Personal BorrowingMortgagesFinancing Options

Chevy Chase Bank offers financing options that help make homeownership more affordable. Consider our Mortgage Insurance Option or our Combo Loan Option programs — both limit the amount of cash you need at closing.

When you apply for a mortgage online through Home Loan Express, we’ll show you which financing options you pre-qualify for. It’s just another way we help you achieve your financial goals and make your next home affordable.

Mortgage Insurance Options

By folding the cost of your mortgage insurance into the interest rate, you pay a lower overall monthly payment than would otherwise be required. You also potentially gain a larger tax deduction because the cost of the insurance is reflected in your interest rate as opposed to being treated as a separate non-tax-deductible fee. *

This option is recommended for borrowers who:

• Are interested in making a smaller down payment or have low equity in their current property
• Will most likely hold their mortgage for less than 10 years
• Want to reduce their overall monthly payments while potentially increasing their tax deductibility *

Complete a Home Loan Express online application now or apply by calling us at 301-987-BANK or 1-800-987-BANK (out of area). Our Mortgage Advisors are available 7 days a week from 7:00 am to 11:00 pm EST. If you would prefer that we contact you, please complete our online request form.

Combo Loan Option

By combining a first mortgage and a home equity loan, you can bypass the added expense of mortgage insurance and reduce your down payment. When purchasing a home with a smaller first mortgage, this can be an effective strategy to lower your first mortgage interest rate. The combo loan option may also help you avoid the higher interest rate typically associated with a jumbo loan.

A Combo Loan is recommended for borrowers who:

• Are first-time homebuyers and may not have the available funds to make a large down payment
• Have investments and would rather use a home equity loan as a down payment instead of liquidating investments
• Look to reduce their overall monthly mortgage payment by eliminating mortgage insurance requirements

For more information or to apply, call us at 301-987-BANK or 1-800-987-BANK (out of area). Our Mortgage Advisors are available 7 days a week from 7:00 am to 11:00 pm EST. If you would prefer we contact you, please complete our online request form.

* Consult your tax advisor regarding the deductibility of interest expense and
tax-related questions.