Before you spend weeks searching for the right house, why not take 10 minutes to call the right lender? City National's mortgage specialists are ready to get you pre-approved for a mortgage that matches your budget and long-term goals.
At City National Bank, we understand that the home buying process is filled with a lot of ups and downs and confusing procedures. Our local bankers can help identify the best loan to meet your financing needs and will work hard to simplify the entire loan process. Our goal is to get you in your new home as quickly as possible. As you are shopping for a new home or considering building, talk to one of our loan officers to determine what your budget should be ahead of time. Take a look at the various mortgage options available at City National Bank.
City's Loan or Mortgage Products:
Adjustable Rate Mortgage (A.R.M.)
This loan starts with a competitively low interest rate that can rise or fall periodically to reflect changing market conditions. Interest rate and payment adjustments are made after the initial term and are based on a published index such as the one-year Treasury index. Most plans limit the degree of change that can take place at any one time. Consider an adjustable-rate mortgage if:
- You want to afford more house than a fixed rate allows;
- You expect steady or declining interest rates;
- You are likely to change locations within the next four years; OR
- You are in a "growing family" stage with a favorable income trend.
Conventional Fixed Rate
The interest rate and monthly payment (principal and interest) are established when the loan is made and remain constant over the life of the loan. Your down payment can be less than 5% of the sales price on some loans, although down payments of less than 20% require private mortgage insurance. Consider a fixed-rate loan if:
- You want the security of a steady payment;
- You expect interest rates to go up;
- Your income will stay about the same;
- Your priority is to build up equity; OR
- You plan to occupy the home 8 years or more.
A construction mortgage finances the construction of a home and converts to permanent financing when the home is completed. It allows the buyer to deal with only one lender, file only one credit application and pay only one set of closing costs. As construction progresses, the buyer can access the cash necessary to pay construction costs and is billed for interest only each month. Then at completion, permanent mortgage payments begin.
Special Mortgage financing is also available through the West Virginia Housing Development Fund. This agency offers long-term, fixed-rate mortgage financing with significant advantages for qualified borrowers. Family income and purchase price limits generally apply.
West Virginia Housing provides financing with low down payment requirements for the purchase of new and existing homes. Private mortgage insurance is required if the down payment is less than 20%.
Factors to consider in Mortgage Selection:
- Types of financing (conventional, VA)
- Types of loans (fixed, ARM)
- Maximum loan amount
- Down payment required
- Annual percentage rate
- Closing costs
- Application fee
- Origination fee (points)
- Private mortgage insurance requirements
- Turnaround time for approval and closing
- Plans for future servicing
- Prepayment penalty
- Loan assumption
- For adjustable rate mortgage: adjustment interval, initial rate index, margin, and caps
Please also see our Mortgage Section for more information.