City National Offers to Pay Up to $3000 of SBA 504 Loan Closing Costs MarketWatch (press release)
LOS ANGELES, Aug 4, 2011 (GlobeNewswire via COMTEX) -- In an effort to make it easier and less expensive for small businesses to borrow, City National Bank, California's Premier Private and Business Bank(R), today announced that it will waive up to $3,000 in closing costs on first trust deed loans it makes under the Small Business Administration 504 Loan Program and also waive the bank's loan origination fees when new funds are deposited in a business checking account.
The SBA 504 program allows small business owners to borrow so they can refinance, renovate or purchase their commercial property. Owners can take advantage of record low interest rates to finance up to 90% of their property's value.
City National is offering:
-- To pay up to $3,000 for the appraisal and environmental survey fees of the loan closing costs. -- A waiver of City NationalBig Four Banks to Participate in HARP 2.0 – New Refinance Program
The four big banks – Bank of America, Chase, Citigroup and Wells Fargo has agreed to participate in HARP program. It is the new program for homeowners to refinance who are underwater. This might be good news for our bay area homeowners also to keep their house with this new refinance program.
Here’s the detail information from DSnews by Carrie Bay about this new refinance program (HARP).
The industry’s four largest mortgage servicers all say they will be taking part in the revamped Home Affordable Refinance Program (HARP).
Bank of America, Chase, Citigroup and Wells Fargo have each expressed their support of the program and the changes that will allow more underwater homeowners to refinance at today’s lower interest rates.
Government officials expect the program’s revisions – particularly the GSEs’ waiver on representations and warranties – to increase competition for mortgage refinancing.
An executive with JPMorgan Chase told the company’s investors this week that HARP 2.0 will facilitate “cross-servicing refinancing” because with the rep and warranty waiver, the new lender is not required to assume responsibility for underwriting deficiencies that may have occurred with the original loan.
Chase explains that HARP may be used to replace an adjustable-rate or interest-only loan with a standard fixed interest rate loan, and typically reduces the borrower’s monthly payment.
Frank Bisignano, CEO of mortgage banking at Chase, estimates that with the new HARP guidelines, thousands of Chase customers could lower their mortgage payments by an average of $2,500 a year.
Citi said in an emailed statement that it “supports the program and expects to participate.”
Wells Fargo, likewise, said in a statement that it “welcomes the addition of the new HARP features.”
Veronica Clemons, a spokesperson for Wells Fargo Home Mortgage, says the company is waiting for specific guidelines and requirements from Fannie Mae and Freddie Mac in order to put the changes into practice.
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