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Personal Loans

Personal Loan

The benefits of a Personal Loan
  • Fixed rates and set monthly payment
  • No property inspections or home appraisals
  • Efficient application process designed to get you funds as quickly as possible

What goal are you reaching for?

With a Personal Loan, it doesn’t have to be a stretch. You could borrow up to $25,0001 with fixed rates now as low as 6.99% APR2 to help bring your goals within reach. Personal Loans are for Magnate Premier Investment Bank customers and can be used in many ways: to consolidate debt, make a major purchase, improve your home, and much more.

Reach your goals with a Personal Loan

Consolidating Debt Home Remodeling Major Purchases
You can use a Personal Loan to help you consolidate multiple account balances into one lower monthly payment. With competitive rates as low as 6.99% APR, you could save money while paying off your debts faster. It doesn’t matter if it’s a leaky roof or a new addition, Personal Loans could be a good option for home improvements and remodeling. If you lack equity in your home, don’t qualify for a home equity loan/line or don’t want a property appraisal, a Personal Loan may be right for you. We also offer a 1% Green Home Improvement rate discount.3 Vacations, weddings, appliances, or even a new or used vehicle can be more affordable when you use a Personal Loan.
Apply Now

You must be a Magnate Premier Investment Bank customer to apply.

Subject to credit approval.

As of April 8, 2017, the fixed Annual Percentage Rate (APR) of 6.99% is available on installment loans $5,000 to $25,000 with a 12-48 month term. Higher rates apply for credit score below 760 or other loan amount and term. Loan fees apply. Minimum loan amount is $3,000.

In order to receive the lowest rate advertised, a set-up of automatic payments from a Magnate Premier Investment Bank Consumer Silver, Gold, or Platinum Checking Package account is required. Automatic payments are not required for loan approval. The Consumer Pricing Information brochure lists terms and conditions that apply to Magnate Premier Investment Bank Consumer Checking Package accounts and can be obtained by calling 800.872.2657.

Loan payment example: on a $5,000 loan for 48 months at a 6.47% interest rate with a $50 origination fee, monthly payments would be $119.69 and APR of 6.99%.

Loan approval is subject to credit approval and program guidelines. Interest rates and program terms are subject to change without notice. Installment loans are offered by Magnate Premier Investment Bank National Association. Deposit products are offered by Magnate Premier Investment Bank National Association, Member FDIC. ©2017 Magnate Premier Investment Bank.

Home Mortgage Loans

Mortgage Rates

Fixed-Rate and Adjustable-Rate Mortgages

Rate

3.950%

Rate

3.625%

Rate

3.625%

Rate

3.125%

30-year Fixed 20-year Fixed 10-year ARM 5-year ARM
APR 4.021% APR 3.723% APR 3.374% APR 3.430%

What is a conventional fixed-rate mortgage?

A "fixed-rate" mortgage comes with an interest rate that won't change for the life of your home loan. A "conventional" (conforming) mortgage is a loan that conforms to established guidelines for the size of the loan and your financial situation. Conventional loans often feature lower interest rates than jumbo loans, FHA loans or VA loans. Terms of these conventional loans typically range from 10 to 30 years.

Monthly payments on a conventional fixed-rate mortgage remain the same for the life of the loan, making it an attractive option for borrowers who plan to stay in their home for several years. The alternative to the fixed-rate mortgage is the adjustable-rate mortgage (ARM), which features lower monthly payments during the first few years. While many prefer the security of a fixed-rate loan, an ARM may be a better option - especially if you know you'll be moving within the next several years.

Benefits and Considerations

No Interest Rate Surprises

With a fixed-rate mortgage, the interest rate won't change for the life of your loan, protecting you from the possibility of rising interest rates.

The Best Fixed Rates

Conventional mortgages typically offer a lower interest rate and APR than other types of fixed-rate loans.

Fewer Hoops to Jump Through

Conventional mortgages often require less documentation than FHA loans or VA loans, which could speed up the overall processing time.

Requirements and Qualifications

  • Loan amount - The loan amount for a conforming mortgage is generally limited to $424,100 for a single-family home, though limits may be higher in regions where home prices are higher. Jumbo loans allow you to exceed the conforming loan limit to borrow for a higher-priced home.
  • Down Payment - Most conventional loans will require at least 5 percent (and optimally 20 percent or more) as a down payment. For loans with lower down-payment requirements, explore government-backed mortgages like VA loans and FHA loans.
  • Credit history - Conventional loans are a good choice for borrowers with excellent credit, which generally means a FICO score of 740 or higher. There are also established guidelines for income and other personal financial information.

Conventional fixed-rate mortgages are a popular option, but they're not the only one. Compare mortgage options to learn more on your own, or contact a mortgage loan originator to find out which mortgage option may be the best fit for you.

Apply Now

You must be a Magnate Premier Investment Bank customer to apply.

Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rates and program terms are subject to change without notice. Property insurance is required.

The rates shown above are the current rates for the purchase of a single-family primary residence based on a 60-day lock period. These rates are not guaranteed and are subject to change. This is not a credit decision or a commitment to lend. Your guaranteed rate will depend on various factors including loan product, loan size, credit profile, property value, geographic location, occupancy and other factors.

To guarantee a rate, you must submit an application to Magnate Premier Investment Bank and receive confirmation from a mortgage loan originator that your rate is locked.

For more information, chat online with us or email us today.

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