San Diego County Credit Union is offering a 5/5 ARM loan for qualifying customers with a rate of 2.875%, with no points and no closing costs. The rate will only change once every 5 years. Additionally, qualifying customers get a free 60-day rate lock. Click here for more information.
Freddie Mac's full menu of relief policies for borrowers affected by disaster has been extended to homeowners whose homes were damaged or destroyed by Hurricane Sandy and are located in jurisdictions that the President has declared to be Major Disaster Areas. Freddie Mac has authorized the nation's mortgage servicers to provide a full range of mortgage relief options to affected borrowers with mortgages owned or guaranteed by Freddie Mac. Forbearance on mortgage payments for up to one year is one of several options servicers have been instructed to offer borrowers on a case-by-case basis. Other options include waiving assessments of penalties or late fees against borrowers with disaster-damaged homes and not reporting forbearance or delinquencies caused by the disaster to the nation's credit bureaus. Click here for more information.
Chase and the i.am.angel Foundation announced the opening of the Chase Homeownership Center in Boyle Heights, CA. The center will offer face-to-face counseling for borrowers who are struggling to make their mortgage payments. In partnership with the East LA Community Corporation (ELACC), the Boyle Heights center will also offer home-buying and financial literacy education for both Chase and non-Chase customers. Click here for more information.
NVE Bank is offering a 7-year Fixed Accelerated Mortgage at a rate of 2.50% for loan amounts up to $500,000. Qualifying customers are also eligible for $549 cash back at closing. Click here for more information.
Citibank is offering a mortgage purchase incentive of up to $2,500 for applications submitted through 11.30.2012. Citibank will pay the customer’s first mortgage payment of up to $2,500 after the customer gets a new Citibank mortgage and sets up automatic payments from a linked Citibank checking account. They are also offering an on-time closing guarantee. If the customer’s new mortgage does not close on time they will get $1,500 towards their closing costs. Click here for more information.
UNFCU's new 5/5 adjustable rate mortgage has an initial term of 5 years and the rate will only adjust every 5 years thereafter. For a limitied time, qualifying members are also eligible for a 0.25% rate reduction and will be entered into a drawing for a $500 Home Depot gift card. Mortgage applications must be received by 11.29.2012 and the loan must close by 01.28.2013. Click here for more information.