Home | Business News | Browse by Publication | M | Mississippi Business Journal

Bank offering new mortgage loan to boost coastal rebuilding.

Publication: Mississippi Business Journal
Publication Date: 22-JAN-07 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Bank offering new mortgage loan to boost coastal rebuilding.(Banking & Finance)

Article Excerpt
GULFPORT -- Intent on helping Gulf Coast homeowners recover from hurricanes Katrina and Rita, Hancock Bank has a deal too good to resist. Mortgage executives with the 107-year-old company are offering an innovative new type of disaster relief construction loan to assist homeowners repairing or rebuilding homes.

The Hancock Bank Home Recovery Construction Loan allows homeowners to borrow up to 103% of the appraised value of the home. Unlike conventional mortgage loans, no down payment is required, and the loan allows for construction periods up to 18 months during which borrowers are required to make interest-only payments. With most construction loans, the maximum time allowed for construction is 12 months. With this loan, borrowers can lock in a rate up front and can reduce that rate by 1/4% when construction is complete.

Borrowers also...

Access Full Article, Compliments of Goliath

View this article FREE - Now for a Limited Time, try Goliath Business News
Free for 3 Days!



More articles from Mississippi Business Journal
Good news about charitable giving from IRAs, self-directed IRAs.(Focus..., January 22, 2007
Banking leaders say insurance crisis must be addressed.(Focus), January 22, 2007
Ole Miss professor co-authors 13th edition of 'Gleim's CMA Review'., January 22, 2007

Looking for additional articles?
Search our database of over 3 million articles.

Looking for more in-depth information on this industry?
Search our complete database of Industry & Market reports by text, subject, publication name or publication date.

About Goliath
Whether you're looking for sales prospects, competitive information, company analysis or best practices in managing your organization, Goliath can help you meet your business needs.

Our extensive business information databases empower business professionals with both the breadth and depth of credible, authoritative information they need to support their business goals. Whether it be strategic planning, sales prospecting, company research or defining management best practices - Goliath is your leading source for accurate information.