (nonrefundable)

FINANCING FEES:
Normally 3% [IMPORTANT: This includes more free services than at a bank; ask a CIC loan officer about it]
Negotiable for loans over $1 million

Compare your CIC bottom line with other lenders who charge legal and other fees separately.

For information, call CIC at (312) 258-0070 and ask for a loan officer, or email us at info@cicchicago.com .

CONSTRUCTION INSPECTION FEE:
0.75% of construction amount

CONSTRUCTION INTEREST:
Prime + 3 points or permanent loan rate, whichever is higher*

THIRD-PARTY REPORTS:
Appraisal: Varies according to project size
Environmental: Phase I on loans over $1 million, or on mixed-use

How are ARMs adjusted?

• The 3-year mortgage rate adjusts at 350 basis points over 3-year Treasuries, and the 5-year rate adjusts at 350 basis points over 5-year Treasuries.
• The maximum adjustment for a 3-year rate is 2% at any one change, and 5% over the life of the loan. The floor rate is 5.5%.
• For a 5-year rate, the maximum adjustment is 3% at any one change, and 6% over the life of the loan. The floor rate is 6.0%.
• All adjustments and caps apply to both increases and decreases in rates.

*All rates subject to change. Please call to confirm current rates.