The financial expertise of Mercantil Commercebank includes a Residential Mortgage Division with competitive programs that fit the needs of Domestic and International customers. Whether you’re looking to buy a house, upgrade your home, move to a larger residence, or refinance your existing mortgage, we have the resources, range of programs, and expert professionals to make it happen.
The following is a list of the wide array of mortgage options available through our Home Loan Center :
Adjustable-Rate Mortgages
Adjustable Rate Mortgages (ARM) are convenient options for individuals looking for mortgages with a low introductory rate. Under this program, interest rates and payments adjust periodically over the life of the loan, allowing individuals to take advantage of favorable market trends.
One-Year ARM (Adjustable Rate Mortgage)
This ARM program features a low introductory rate, varied terms, and a lifetime cap on interest rate increases. Available for domestic and foreign borrowers, the rate is adjusted annually based on the one-year Treasury Bill index.
5-1-Interest Only ARM
This mortgage is perfect for buyers who wish to maximize their purchasing power, because buyers qualify at a much lower initial interest-only payment. This mortgage frees up cash for other purposes, including investments. And since you enjoy the maximum tax deduction1 during the early years, it is the ideal mortgage for those who expect their income to grow.
5-1 ARM
An adjustable rate mortgage with a low introductory rate for a longer period, then adjusting thereafter. It is available for domestic and foreign borrowers.
Zero Mortgage
This adjustable rate mortgage eliminates bank fees, except for title related costs, significantly reducing the approval time.
No Income Verification Mortgage
An alternative that is excellent for self-employed individuals. No income verification is required under this mortgage, and it provides competitively priced loans for purchase or refinancing.
Fixed-Rate Mortgages
A program that offers fully-amortizing mortgages with monthly payments that will not change over the life of the loan. This type of mortgage is ideal when interest rates are low or for individuals with a fixed monthly income. Fixed-Rate Mortgages provide competitive rates, which can be locked in for the term of the loan.
Affordable Fixed-Rate Home Mortgage
An ideal option for first-time homebuyers who are on modest incomes. This income-based, fixed-rate mortgage program, requires a low down payment. Additionally, closing cost assistance is available through the Federal Home Loan Bank- First Time Homebuyers Program. Mercantil Commercebank uses the income criteria set up by the Office of Housing and Urban Development (HUD) to qualify clients under the Affordable Housing Programs.
Jumbo Loan Programs
Customers who prefer a jumbo mortgage, can choose among our competitively priced fixed-rate and adjustable rate programs. Jumbo Mortgages Program options include large purchases or refinances designed for mortgages that exceded the current maximum conforming amounts of $417,000.
For more information, please contact the Home Loan Center.
1 Please consult your tax advisor.
Mercantil Commercebank reserves the right to make changes at any time with regard to any material covered in this website, as a result of change in policy, law, regulation or any other reason.
Rev.: April, 2007 | Back to top
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