Comerica Bank, a subsidiary of Dallas-based Comerica Inc., has introduced two new mortgage programs designed for California homeowners whose primary homes suffered wildfire damage.
The company says it has lowered the rate for fire victims by 0.375% below the bank's current mortgage rate. 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.
With either of these wildfire mortgage programs, the customer only incurs the cost of one closing. According to Comerica, the programs could save customers $5,000 to $10,000 in closing costs, as well as time and paperwork.