Chevy Chase Bank Mortgage Rates and Review(s)
Washington D.C. based Chevy Chase Bank came on our radar the other day with some fairly decent fixed rate mortgages. Chevy Chase Bank offers a wide array of home loan mortgage products including fixed rate mortgages, adjustable rate mortgages, reverse mortgages, home refinancing, and interest only mortgages (to name a few). Currently they have a fifteen and thirty year mortgage both providing APR’s under 5%. The current national average for thirty year fixed rate mortgages and fifteen year fixed rate mortgages are 4.56% and 3.93%, respectively (that’s interest rate, not APR). Chevy Chase Bank has locations in Delaware, Maryland, Washington DC and Virginia with nearly 1,000 ATMs throughout the region.
Quick History Lesson:
As an independently owned bank, Chevy Chase Bank originally traced its roots back more than 100 years to the founding of the B.F. Saul Company in 1892 by Mr. B. Francis Saul. The B.F. Saul Company became established as one of the leading mortgage banking companies in the Washington area and survived the great Depression of the 1930’s by offering a diversity of financial services to the real estate industry.
Chevy Chase Bank Acquired in 2009…
On February 27, 2009, Chevy Chase Bank was acquired by and became a wholly owned subsidiary of Capital One Financial Corporation. This event marked one of the most significant milestones in the history of both institutions. Together, they are now one of the top 10 banks in the United States, with nearly 1,000 branches and over 2,000 ATMs in New York, New Jersey, Maryland, Virginia, Washington, D.C., Louisiana and Texas.
Mortgage Rates offered through Chevy Chase Bank:
(rates accurate as of 9/2010. To get updated rates visit their mortgage center here.)
- 30 year fixed rate mortgage with an interest rate of 4.625% with 20% down on home loans under $417,000.
- 15 year fixed rate mortgage with an interest rate of 3.875% with 20% down on home loans under $417,000.
- 5 year conforming ARM (adjustable rate mortgage) with an interest rate of 3.375% with 20% down on home loans under $417,000.
You may also want to ask about Chevy Chase Bank’s “7/23 Balloon Mortgage.”
What’s that?
A 7/23 Balloon Mortgages (also known as fixed-to-adjustable rate mortgages) offers a lower initial interest rate than a fixed-rate mortgage while still providing the security of a fixed rate and payment guarantee for a set number of years.
Chevy Chase Bank offers a 7/23 balloon mortgage loan which is fixed for the first seven years. At the end of this term, you may choose to either pay the remaining balance or refinance to a 23-year fixed rate mortgage at then current market rates.4 7/23 Balloon Mortgages are recommended to borrowers who:
- Look for a lower introductory rate and payment while still having the predictability of an initial fixed monthly payment
- Plan to stay in their home for a limited time
- Want a lower fixed payment to match the number of years they will be in the property, without paying a higher rate typically associated with a 15- or 30-year fixed-rate mortgage
If yo have experience in the home loan process with Chevy Chase Bank, please share by leaving a comment.
