Download Residential Lending

OPENING DOORS WITH OUR
RESIDENTIAL LENDING
We offer a wide range of options for homebuyers
and homeowners looking to refinance.
OPENING DOORS WITH OUR RESIDENTIAL LENDING
THE FINANCING SOLUTION YOU SEEK.
THE PERSONAL SERVICE YOU DESERVE.
We are committed to helping you successfully
complete your residential financing through competitive mortgage offerings and flexible credit
terms. We offer a full complement of residential
lending – available in all 50 states – designed to
suit your financing needs. Plus, one of our personal banking consultants will partner with you
throughout the entire process to help you to find
and create the financing solution that fits you best.
FIXED-RATE MORTGAGES
For those who prefer a steady interest rate and
straightforward monthly payments, these mortgages offer regular monthly principal and interest
payments for the entire term of the loan – either
15 years1 or 30 years2. This option can work well if
you plan to own your home for a long time.
ADJUSTABLE-RATE MORTGAGES
If you don’t plan to own your home for an extended
period of time, consider an adjustable rate mortgage (ARM) with a fixed interest rate for an initial
period, then it adjusts annually for the remainder
of the loan term. ARMs typically offer lower interest rates than fixed-rate mortgages and are offered with five3-, seven4-, 105- or 15-year6 initial
fixed periods, enabling you to easily choose a
mortgage that works for your family. These mortgages appeal to homebuyers who want to take
advantage of a lower rate for the initial fixed period.
1
JUMBO MORTGAGES
Raymond James Bank is an expert at helping
homebuyers make large home purchases through
customized financing solutions. When you’re
ready to purchase a residential property that exceeds conforming loan amounts, you’ll want to
consider a jumbo mortgage. These mortgages
are available in both fixed- and adjustable-rate
structures to purchase primary residences exceeding $417,000.
PLEDGED SECURITIES MORTGAGES
Use your securities held at Raymond James as
collateral on a residential mortgage for your primary home, second home or residential investment property7 – or even for assisting a qualified
family member with a home purchase.
You keep your money invested rather than interrupting your investment strategy, and you can
avoid potential capital gains taxes that come
with liquidating assets. (Please consult your tax
advisor regarding capital gains taxes and the
deductibility of interest.) Plus, since you can
finance up to 100% of your home purchase, you
can forgo a down payment and private mortgage
insurance. This mortgage is available as a fixed
rate loan or an ARM.
2
OPENING DOORS WITH OUR RESIDENTIAL LENDING
PHYSICIANS MORTGAGE PROGRAM
Your advanced degree and credentials represent
not only your commitment to your profession, but
your value to the well-being of the community you
serve. We believe you should come home to a residence that reflects your high standards.
Our Physicians Mortgage8 program makes securing financing for such a home not only possible, but
favorable. This mortgage option allows for up to
90% financing9 and loan amounts up to $1.5 million
for physicians looking to purchase or refinance a
residential property with no required mortgage insurance. Choose from a fixed- or adjustable-rate
mortgage.
The physicians mortgage is designed specifically for new and recently established licensed
medical physicians (MDs), doctors of osteopathy (DOs), doctors of dental medicine (DMD or
DDS), and medical residents, interns and fellows who are under contract to begin employment with a hospital, physicians group or dental
practice within 90 days of closing.
3
At Raymond James Bank, we offer
the guidance and resources to help
you plan for and enjoy the
home you’ve always wanted.
4
OPENING DOORS WITH OUR RESIDENTIAL LENDING
FHA MORTGAGES
Do you dream of owning your own home, but
worry that you may not qualify? A governmentinsured FHA mortgage from Raymond James
Bank makes qualifying easier and homeownership more affordable. Ideal for first time homebuyers, our FHA mortgages feature low interest rates that are fixed for the life of your loan.
Together with a low minimum down payment of
3.5%1 and lower monthly mortgage payments,
an FHA mortgage was designed with first-time
homebuyers in mind.
VA MORTGAGES
Our VA mortgage11 is designed to help veterans
and their families more easily achieve homeownership with advantages like no down payment and a competitive fixed rate for the life of
your loan. And since mortgage insurance isn’t
required, it also helps lower your monthly payment. VA mortgages also allow for larger loans
and higher debt-to-income ratios than traditional
Fannie Mae/conforming loans.
