These two special offers are intended only for home owners who have been directly affected by the fires in the fall of 2007. The programs are for their primary residences – not for investment property.
Comerica Bank has lowered the rate for fire victims by 0.38% below the bank’s current mortgage rate, which can vary from day to day. This rate can be locked in prior to closing and carries from the construction phase to permanent financing. Comerica has also lowered the ‘float’ by 0.5%, setting the rate for qualifying fire victims at prime plus 0%. This rate floats during construction and locks in for the permanent mortgage when the home is complete.
With either of these wildfire mortgage programs, the customer only incurs the cost of one closing, which the bank said could save customers $5,000 – $10,000 in closing costs, as well as time and paperwork. Customers do not have to be a current Comerica Bank customer to qualify for special offers.
Mike Fulton, president and CEO of Comerica Bank’s western market, said: Comerica Bank is proud to assist victims of California wildfires. These two new mortgage programs offer efficient, affordable alternatives for many homeowners facing the grim realities of rebuilding after the devastating fires.
