|
Loan Program |
Features |
Recommended
For |
|
Fixed Rate
Mortgage |
- Monthly principal and
interest (P&I) payments that stay fixed for the entire life
of the loan
- Protection from rising
interest rates
|
- Borrowers who prefer
regular payments with no surprises
- People with limited or
fixed incomes
- People who plan to stay in
their homes a long time
- People who are refinancing
at a time when interest rates are comparatively low
|
|
Adjustable-Rate
Mortgage |
- Interest rate that is
fixed for an initial period, then adjusts periodically based
on market conditions
- Lower initial rate than
with a fixed-rate mortgage
- A variety of fixed-period
options
|
- People looking for lower
monthly payments in the short term
- People who plan to move or
refinance again within a few years
|
|
Jumbo Loans |
- Mortgage amounts in excess
of the conforming loan limit1 set by Fannie Mae
and Freddie Mac
- Also known as
nonconforming loans
- Typically carry higher
interest rates
|
- Homeowners who need to
refinance a property with a higher appraised value and can
handle larger monthly payments
|
|
Lender-Paid
Mortgage Insurance Option |
- Bypasses mortgage
insurance costs when your loan-to-value ratio is more than
80%
- Money that would have gone
to mortgage insurance goes instead to tax-deductible
interest payments2
|
- Homebuyers without enough
cash for a 20% down payment
- Homeowners who plan to
move or refinance within ten years
|
|
FLEX/FIXED®
Program |
- Temporary buy-down of the
initial payments for up to the first three years of the loan
term
- Lower initial monthly
payments than for a typical fixed-rate loan
|
- People looking to combine
the flexibility of a lower initial payment with the security
of a predictable payment schedule
|
|
The
Relocation Mortgage Program® |
- A comprehensive loan
program for corporate transferees
- Provides home financing to
employees of corporations that have formed relationships
with us
|
- Homebuyers who are
relocating as part of a corporate transfer
|
|
Private Mortgage
Banking |
- Mortgage-financing
programs that can complement your wealth-management
strategies
- Personal attention from a
specialist empowered to manage your financing, from
application through closing
- A dedicated
customer-service line for loan servicing
|
- High net-worth individuals
needing distinctive home-financing options
- Customers with complex
financial situations
|
|
FHA Loan |
- Low down payment
requirements
- Flexible income, debt, and
credit requirements
- Down payment and closing
costs may be funded by a gift or grant
|
- First-time and repeat
homebuyers
- Homebuyers with limited
funds for down payment
- Homebuyers with less than
perfect credit
- Homebuyers who need a
non-occupant, co-borrower
|
|
VA Loan |
- No down payment required
- Flexible income, debt, and
credit requirements
- Down payment and closing
costs may be funded by a gift or grant
|
- Eligible military service
members (may include veterans, reservists, active-duty
members)3
- Eligible homebuyers with
limited funds for down payment
- Eligible homebuyers with
less-than-perfect credit
|
|
FHA Streamline
Refinance |
- Reduced documentation
requirements
- Less processing time than
a full FHA refinance
- No appraisal in some cases
- Closing costs may be
financed
|
Current FHA
mortgage holders who want to:
- Reduce monthly payments by
refinancing to a lower interest rate
- Refinance as quickly and
conveniently as possible
|
|
VA Interest Rate
Reduction Refinance Loan (IRRRL) |
- Reduced documentation
requirements
- Less processing time than
a full VA refinance
- No appraisal in some cases
- Closing costs may be
financed
|
Current VA
mortgage holders who want to:
- Reduce monthly payments by
refinancing to a lower interest rate
- Refinance as quickly and
conveniently as possible
|
