Eliminate private mortgage insurance when purchasing a new home1,2

Supplementing your down payment has advantages

Use our Home Equity Line of Credit to augment your down payment.

  • Eliminate private mortgage insurance (PMI)2
  • Save up to $1,000 on your closing costs3
  • Reserve your savings to buy appliances, furniture and home improvement.
  • Receive a fixed payment and interest rate for the home purchase funds2,4

Important disclosure information

  1. Limited to the purchase of primary residences and will be a second mortgage to the original first mortgage. PMI is typically required on conventional loans with a down payment of less than 20%. Back
  2. At the time of closing, retail and Plus customers can request a purchase money advance to acquire a primary residence as part of their HELOC fixed rate options. The purchase money advance requires exercising a fixed rate option for a 30-year repayment at a fixed rate. All, or any portion of the balance above $5,000 can be converted to a fixed rate/fixed term. Conversions are limited to three fixed rate options during the draw period; there is a $50 fee for each option. Once converted, that balance will remain at that fixed rate for the remainder of the term selected and cannot be selected for conversion again. Fixed rates available for selection vary based on the term chosen for repayment, discount received for auto debit, amount converted, Loan-to-Value (LTV) and credit history. For more information on Plus, see Synovus.com/SynovusPlus. Back
  3. Synovus will issue a credit up to $1,000 to cover initial closing costs for customers who hold a Synovus Bank personal checking account and register to make payments on their home equity line of credit through automatic recurring payments from a Synovus Bank personal checking account. Generally closing costs can range from $200-$4000. The APR for the HELOC will vary based on Wall Street Journal Prime Rate (as of September 19, 2024, prime rate is 8.00%) plus a margin and will be based on several factors, including credit score, credit history, loan-to-value (LTV), property type, loan amount and lien status. APR is subject to auto-debit payment and relationship discounts and a minimum floor rate of 3.99% for relationship balances below $500,000, and 2.99% for Inspire and Private Wealth relationship balances greater than or equal to $500,000. The relationship balance used for the variable rate is defined as the balance in place at the time of application; the maximum APR is 18%. The HELOC offers an interest only or 1.50% payment ($50 minimum) during the initial draw of 10 years. The draw period is followed by a 20-year repayment with a 1.50% payment ($50 minimum). Property insurance and appraisal will be required. Flood insurance may also be required. Interest may be tax deductible, consult your tax advisor. Back
  4. Private Wealth and Inspire Account clients are subject to different terms and conditions. For more information on Inspire, see Synovus.com/SynovusInspire. For more information on Private Wealth, see Synovus.com/PrivateWealth. Back