Industry News

Mortgage options abound for home buyers

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Chase Home Finance has expanded its adjustable-rate mortgage products to allow borrowers to choose from a range of documentation programs for amortizing and interest-only ARMs, the company said Wednesday. The mortgage lending industry has grown fiercely competitive in the wake of a shrinking refinance market. Many lenders have expanded mortgage product offerings to enable borrowers more flexibility as home prices continue to rise in most U.S. housing markets. The new Chaseflex ARMs allow borrowers to choose documentation ranging from Full Documentation to No Documentation to purchase or refinance primary homes, condominiums and coops, vacation homes, and one- to four-unit investment properties, according to the company. The Chaseflex documentation choices include: Full Doc, in which income and assets are verified for now larger loans and smaller down payments; No Income Verification, in which income is stated, but not verified; assets are verified;  No Ratio, in which no...