HOME EQUITY LOANS AND
LINES OF CREDIT
These options allow you to tap into the equity
established in your home at competitive rates
to pay for virtually any major purchase, including home improvement projects and educational
5
expenses. They also give you the ability to finance
your home purchase by combining a first mortgage with a home equity loan or line of credit12.
There are no application fees, prepayment penalties, fees for convenience checks or balance
transfers, and no minimum draw requirement.
BECOME A PREQUALIFIED HOMEBUYER
We can provide a conditional pre-approval or
prequalification13 for your mortgage, letting you
house hunt with confidence by knowing exactly
how much home you can afford. Being prequalified can also make you a more favorable buyer
in the eyes of the seller, giving you an advantage
over others who have not been prequalified.
ALL OUR HOME LOANS COME WITH
A PERSONAL BANKING CONSULTANT
You will have one main point of contact to personally answer all your questions throughout the
entire loan process. Our pledge is to make the
process as smooth as possible and serve you with
the utmost integrity. We have a variety of mortgage options available and we’ll work to find the
one that best suits you. Let’s work together toward
making your dream of homeownership a reality.
6
OPENING DOORS WITH OUR RESIDENTIAL LENDING
EXPERIENCE AND SERVICE
FROM A TRUSTED FIRM
When looking for a mortgage, you want an established lender with strong experience and a
solid reputation – a lender like Raymond James
Bank. We are part of one of the most respected
financial companies in America. Our standards
are among the highest in the industry and reflect
our commitment to providing you with the highest level of service – from beginning to end.
We’re ready to help
you get started
Expert guidance is just a call or click
away. Contact us at 888.457.5626
or raymondjamesbank.com. If you are
affiliated with a Raymond James brokerage
subsidiary, please contact your financial
advisor on how to reach a Raymond James
banking consultant in your area.
7
1A $180,000 15-year fixed rate mortgage with a rate of 3.500%
and an annual percentage rate of 3.680% would have 180 estimated monthly principal and interest payments of $1,286.79. If
an escrow account is required or requested, the actual monthly
payments will also include amounts for taxes and homeowners
insurance. Down payment used in this example is 20%.
2A $180,000 30-year fixed rate mortgage with a rate of 4.500% and
an annual percentage rate of 4.606% would have 360 estimated
monthly principal and interest payments of $912.04. If an escrow
account is required or requested, the actual monthly payments
will also include amounts for taxes and homeowners insurance.
Down payment used in this example is 20%.
3A $180,000 5/1 adjustable rate mortgage with an initial rate of
3.000% and an annual percentage rate of 3.180% would have 60
estimated monthly principal and interest payments of $758.89.
The maximum amount that the interest rate can rise under this
program is 5 percentage points, to 8.000%. The monthly payment could rise from $758.89 to $1,222.88 in the eighth year. If
an escrow account is required or requested, the actual monthly
payments will also include amounts for taxes and homeowners
insurance. Down payment used in this example is 20%.
4A $180,000 7/1 adjustable rate mortgage with an initial rate of
3.125% and an annual percentage rate of 3.223% would have 84
estimated monthly principal and interest payments of $771.08.
The maximum amount that the interest rate can rise under this
program is 5 percentage points, to 8.125%. The monthly payment
could rise from $771.08 to $1,202.86 in the tenth year. If an escrow
account is required or requested, the actual monthly payments
will also include amounts for taxes and homeowners insurance.
Down payment used in this example is 20%.
5A $200,000 10/1 adjustable rate mortgage with an initial rate of
3.750% and an annual percentage rate of 3.530% would have 120
estimated monthly principal and interest payments of $926.24.
The maximum amount that the interest rate can rise under this
program is 5 percentage points, to 8.750%. The monthly payment
could rise from $926.24 to $1,365.48 in the thirteenth year. If an
escrow account is required or requested, the actual monthly
payments will also include amounts for taxes and homeowners
insurance. Down payment used in this example is 20%.
6A $500,000 15/1 adjustable rate mortgage with an initial rate of
3.375% and an annual percentage rate of 3.314% would have 180
estimated monthly principal and interest payments of $2,210.49.
