Custom Homes Raleigh NC
Capital Bank Loosens Lending with Great Rates on Jumbo Mortgages
Knocks 2% Off Interest Rates for Homes Over $417,000
Raleigh-based Capital Bank received $43 million in TARP funds, with promises to use that money to loosen lending as intended.
According to this ABC story, Capital Bank has been fulfilling those promises, in particular for homes above the $417,000 cut off for "jumbo" mortgages.
These aren't just million dollar homes - in Chatham County, for instance, 41% of homes listed for sale were between $400,000 and $799,999, per December 2008 reports. Similar totals can be seen in Chapel Hill, Cary, and North Raleigh.
Jumbo mortgages usually have much higher interest rates. But Capital Bank is working to reduce interest rates on these loans for qualified buyers, using their TARP money to do so. One example given was a 5.5% interest rate in place of the 7-8% common on these types of loans. They also have plans for other types of loans, but have not shared details yet.
Capital Bank has 32 local Triangle area branches, and was founded in 1997. They recently announced hiring to help with the increased business generated from the TARP funds.
As always, check with your lender or mortgage broker for full information about any type of lending!
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Very interesting. I'm disappointed that the $15,000 tax credit was not included for the average and any buyer.
Janice - I don't think you're alone! But the bright side of the first time homebuyer tax credit is that it will help homebuyers SELL their current home, so they can make an upward move.