First-Time HomebuyersBuying your first home can be one of the most exciting times of your life. At the same time, it can also be intimidating as you try to figure out things like down payments, closing costs, mortgage loans, and everything else that goes along with purchasing a home. At Synovus, we’re here to help you get started. In fact, we’ve created a Mortgage Basics eBook to answer your questions and even tell you how to get prequalified for a mortgage before you start shopping for a home.
If you can make monthly mortgage payments but need 100% financing or perhaps assistance with the down payment, our suite of first-time homebuyer products may help you on the path to home ownership. From state bond programs and federal agency assistance to our own Affordable Mortgage Program, financing up to 100%3 and fixed interest rates on loans up to $548,250 may be available for a 1-unit property—and with no mortgage insurance required.
If you enjoy the security that comes with predictable mortgage payments, a fixed-rate home loan may be your best option. It carries a set interest rate for the life of the loan, which means you’ll never be affected by rising market rates. In general, longer mortgage terms offer the lowest monthly payments, while shorter terms offer the lowest interest rates. Your mortgage loan originator will help you find the best fit for your unique situation.
If you’re looking for lower payments initially, you may want to consider an adjustable-rate mortgage. You’ll have a fixed interest rate for a set period of time, usually three or five years. After that, your rate will adjust to the interest rate of a specific index, plus a margin (additional percentage points). The frequency of adjustments, the published index of interest rates and the margin rate will all be spelled out in the terms of the loan. Adjustable-rate mortgages can be especially beneficial if you’re applying when interest rates are high, but expected to fall, or if you think you’re likely to move before the fixed rate ends.
A jumbo loan is what it sounds like—big, meaning bigger than what would ordinarily be the limit. (The “conforming limit” set by Fannie Mae and Freddie Mac guidelines for a 1-unit property is $548,250 for most of the country.) If you have a higher credit score and can meet the needed down payment, a jumbo loan may pave the way to your dream home. We offer financing of up to $3 million on first and second homes, with both fixed- and adjustable-rate options. Unlike many lenders, we may only require one full appraisal to qualify.