Comerica Bank is ranking among 25 largest banking companies in the United States. Comerica has $54.1 billion as for total assets. As of 30 June 2011, its total core deposits amount to $41.1 billion. This financial services company is headquartered in Dallas, Texas, USA. The bank has retail banking operations in several states, including Florida, Michigan, California, Arizona and Texas. Comerica Bank has three major business segments: the Retail Bank, the Business Bank and Wealth & Institutional Management.
Comerica Bank offers a well selection of reliable services, including banking, loans & credit cards, investment and insurance. Among these financial services, mortgage loan is an important business for Comerica. Applying for mortgage loans is nearly inevitable for most homebuyers. When you’ve finally found the house you like, Comerica Bank can help make it yours with a mortgage.
Approved Types of Mortgage Loans
Comerica offers all possible mortgage loans to best suit different needs. Each mortgage program has advantages and disadvantages. You can make comparisons and balance its pros and cons. Then it’s easy to choose a mortgage that you can afford.
Fixed-rate, long-term mortgages – Comerica offers fixed-rate, long-term mortgages in which the interest rate will not change until the debt is paid off. The monthly payments are fixed during the entire term of the mortgage.
Adjustable-rate mortgages – The interest rate for ARM adjusts periodically depending on the current market conditions.
Other mortgage types are listed below:
• Balloon mortgages
• Interest-only loans
• FHA/VA loans
• New construction loans
• Jumbo/Superjumbo loans
Home Construction Loan Options
Building or renovating your current home can be a challenging task. It’s particularly important to choose a good construction mortgage partner. Comerica offers reliable construction permanent mortgage. Applicants can receive funding up to 80% of the total cost of the renovation or new construction. Please notice that only a primary residence or second/vacation home is qualified for a home construction mortgage loan. Investment properties and attached condos are not included.
For construction loans, Comerica provides several payment schedules. You can choose interest-only payments on funds disbursed during the construction process. Permanent payment schedule can be established upon the completion of the project. Comerica employs floating interest rate during the building. It reflects Comerica’s prime lending rate plus established margin. When the construction is completed, the interest rate will be fixed and the loan will be converted into a permanent mortgage.
How to Apply
Comerica allows easy mortgage loan applications. You can contact a mortgage consultant and call 866-476-6520. Professional Comerica mortgage consultants will help you choose the best mortgage solution based on several factors, like credit history, income, financial background and the property your want to mortgage.
If you want to apply for a jumbo loan, you can talk with a private mortgage banker who specializes in jumbo loan requests. The available phone number is 800-729-LOAN(5626). If there’s a banking center in your area, visit the local banking center and they will give you a detailed loan plan to meet your requirements.
Tips to Find the Right Mortgage
Amount of down payment – When choosing a proper mortgage loan, you need to figure out how much money you can pay as down payment. For most conventional loans, 20% of the total cost of the property is required. Some loans nowadays allow lower down payments. Generally speaking, the more you offer as a down payment, the lower your monthly mortgage payment will be.
Consider your credit history – Comerica Bank will look at applicants’ credit score and credit history. The purpose is to determine your track record for paying off debt. If you do not have a good credit score, you’ll be faced with limitations on certain types of mortgages.
Comerica Bank Official Website: http://www.comerica.com
Note: This web site is not affiliated with or associated to Comerica Bank. Visit Comerica Bank official service pages if you are looking for guaranteed information or professional financial advice.