Additional National City Mortgage Options
Every person’s home buying needs are not the same, therefore
every loan is not designed the same. Not everyone fits in
the traditional fixed rate or adjustable rate mortgage, that
is why there are a variety of special circumstance loans available
designed to suit anyone and everyone’s needs.
The first type of mortgage is a jumbo mortgage. This brand
of mortgage is for those whose needs require they borrow more
than the average loan limit causing them to incur more risk.
When someone is looking for a home that is larger than those
covered by the standard loan limits, they incur higher interest
rates thus needing a larger loan.
The next type of loan is the balloon mortgage. The payment
is set up like a balloon. Upfront the rate is fixed, but at
the end of the introductory period the sum of the balance
must be paid off, causing the balloon to pop. If you are unable
to pay off the loan at this time, you can refinance the terms
or if you sell the house before the loan is finished, the
buyer may assume the terms.
Another mortgage option is the No Doc program. It is essentially
what it describes, a loan with very little documentation.
If you work for yourself or in a service industry that requires
you earn your income on commissions or tips, it may be hard
to document your income. Therefore, this type of mortgage
solely relies on your credit rating.
The final loan is for our valued customers. If you already
have a loan with National City, you can get another with little
paperwork through our Streamlined Purchase Mortgage. The only
requirement is that the current loan must be at least 12 months
old to allow you to qualify for the streamlined version.