Comerica Mortgage – Types and Advantages

Headquartered in Dallas, Comerica Bank is ranked among the largest commercial banks based in Texas. The bank, which was founded in Detroit in 1849, has grown to offer its retail banking services in Arizona, California and Florida also.

Home buyers are attracted towards the flexible home mortgage lending options that the bank has to offer in certain selected states. With Comerica mortgage, you may be able to experience a quick and easy approval process along with flexible repayment terms.

Mortgage Types at Comerica Bank

Comerica Bank has financing solutions for all kinds of home buyers.

First Time Home Buyers

If you are buying a home for the first time and have not saved enough for the down payment, then you might qualify for a loan sponsored by the Federal Housing Administration. With FHA loans, you will just need to pay down as little as 3.5 percent of the cost of the house. Moreover, you may also have a portion of your closing costs funded by the seller.

Looking to Stay for a Long Time

If you have a long-term plan to live in your home, then you are better off with a fixed-rate mortgage. However, you must ensure that you have a regular and always increasing monthly income.

Buying Home for a Short Stay

If you know that you can’t be in your home forever and the situation may warrant you to move in less than five years of buying your home, then you should seriously consider an adjustable-rate mortgage, which may be much cheaper during the initial few years (when the rates are fixed). However, you must be prepared for unexpected change in payments (usually upwardly) when the fixed period is over.

Buying a Multi-Family Unit

You may be able to buy a larger home with Comerica Bank’s Jumbo or Superjumbo loans. The loan amount under this mortgage type must be more than $417,000, which is the maximum for a conforming loan.

Building your own Home

If you have a piece of land, you can borrow to pay for the construction cost of your house. Just apply for Comerica Bank construction loans.

The Advantages with Comerica

Loan origination at Comerica is not without advantages. You may be able to get personalized assistance throughout the loan approval process.

Quick Pre-Approval

Comerica claims to offer a same-day pre-approval loan decision. The entire process may take as little as 20 minutes. All you need to do is to login to its website or call its customer service.

Guaranteed Closing on a Pre-determined Date

Once a closing date is agreed upon, Comerica must fulfill the obligation. Failing to close on a pre-determined date will cause the bank to credit your closing costs by $500.

Free Custom Rate Quote

Comerica Bank mortgage rates may be lower than what you find at other lenders. You can compare current rates and choose the best option. Moreover, Comerica also allows you to obtain a custom rate quote for free.

Reliable Customer Service

You can call 866-476-6520 to talk to a mortgage loan consultant. Discuss your financial situation to arrive at the right decision. Even after you close, you can rely on the customer support service of the bank for payment-related complaints and other servicing issues.

Leave a Comment

Your email address will not be published. Required fields are marked *