Green Point Mortgage

GreenPoint Mortgage’s slogan is “offering more, making it easier,” and that is exactly what they strive to do through a wide range of loan products.  GreenPoint Mortgage is a national mortgage banking company headquartered in Novato, California.  GreenPoint is a leading national lender in residential mortgages, specializing in no-documentation and "Alternative A" mortgage loans.  GreenPoint Mortgage is a subsidiary of North Fork Bancorporation, Inc., headquartered in Melville, New York, which is a commercial bank holding company with assets of approximately $60667 million and which had a pretax income of $841 million in 2005.  North Fork Bancorporation provides a variety of financial services through its subsidiaries. 

Green Point Mortgage Loan Options

At GreenPoint, many different loan documentation types are accepted.  The most competitive rates are given with full documentation which requires verification of income, assets, and employment.  An EZ Doc/ Stated Income options is offered.  This only requires two years verification of employment and asset documentation; the applicant must state income on the application, but it is not verified; self-employed applicant must provide 2 years business license or CPA letter; and verification of deposit, or 3 months of recent bank statements, is required.  The True NoDoc option is also available in most states.  For this there is no income disclosure (NID), no asset verification (NAV), and no employment disclosure (NED). A variety of other documentation options can be customized for unique situations.

GreenPoint offers fixed rate loans of 15 and 30 year terms with a variety of point and payment options, from 2.25 points to 0 points.  A point is an up front cost of the loan - it is a percentage “point” of the loan value.  GreenPoint offers a free 30 day rate lock and no income/no asset verification funding on this type of loan.  For the low income or first time buyer, GreenPoint offers a 30 or 40 year fixed, low rate mortgages for those qualified, with low monthly payments and a low down payment. The applicant may borrow up to 97% of the value of the home without the need to pay Private Mortgage Insurance monthly premiums.  GreenPoint may give qualified borrowers $3,000 towards their closing costs.  (Some geographical limitations may apply.)  GreenPoint offers a program that helps the first time, low income buyer save for a down payment by matching $3 for every $1 saved to a maximum of $5,000.  With a Piggy Back Loan, the customer can avoid paying monthly Private Mortgage Insurance premiums. Or, if a customer is buying a new house but hasn’t yet sold his current house, the customer may need additional funds to close the deal. Just take a first mortgage at 80% Loan to Value, and a Home Equity Line of Credit (the Piggy Back). You’ll avoid PMI and then, when the current home is sold, the customer can simply pay down the Equity Line, lowering his overall monthly mortgage expense. The equity line can even be kept open in case the customer decides to make some improvements to his new home.  Residential Building Loans are used to provide financing for the construction of a 1-4 family owner occupied residence.  These fund the construction and roll over to permanent financing. The owner can choose not to take the end financing, but will be charged a 1% cancellation fee to do so.  GreenPoint also supplies adjustable rate mortgages.   In this type of loan the interest rate stays fixed for a certain term and then returns to the market rate.  GreenPoint has quite a few mortgage options for the consumer.

Applications are taken online and a loan consultant will contact the applicant either by e-mail or by phone.  GreenPoint does not fund for mobile homes.

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