MINNEAPOLIS, Jan 30, 2003 (BUSINESS WIRE) -- (NYSE:USB) Financing a new home
just got easier as U.S. Bank has introduced a new mortgage loan that cuts
monthly payments and makes getting into a new home affordable, particularly for
those who don't have a lot of cash on hand.
The U.S. Bank Home Mortgage Payment Buster reduces monthly payments by offering
a one-percent discount on the interest rate for the first year and eliminating
the requirement to purchase mortgage insurance, which is an industry standard
for loans of 80 percent or more of the property's value. The borrower may
finance up to 100 percent of the value of the home and lower their monthly
payments without the need to purchase mortgage insurance.
Available on 25-year and 30-year conventional fixed-rate mortgages, the Payment
Buster also makes it easier for homebuyers to get into a home with less cash
up-front because the down payment, which is typically required in cash, may now
"This program is unlike any other in the country," said Dan Arrigoni, president
of U.S. Bank Home Mortgage. "Our goal is always to help people get into homes,
plain and simple, and by setting aside conventional thinking about how to
structure a mortgage we've come up with a formula that eliminates some barriers
and makes homeownership a reality for more people."
U.S. Bank Home Mortgage originates mortgage loans in all 50 states.
U.S. Bancorp, with assets in excess of $180 billion, is the 8th largest
financial services holding company in the United States. The company operates
2,142 banking offices and 4,604 ATMs, and provides a comprehensive line of
banking, brokerage, insurance, investment, mortgage, trust and payment services
products to consumers, businesses and institutions. U.S. Bancorp is home of the
Five Star Service Guarantee which assures customers of certain key banking
benefits and services or customers will be paid for their inconvenience. U.S.
Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at
CONTACT: U.S. Bank
Teri Charest, Media Relations, 612/303-0732
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SOURCE: U.S. Bank