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Northwestern University provides housing assistance to faculty and staff through the First Bank & Trust. For both faculty and staff, the bank offers discounting on interest rate for primary mortgage loans of up to .25%, depending on the product selected by the borrower. The $275.00 application fee is refunded to the borrower at closing. Any staff employee or faculty member can go directly to the bank to inquire about these features.
For faculty only, the University can act as a guarantor on a second mortgage. This is useful if the borrower has less than 20% to put forth as down payment. With the borrower placing a 10% down payment and mortgaging 75% through the First Bank & Trust, the remaining 15% of purchase price can be put into the form of a guaranteed second mortgage. The rate is at slightly higher than that of a first mortgage, but less than one offered to other customers. As NU guarantees the second mortgage, the bank waives the private mortgage insurance (PMI) payment normally associated with this loan. All guarantees are subject to the approval of the Senior Vice President for Business and Finance.
The bank also offers bridge loans to faculty only at preferred pricing (normally at prime rate + .5% and 1/2 point fee).
For more information about NU housing assistance contact Lynda Ancell, Vice President/Manager Mortgage Lending at 847/733-7400.
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