Eliminate private mortgage insurance when purchasing a new home1,2

Supplementing your down payment has advantages

Important disclosure information

  1. Limited to the purchase of primary residences and will be a second mortgage to the original first mortgage. Back
  2. By prearrangement at the time of closing, retail and Plus customers can request a purchase money advance to acquire a primary residence as part of their HELOC fixed rate options. The purchase money advance is subject to a 30-year repayment at a fixed rate upon the exercise of a fixed rate option. The HELOC agreement provides for 3 fixed rate options and there is a $50 fee for exercising each option. Variable rates range from Prime plus 0.99% APR to Prime plus 6.79% APR; APR is based on several factors including credit history, Loan to Value (LTV), and lien status. APR is subject to a minimum floor rate of 3.99% for relationship balances below $500,000, and 2.99% for Inspire and Private Wealth relationship balances greater than or equal to $500,000. The relationship balance used for the rate determination is defined as the balance in place at the time of application. Private Wealth and Inspire Account clients are subject to different terms and conditions including no fixed rate requirement for purchase money funds. For more information on Inspire, see Synovus.com/SynovusInspire. For more information on Private Wealth, see Synovus.com/PrivateWealth; the maximum APR rate is 18%. The maximum LTV may vary with the amount borrowed, credit score, location, and property type. The interest rate will vary based on Wall Street Journal Prime Rate (as of July 28, 2022 prime rate is 5.50%) plus a margin. A Prime Rate of 5.50% (as of July 28, 2022), plus a typical margin of 0.40% APR (with a 0.25% discount for auto-deduct from a Synovus personal deposit account, a $250,000 commitment amount and first lien position) would result in a current APR of 5.90% with a 49.90% loan to value (LTV). A HELOC with a maximum 89.90% LTV, no relationship discounts, the minimum commitment amount of $10,000 and a second lien position for the purpose of avoiding PMI would result in an APR of 8.35%. Back
  3. Private Wealth and Inspire Account clients are subject to different terms and conditions. For more information on Inspire, see Synovus.com/SynovusInspire. For more information on Private Wealth, see Synovus.com/PrivateWealth. Back