Downey Savings and Loan

Downey Savings and Loan opened nearly fifty years ago in Downey, California.  Although Downey now has 170 branches across the United States, they still strive to provide the same neighborly customer service they began with when they first opened their doors. 

Applying at Downey Savings and Loan

Downey is a direct lender.  You can apply for a loan online, in person, or by phone.  Downey has a five hour hassle free decision guarantee.  The guarantee applies to home purchase requests on amounts up to $600,000.  The application must be complete to qualify for the guarantee.  If the borrower meets all the criteria for the guarantee, but the lender does not make the decision in five hours, a two hundred dollar credit toward the underwriting fee will be given at the time of funding.

Downey Savings and Loan Mortgage Loan Options

Downey is happy to help first time homebuyers.  Their website offers first timers in depth instructions on the home selection and purchase process.

Downey also offers their customers refinance options.  Refinancing is a good financial tool to use if you want to consolidate debt, lower your interest rate, and/or lower your monthly payments.

Downey offers traditional mortgages too.  Their Adjustable Rate Mortgage is handy because it offers lower monthly payments, and lower interest rates.  Their ARMs come with caps, so you don’t need to worry about your interest rate skyrocketing out of control.  They also have an ARM that has fixed rate benefits.  This loan offers you a low rate, but unlike a traditional ARM, the rate is locked in for five years. 

Downey also has a unique option to the traditional ARM that offers borrowers maximum flexibility.  Their Payment Option Loan allows borrowers to choose between four payment types each month.  The options are deferred interest, fully amortized, interest only, or early repayment.

Downey also offers a standard Fixed Rate mortgage.  A Fixed Rte mortgage is the most common type of mortgage, and most people choose a thirty year term for this option.

Downey works with people with less than perfect credit.  Since they are a direct lender, they have the full authorization to decide whether or not you get a loan.  With over $16 billion in assets backing them up, it’s hard for them to say no.

Downey is an equal housing lender.  In accordance with the Civil Rights Act, they do not discriminate against potential borrowers based on race, color, national origin, religion, disability, age, sex, or familial status.

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