Home | Newsletter | Advertise
loading...

Bank Offers Loans Below 4%

  • March 17th 2009

by Mark Wellborn

✉️ Want to forward this article? Click here.

Bank Offers Loans Below 4%: Figure 1
By woodleywonderworks

That headline is not an early April Fool’s joke. Banner Bank is hoping to jump start sales for builders in the Pacific Northwest by offering mortgages to new homebuyers at less than 4 percent, according to Inman.

The bank started offering the low rates through an Oregon subsidiary in early March, and plans to extend the program in April to Seattle, Spokane and Boise, Idaho.

Here are the specifics. The program is called the Great Northwest Home Rush, and eligible borrowers (those with good credit and 20 percent down payments) can qualify for 30-year fixed-rate loans with a “note rate” of 3.875 percent.

So, what’s the catch? From Inman:

“Loans are available only for properties purchased from a list of several hundred homes and lots developed by about 75 builders who have millions in outstanding loans with Banner. The list includes homes and lots in Redmond and Vancouver, Wash., and several cities in Oregon including Beaverton, Bend and Portland.”

What are the lowest rates you’ve seen advertised in the DC area? Let us know in the comments section.

This article originally published at https://dc.urbanturf.com/articles/blog/bank_offers_loans_below_4/673.

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse