The Mortgages Available At Charter One Bank

The mortgages available at Charter One Bank

by

Credit Guru

The search for a suitable mortgage can be rather tiring considering there are so many lenders and financial institutions like Charter One Bank offering a whole load of programs. If you are seriously considering the programs at Charter One Bank, you may want to take an in-depth look at the loans available to see how suitable it is for your particular situation. If you are looking for the best mortgage program out there, you may as well give up now as there is no such thing. There may be hundreds, even thousands, of loan programs available but it is hard to say any one of it is the best of all. This is because each program caters to different set of people with different needs. It is definitely a case of one person’s meat is another’s poison.

Let’s take a look at the available programs offered by Charter One Bank. This financial institution is a subsidiary of Citizens Financial Group that is headquartered in Cleveland, Ohio. Unfortunately, this financier only has 1,480 branches spread out in four states, namely, Illinois, Indiana, Michigan and Ohio. So, it is a disadvantage if you were to sign up with this lender as you will not be able to have access to the branches if you do not stay in these states.

The branch location aside, this lender has many great programs for you to choose from. One thing great about this financier is that you could easily submit your application online. Yep, it is that easy! Again, it is dependent on several conditions. Even if you visited a branch to submit your application together with the required documents, you may be pleasantly surprised that a decision on your application is taken very fast. Thus, you save quite a lot of waiting time as it will give you its decision within a short period of time so that if your application was not approved, you could immediately seek out another lender. Of course, before you submit your application, you may want to compare the Charter One Bank mortgage rate with other lenders and choose the one with the lowest rates.

The trick to comparing mortgage rates is not only to look at who has the lower rate but to also compare the terms and conditions. Most importantly, you may want to check out the customer service for it is just as essential especially after obtaining the loan. You must remember that you will be dealing with the bank you get your mortgage from, for a very long time, up to perhaps three decades. You probably would want a financier with great service so that in future, you are assured of excellent service no matter what problems you encounter.

Let’s get to the types of mortgage home loans that Charter One has. At a glance, it offers:

– a Circle Gold Mortgage Advantage where you can apply for a Charter One Circle Gold Banking together with your loan and you get 1/8% off the rate

– FRM or fixed rate mortgages where the rates are fixed with low down-payment requirements

– ARM or adjustable rate mortgages where the rates are lower and there a 3/1, 5/1 and 7/1 adjustable rates where the rates remain fixed for the first several years making it a combination of ARM and FRM.

– Jumbo mortgage which is meant for those intent on borrowing larger amounts and this program also has loan-to-values of up to 80%.

Unsure of which program to take? Easy, just make full use of the Charter One Bank mortgage calculator to find out the monthly repayments you need to make, the tenure you need to take and how much you could borrow. Just doing some basic calculation, you will be able to estimate how much you could afford to borrow.

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