Combination Loan

What is it

A first mortgage and a home equity loan for up to 100% of your property's value, all in a single application.

Who it's for

• Homebuyers who don't want to put any cash down but who want to avoid the private mortgage insurance (PMI) cost.
• Buyers looking to purchase a larger home with a smaller first mortgage, avoiding the higher interest rates of a jumbo loan.
• Homeowners who are refinancing an existing jumbo mortgage and want lower payments and fees.

You have several options when it comes to structuring your loan.

Combination options

Option 1 Option 2 Option 3 Down payment 10% 5% 0% Maximum 1st mortgage 80% 80% 80% Minimum home equity loan 10% 15% 20%

Advantages of the combination

• Enjoy simplicity of one application and avoid some closing
  costs.
• No private mortgage insurance (PMI) required.
• Save time and receive reduced fees.
• Choose either a fixed-rate or adjustable-rate first mortgage.

Getting Started

Call us at 1.800.809.0230
This program is only available by calling the above toll-free number.

Compare the choices1

90% LTV loan 80% LTV Combination loan Home purchase price $350,000 $350,000 First mortgage $315,000 $275,000 Home equity loan N/A $40,000 Total combined loan amount $315,000 $315,000 LTV/CLTV 90% 80%/90% First mortgage interest rate 7.25% 7.00% Annual percentage rate (APR) 7.655% 7.026% Home equity interest rate N/A 9.125% Annual percentage rate (APR) N/A 9.125% Monthly payment P&I first mortgage $2,148 $1,829 Mortgage insurance (PMI) or home equity payment $164 $325 Total monthly payment $2,312 $2,154 Estimated savings over 10 years N/A $18,960

Footnote ¹This chart shows two example loan transactions. The example assumes no origination fees or closing costs. The terms of your loans may differ and actual savings may vary. The estimated savings is based on the difference between monthly principal and interest payments calculated over 10 years or 120 months. Interest deductions based on the higher monthly payment and annual percentage rate (APR) of the 90% first mortgage loan were not used when considering the estimated savings. Consult your tax advisor on deductibility of interest. Credit is subject to approval. Normal credit standards apply. Certain restrictions may apply. Programs, rates, terms and conditions are subject to change without notice. Flood and/or property insurance may be required.