, a New York City-headquartered digital bank, has introduced its Streamline Refinance mortgage product.
According to the company, qualified homeowners with a credit score of 660 or higher and a 24-month timely mortgage payment history can use the product to refinance mortgages up to $3 million at up to an 80 percent loan-to-value ratio without needing to provide documented verification or income or assets. For loans up to $400,000, no appraisal is required either. Quontic aims at borrowers who have traditionally been unable to qualify for traditional mortgages, including entrepreneurs, immigrants, Millennials, low-income households and seniors.
Qunotic added that iInvestment properties are also eligible for the product at loan-to-value ratios up to 75 percent. Streamline Refinance loan rates start as low as 4.875 percent.
"The Dodd-Frank regulations have placed an unnecessary financial burden on non-QM mortgage customers as they typically obtain mortgages at interest rates of anywhere between one percent to four percent higher than conventional mortgage customers," said Steve Schnall, CEO of Quontic. "Many are paying upwards of 7 percent even with today's average rate of 3.78 percent. The mission of our bank is to serve the under-banked and our Streamline Refinance is a powerful tool to reduce interest rates and mortgage payments for existing homeowners who are paying an excessive rate despite a solid payment history."