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Post 2:

 

Am I eligible for this mortgage?

If you are a tenured faculty member, senior staff level administrator, or a physical education faculty member with long-term renewable 5-year contract who works at least half-time (0.5 FTE), and wish to live within a 10-mile radius of the College, you are eligible for this mortgage. 
 

Must I live in the home?

Yes. The home must be a single-family dwelling and must be your primary residence for the lifetime of the loan. 
 

What is the maximum amount Wellesley will loan?

The College currently will loan up to $800,000 in this program. 
 

What is the maximum loan term?

The maximum loan term is 30 years.  In addition, both a 15- and a 20-year program are also available. 
 

Is there a down payment required?

Yes. A 5 percent down payment is required. 
 

How is the program structured?

The Wellesley College Faculty Mortgage program combines a five-year variable rate first mortgage and a deferred-interest second mortgage at 2 percent. 

The second mortgage minimum is one-quarter the value of the house, while the maximum is two-thirds of the loan value (capped at $533,360). The first mortgage is provided for the remaining balance after the down payment. 
 

Why is it called a deferred-interest mortgage?

Upon the sale of the home (or external refinancing) Wellesley College would share in the appreciation in the value of the property in exchange for offering the low-interest second mortgage.

 

What is the amount of money the College shares in the appreciation of the property?

The amount the College shares is defined by the following formula:  deferred interest mortgage/housing price. 

For example:

      Purchase a home 7/1/2001 for  $650,000

      Down payment   $  50,000

      Wellesley 1st mortgage  $200,000

      Wellesley second mortgage  $400,000

      Second percent (400/650) =     61.54%

      House sold      7/1/2021          $1,500,000

      Cost of home    $650,000

      Gain on sale    $850,000

      Wellesley portion of gain (61.54%) $523,090 
 
 

What happens if I retire?

Faculty members are not required to pay off their mortgages at retirement. 
 

What happens in the event of the termination of my employment with the College for any other reason than retirement?

Your note(s) shall, at the option of the College, immediately become due and payable after notice is provided to you. (Termination does not include a leave of absence taken with the approval of the College.) Your note(s) will also immediately be due if you become partially or totally disabled (and such disability necessitates such termination), or if you cease to be the owner of the property, or if the premises cease to be your principal residence. Again this is at the option of the College and only after notice is provided to you. 
 

If I meet the College’s requirements for the Faculty Mortgage Program, am I guaranteed a mortgage?

No. The Board of Trustees has allocated limited funding for faculty mortgages. Hence, the provision of loans is subject to the availability and funds on the part of the College and a satisfactory credit review of the potential faculty or staff member. 

 

How much will my monthly payment be?

Suppose you borrow $600,000 with one-third of the value as a first mortgage ($200,000) and two-thirds as a second mortgage ($400,000). The table below indicates the total monthly payment requirements at various interest rates. 
 
 

*0.5% below market value for tax purposes, so as to avoid imputed income issues

**calculated at 2 percent simple interest

***for this example, taxes are calculated at $9.50 per $1,000 of value 
 

Do I have any other options for securing a mortgage?

Yes. There are many banks or mortgage companies who have various mortgage programs. 
 

What if I already have a mortgage with the College and want to switch to a bank or mortgage company?

You may arrange for a mortgage with the bank or mortgage company and use the proceeds to pay off the College. 
 

What is the difference in interest rates between a bank or mortgage company and Wellesley?

Wellesley’s mortgage interest rates are set twice a year. The adjustable rate mortgage portion of the mortgage (the first mortgage) changes every five years. Banks or mortgage companies have a variety of options including fixed rate mortgages, 3 year variable rate mortgages, etc.   
 

What are the advantages to working with a bank or mortgage company?

You do not have to live within a 10-mile radius of campus.  Banks or mortgage companies offer several other options to faculty that Wellesley does not, including refinancing, home equity loans, prepayment plans, recommendations about the timing of refinancing, and a lock-in rate for 30 years, if desired.  In a time of rising interest rates, a fixed-rate mortgage may be advantageous. 
 

What are the advantages to working with the Wellesley College Mortgage Program?

The College offers a deferred-interest mortgage that banks and mortgage companies do not. Sometimes the College interest rates are lower than market interest rates and can be advantageous to the mortgagee.

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    Mortgage is a way of securing a debt by using your own property as a guarantee to the lender. If For some reason you cannot pay your debt in time you may lose the property. The term mortgage itself refers to the debt and also to the legal device used when securing the property.

    In the countries where properties are highly demanded and the prices are quite elevated, there are strong loan and mortgage markets. The UK mortgage market is famous for this reason, it is one of the best in the world, and the competition is very high. The main difference between the UK mortgage market and the ones in other countries is that in the UK the state is not interfering with it and all the loans are funded by banks or credit unions. Also one can find a lot of types of loans in the UK mortgage market.

    The UK mortgages are of different interest rates. These rates can be:
    -fixed rates - they remain constant for all the period of the loan, usually up to five years because loans with fixed rates that last more than five years are not that popular.
    -variable rates - the interest rate of the UK mortgage varies in time, depending on the agreement between the lender and the client
    -discount rates - variable rates that benefit of a discount for a period
    -capped rates - a mixture between variable rates and fixed rates - the interest rate may vary but cannot raise over a certain fixed limit
    Furthermore, these UK mortgage rates may also be combined, depending on what the lender and borrower agree on.

    Lenders in the UK are usually also asking for a valuation fee, required to pay an observer that must visit the property and evaluate it in order to make sure that it can cover the UK mortgage amount.

    Sometimes after taking a remortgage loan you may wish to switch the mortgage to another lender that asks for lower interest rates, so that you can save some money. This is called remortgaging. The UK remortgage market is also very innovative and competitive, almost half of the mortgage applications are in fact for remortgages.

    An advice on UK remortgage is to only remortgage your loan if its interest rate drops under 2% under your current interest rate. But the interest rate is not the only thing that should be taken into account when thinking about a UK remortgage. Also consider the amount of time that you plan to live in your home - it has to be enough to cover the costs of the mortgage.

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