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Finally, a Jumbo mortgage without the Jumbo rate.
- High Loan Limits - loan amounts up to $3 million
- Great Rates - With low rates and no rate buy downs, you could save thousands
- Quick and Easy Application - Apply online in minutes or contact your mortgage consultant to schedule an appointment
- Guaranteed Rates - Free 60 day rate guarantee for purchase and 30 days for refinances.
- Interest-Only Option - when the time is right, divert cash flow to higher yielding activities
Current Rates and Payments
You have two loan options to choose from with the Diamond Preferred Mortgage, a 5/1 ARM or 7/1 ARM. Use the charts below to review current rates.
| 5/1 ARM Loan Amount |
Rate with 1 Point |
APR |
Rate with 0 Points |
APR |
| Up to $500,000 |
4.500% |
4.61% |
4.750% |
4.77% |
| $500,001 to $650,000 |
4.625% |
4.73% |
5.000% |
5.02% |
| $650,000 to $1,500,000 |
4.750% |
4.85% |
5.125% |
5.14% |
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| 7/1 ARM Loan Amount |
Rate with 1 Point |
APR |
Rate without Points |
APR |
| Up to $500,000 |
4.750% |
4.86% |
5.000% |
5.02% |
| $500,001 to $650,000 |
4.875% |
4.98% |
5.250% |
5.27% |
| $650,000 to $1,500,000 |
5.000% |
5.11% |
5.375% |
5.39% |
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All Annual Percentage Rates include the cost of expenses paid at closing. Rates and APR can change without notice until you lock in your rate. Please remember, all loan applications are subject to credit and property approval as well as maximum loan limits. Maximum amount borrowed against property value is 70% or 75% depending on loan size. Additional restrictions apply for new construction.
Here's How the Diamond Preferred Mortgage Works
An initial fixed rate can save you money. Here's how:
Simply put, the Diamond Preferred Mortgage rate won't change during the fixed rate period whether you choose the 5 year or 7 year Diamond Preferred Mortgage.
Can rates just go up and up?
The rate can adjust up or down a maximum of 2% a year, and can only increase by 6% over the life of the loan. Just keep in mind, your rate can go up, down or stay the same.
Your needs may change. Our desire to save you money won't.
If down the road your mortgage needs change, we want you to know we'll be here to help.
Options to fit Your Needs
The average homeowner moves or refinances every 5 to 7 years. So why pay the same high rate for a 30-Year fixed-rate mortgage if you don't plan on keeping your mortgage that long?
Our 5-Year and 7-Year ARMs are currently much lower than 30 fixed-rate mortgages, saving you tens of thousands of dollars in interest charges.
Questions?
Call us at 402-392-5800 or read our Frequently Asked Questions below.
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Ask about our No Closing Cost Option
Don't overpay on your closing costs. Some banks will offer a lower rate but will recoup these costs in other ways–added costs, up-front deposits or other surprise costs. With our no closing cost option, our closing costs are low and we guarantee there are no surprises.
The chart below shows how much other lenders charge on average for closing costs.
(*1% of $450,000 loan amount = $4,500)
Frequently Asked Questions
How many years do I have to pay off my mortgage?
Both the 5-year fixed and 7-year fixed optons have an amortization of 30 years. The length of your loan is called the amortization period. So, you have 30 years to pay off your mortgage.
Are there any limits as to how much my rate can adjust?
Yes. With the Diamond Preferred Mortgage, the rate can adjust - up or down - a maximum of 2% annually after the fixed term ends, and 6% over the life of the loan. The important thing to remember is that your rate can go up, down or stay the same. It can change annually after the fixed period only if the 1-year LIBOR changes.
What's the minimum amount I need for a down payment?
You'll need at least 25% down if you are purchasing a new home. If you are refinancing, you will need at least 25% equity.
What type of property can I finance?
The Diamond Preferred Mortgage is only available for owner occupied properties... your primary residence or vacation home. These include single family homes and condominiums/town homes. We cannot consider applications for leaseholds, investment properties (rentals), mobile or manufactured homes, log homes, dwellings with two or more units, condotels, co-ops, timeshares, properties greater than 10 acres, unimproved land, or trust-owned properties not held in a family trust.
How do you go about pricing this loan?
The margin is the amount that we add to an index to arrive at the final interest rate for each adjustment period. We use the 1-Year LIBOR as our index. For example, if the 1-Year LIBOR is 3.50% and the margin is 2.50%, the final interest rate would be 6.00%.
How long can I lock my rate?
Once you tell us you‘d like to move forward, our rate guarantee will automatically lock your rate for 60 days on purchases or 30 days on refinances – for free! This rate guarantee means you'll be protected if rates go up.
What are closing costs?
We incur expenses when processing your loan, such as having a title search completed and appraising the value of your home; these are third party fees that must be paid at closing. We will provide you with an estimate of what these costs will be based on your specific details at the time of your application. If you are reviewing offers from other banks, use these estimated costs to compare and make sure you're getting the best deal. We also provide a no closing cost option, ask your mortgage consultant to review this option with you. Often times the no closing cost option is a no brainer!
How does the application process work?
You can apply online, over the phone or in person. After you receive and accept your offer, we guarantee your rate for 60 days for purchase or 30 days if you are refinancing. Unlike mortgages from other lenders, there is no fee for our rate guarantee. Once you tell us you’d like to move forward, we'll collect a $450 commitment fee that we'll apply to your closing costs. We'll then begin processing your loan and incurring expenses. If, and only if, you cancel your application after accepting the offer, the $450 commitment charge will be retained. You only pay this charge if you cancel your application after accepting your offer.
To get your mortgage complete as soon as possible, we will send you information that confirms the loan amount, interest rate, and payment terms as well as a letter requesting any supporting documentation we might need. When we receive these items from you, our Mortgage Processing Team will begin work on your loan. Once your mortgage is ready to be closed, we’ll call you to schedule a time and place for you to finalize your new mortgage. |
Our online application is so simple you can finish in about 12 minutes.
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Will I be required to provide information before I can close on my mortgage?
Yes. We try to make things simple by limiting the amount of information we need from you. Here's a list of some of things we may need. Everyone's situation is different so don't be intimidated by this list. We'll tell you exactly what you need to give us after you apply.
- Most recent paycheck stub with year-to-date earnings for all borrowers
- W-2 tax forms covering the most recent 2 tax years (full federal tax returns if self-employed)
- Proof of homeowners insurance
- If you are buying a home, we need the Purchase Agreement
If I decide to pay my mortgage off early, are there any penalties?
First of all, if this is an option for you – congratulations! In the event that you decide to payoff your Diamond Preferred Mortgage within the first year, an Early Payoff Charge of 3% of your loan balance may apply.
When are my payments due and how do I make them?
Payments are due on the 1st of every month. If that day falls on a weekend or holiday your payment is due the next business day. Your payment will be considered late on the 16th of the month.
Do I need to escrow taxes and insurance fees?
No. We do not escrow your taxes or insurance. By not escrowing, we can offer you a better rate on your mortgage. You may want to set up an Automatic Savings Plan with an FDIC–insured savings institution and put away your tax and insurance amount each month. Why not earn interest on YOUR money? |