More information of Mortgage loans
When you apply for one of Citizens Bank's mortgage loans, they offer you guided assistance throughout the entire online process. In practice, it should look like this:
- Assess how much you have for a down payment and what payments fit your budget.
- Knowing this, you can proceed to pre-qualify to find out how much you can afford.
- Now it's time to find the home that matches the credit you can get.
- Once you find the property, you make an offer and wait.
- When you receive approval, you buy the house, review the documents, finalize the details and then celebrate.
In the Citizens catalog, you can choose between a fixed or adjustable rate mortgage loan (ARM). The former is recommended for those who are looking for predictable payments and expect to live in the same place for a long time.
The ARM has lower monthly payments at the beginning and then are adjusted every 6 months, making it ideal for those who expect to pay quickly or intend to move in less than 10 years.
Also, if you don't have the 20% down payment, you will have to take out private mortgage insurance (PMI). One advantage of this financial entity is that it gives you a 0.125% discount on the interest rate if you activate the automatic payment in your checking account during the origination of the mortgage.
If you live where Citizens Bank operates, their mortgages may be useful to you. In case you can't take advantage of them, Busconomico's search engine includes an extensive list of possibilities, such as Bank of America's mortgages or those offered by US Bank, which have an extensive catalog.
Español: Préstamos hipotecarios del Citizens Bank