The maximum amount that the interest rate can rise under this
program is 5 percentage points, to 8.375%. The monthly payment
could rise from $2,210.49 to $3,048.38 in the sixteenth year. If an
escrow account is required or requested, the actual monthly
payments will also include amounts for taxes and homeowners
insurance. Down payment used in example is 20%.
7The Pledged Securities Mortgage is not suitable for everyone.
A loan client may be at risk of losing money in their collateral
account due to market volatility. This may require the deposit of
additional equity into the collateral account, which could result
in further losses. Though Raymond James Bank will typically
contact the client or their financial advisor prior to liquidating
pledged assets, Raymond James Bank reserves the right to sell
pledged assets of its choosing without contacting the client,
if needed to maintain equity in the collateral account. Trading
in the collateral account is permissible provided that minimum
balance requirements are maintained. If a loan client defaults
(stops making monthly payments) on their mortgage, they could
lose both their house and the securities they have pledged. In
addition to regular closing costs, an annual fee may be charged
by Raymond James & Associates, Inc. for manual administration of the pledge accounts. Clients should consult with their
financial advisors for details.
8The Physicians Mortgage is designed specifically for new and
recently established licensed medical physicians (M.D.s), doctors of osteopathy (D.O.s), doctors of dental medicine (D.M.D.
or D.D.S.), and medical residents, interns and fellows who are
under contract to begin employment with a hospital, physicians
group or dental practice within 90 days of closing. A new physician is a licensed resident, intern or fellow scheduled to complete a medical residency program or clinical fellowship program who is under contract to begin employment with a hospital,
physicians group or dental practice within 90 days of closing on
a mortgage or who has been employed as a nonresident for less
than 12 months. An established physician is a licensed doctor or
dentist who has been employed by a hospital, physicians group
or dental practice as a nonresident for more than 12 months but
less than seven years. Established self-employed physicians in
practice for a minimum of two years are also eligible.
9A $500,000 30-year fixed rate mortgage with a rate of 4.000%
and an annual percentage rate of 4.034% would have 360 estimated monthly principal and interest payments of $2,387.08. If
an escrow account is required or requested, the actual monthly
payments will also include amounts for taxes and homeowners
insurance. Down payment used in this example is 10%.
10A $164,950 fixed rate 30-year term loan with a rate of 3.50% and
an annual percentage rate of 4.8947% would have payments of
$909.21 for the first 12 months. Payments will decrease slightly
over the life of the loan as the mortgage insurance premium decreases every 12 months. The payments do not include taxes
and property insurance and the actual payment obligation will
be greater. Down payment used in this example is 3.5%.
11
VA mortgages available in the state of Florida, excluding
Broward, Collier and Miami-Dade counties.
12The line of credit can be suspended, reduced or terminated in
the event of fraud, failure to repay, adverse collateral conditions,
or other violation of credit terms. Contact Raymond James Bank
at 888.457.5626 for current rates and other information.
13Preapproval or prequalification is not a commitment to lend. We
will be able to offer a loan commitment upon verification of application information satisfying all underwriting requirements and
conditions, and providing acceptable property, appraisal and title
reports.
Products, terms and conditions subject to change. Subject to standard credit criteria. Property insurance required. Flood insurance
required if property is located in a designated flood zone of “A”
or “V.” Raymond James & Associates, Inc. and Raymond James
Financial Services, Inc. are affiliated with Raymond James Bank,
N.A. Mortgage services provided exclusively through Raymond
James Bank, N.A.
LIFE WELL PLANNED.
INTERNATIONAL HEADQUARTERS: THE RAYMOND JAMES FINANCIAL CENTER
710 CARILLON PARKWAY // ST. PETERSBURG, FL 33716 // 888.457.5626
RAYMONDJAMESBANK.COM
Raymond James Associates, Inc., and your Raymond James Financial Advisor do not solicit or offer
residential mortgage products and are unable to accept any residential mortgage loan applications or
to offer or negotiate terms of any such loan. You will be referred to a qualified Raymond James Bank
employee for your residential mortgage lending needs.©2014 Raymond James & Associates, Inc.,
member New York Stock Exchange/SIPC ©2014 Raymond James Financial Services, Inc., member
FINRA/SIPC. ©2014 Raymond James Bank, member FDIC. All rights reserved. Raymond James® is a
registered trademark of Raymond James Financial, Inc. RJBK-MBS-00621014 BS 11/14