National City Mortgage

Along with their servicing affiliate, National City Mortgage Co., National City Mortgage is a division of the National City Bank of Indiana.  Although they have been in business since 1955, they have undergone several acquisitions and name changes.  The became part of the National City Corporation in 1989, and have acquired Gem Mortgage Corporation, Merchants National Bank, Integra Mortgage Company, Commonwealth United Mortgage, FNMC-The Mortgage Company, Eastern Mortgage Services, First of America, AccuBanc Mortgage, and Muirfield Mortgage since that time.  They have offices in 37 states, but serve all states in the nation.

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Loans Funded by National City Mortgage

• Fixed Rate Mortgages—They recommend this program for its stability.
• Adjustable Rate Mortgages—They recommend this program for its flexibility.
• Federal Housing Administration and Veterans Administration Loans—They recommend these Affordable Housing Programs.
• Jumbo Loans—They offer these loans to buy luxury homes.
• Home Equity Loan/ Home Equity Line of Credit—They recommend these options if you want to use your equity for a loan.
• Construction and Rehab Programs—Use these loans if you want t build or renovate your home.
• Balloon Mortgages—This program works well for borrowers who will have a large sum of cash to pay off their mortgage in five or seven years.
• No Doc Programs—This program is great for the self employed.
• Streamlined Purchase Mortgage—This option is available to customers who have had a loan with National Mortgage CO. for at least twelve months.
• Interest Only ARM—This option works well for people who don’t have enough to pay full mortgage payments right away, but will in a few years.

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Recent National City Mortgage News

National City Mortgage is a successful mortgage company.  In 2004, they were rated the 9th largest mortgage originator in the nation.  In that years, they funded over $65 billion in loans.  Their servicing portfolio is currently over $165 billion, and represents 1.1 million mortgage loans.  Perhaps one of the reasons National City Mortgage is so successful is because the mortgage operations portion of their business originates, acquires, and markets their own residential loans through their retail, wholesale, and telemarketing channels.

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