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. PMI is typically required on conventional loans with a down payment of less than 20%. Back
  2. 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 requires exercising a fixed rate option for a 30-year repayment at a fixed rate. All, or any portion of the balance above $5,000 can be converted to a fixed rate/fixed term. Conversions are limited to three fixed rate options during the draw period; there is a $50 fee for each option. Once converted, that balance will remain at that fixed rate for the remainder of the term selected and cannot be selected for conversion again. Fixed rates available for selection vary based on the term chosen for repayment, discount received for auto debit, amount converted, Loan-to-Value (LTV) and credit history. Back
  3. The APR for the HELOC will vary based on Wall Street Journal Prime Rate (as of May 4, 2023, prime rate is 8.25%) plus a margin and will be based on several factors, including credit score, credit history, loan-to-value (LTV), property type, loan amount and lien status. APR is subject to auto-debit payment and relationship discounts and 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 variable rate is defined as the balance in place at the time of application; the maximum APR rate is 18%. The HELOC offers an interest only or 1.50% payment ($50 minimum) during the initial draw of 10 years. The draw period is followed by a 20-year repayment with a 1.50% payment ($50 minimum). Generally closing costs can range from $200-$4000. An account closing fee of $200 (except in South Carolina) will be charged if the borrower terminates the line within 36 months of the account agreement. Closing costs paid up to $10,000 as a bank credit for customers who maintain a Synovus consumer deposit account and commit to a 20% initial draw for 90 days. The initial draw is required to be made within 30 days from establishing the account. Any bank paid 3rd party origination expenses will be added to the outstanding balance. Property insurance and appraisal will be required. Flood insurance may also be required. Interest may be tax deductible, consult your tax advisor. Back
  4. 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