Charter One Mortgage

Charter One Mortgage is the mortgage banking subsidiary of Charter One Bank.  Charter One Bank is a part of the Citizens Financial Group family of companies.  Charter One Mortgage operates in twenty-one states, and its headquarters are in Richmond, Virginia.  They accept applications online or in person.

Why Charter One for a Mortgage Loan

Charter One Mortgage advertises four reasons for borrowers to choose them over another lending company.  They offer high savings, low rates, low, “no surprise” fees, and great customer service.  If you apply online, they offer a $100 rebate at the closing of your loan.  Charter One Mortgage also offer complete loan service online: from your application to checking the status of your loan after it closes. Charter One prides themselves on offering more online service than other online companies.  If you prefer to do business in person, Charter One has over 460 retail banking branches in Ohio, Michigan, New York, Illinois, Massachusetts, and Vermont, plus thirty more branches in Midwestern, Midatlantic, and Southeastern states.  They offer a wide selection of loan, including conventional loans, jumbo loans, government loans, second mortgages and home equity lines.  Charter One Mortgage also prides itself on being trustworthy.  They ranked eighth in Fortune Magazine’s Most Admired Companies in America, in the mortgage business category in 2003.

Charter One Mortgage Loan Options

Charter One Mortgage offers many loan products, but some products are more popular than others.  The thirty year Fixed Rate Mortgage and fifteen year Fixed Rate Mortgages are always popular choices.  In their Adjustable Rate Mortgage products, the 10/1 ARM, 7/1 ARM, 5/1 ARM, and 3/1 ARM are popular choices.  They sell quite a few Six Month Interest Only ARM, 3/1 Interest Only ARM, and 5/1 Interest Only ARM as well.  Charter One Mortgage also has a unique product called the Thirty Year Interest First Mortgage.  This loan offers a fixed interest rate for the lifetime of the loan.  You are only billed for your interest for the first ten years of your loan, but you can pay extra funds to the principal at any time with no penalty.  This loan offers much lower payments than a Thirty Year Fixed Rate Loan.

Charter One Mortgage also offers an alternative to the Bridge Loan called the Home-to-Home Loan.  If you are searching for a house but are still in the process of selling your original home, a Home-to-Home Loan will help you cover the costs of both homes under one loan, one closing, and one low interest rate.

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