SAN DIEGO, Dec. 12 /PRNewswire-FirstCall/ — Comerica Bank today announced two new mortgage programs especially designed for California homeowners whose primary homes suffered wildfire damage.
“Comerica Bank is proud to assist victims of California wildfires,” said Mike Fulton, president and CEO of Comerica Bank's Western Market. “These two new mortgage programs offer efficient, affordable alternatives for many homeowners facing the grim realities of rebuilding after the devastating fires.”
Today’s announcement follows other Comerica Bank actions announced last month in the aftermath of the California wildfires in late October. Comerica donated $158,000 to more than a dozen relief agencies in Southern California, and also created a special expedited process for small business loans of up to $50,000.
“We are encouraging any person whose home was damaged or destroyed in the California wildfires this fall to come to the nearest Comerica Banking Center to find out more about these two new mortgage programs,” said Fulton.
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 — no investment property.
— Comerica Bank has lowered the rate for fire victims by 0.375% 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 also lowered the “float” by 0.5%, setting the rate for
qualifying fire victims at Prime + 0% (normally Prime +0.5%). This
rate floats during construction and locks in for the permanent
mortgage when the home is complete.
Most “take-out loans” require the borrower to have two closings, one for the construction and a second for the permanent financing at the close of construction. With both of these Comerica Bank wildfire construction loans, there is only one closing.
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.
No prior banking relationship with Comerica is required. Customers do not have to be a current Comerica Bank customer to qualify. Loans are subject to credit approval.
To apply, people may stop by any Comerica Bank banking center in California, or call 800-729-5626. Applications must be received by March 31, 2008.
About Comerica Bank
The Western Market of Comerica Bank includes 84 retail banking centers in two states, California and Arizona: 79 in the key California markets of San Francisco and the East Bay, San Jose, Los Angeles, Orange County, San Diego, Fresno, Sacramento, and Santa Cruz/Monterey; and five banking centers in greater Phoenix, Ariz.
In the third quarter of 2007, the bank’s Western Market generated 28 percent of the net operating income for Comerica Incorporated, on approximately $17.1 billion in assets at June 30, 2007.
Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a Fortune 500 financial services company with headquarters in Dallas and strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships and helping businesses and people be successful. Comerica bank locations can be found in Michigan, California, Texas, Florida and Arizona, with select businesses operating in several other states, Canada and Mexico. Comerica reported total assets of $60 billion at Sept. 30, 2007. To receive e-mail alerts of breaking Comerica news, go to www.comerica.com/newsalerts. (Or, for more information, go to www.comerica.com.)
SOURCE Comerica Bank
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