Faye Powell has arrived in the Charleston area, bringing with her a lengthy history of success in the mortgage industry, an innovative line of products and the backing of a full-service community bank with 85 locations in four states.
Powell has been a mortgage specialist with City National Bank for the past decade. A veteran of 30 years in the banking business, she moved to the Lowcountry last November and began writing mortgages in February. In her previous home – Ashland, Kentucky – she was City National Bank’s top producer, helping her clients obtain a total of more than $32 million in home loans in 2015.
In her new location, Powell will be serving clients in Mount Pleasant, Daniel Island, Sullivan’s Island, James Island, Johns Island, Summerville and other communities throughout Charleston, Berkeley and Dorchester counties. She is well aware that purchasing a home is the most important financial decision a family can make, and she realizes that customer service is a huge difference-maker in any business, especially in the mortgage industry.
“Because I’m familiar with all types of products, I can help my clients select the mortgage that best fits their financial needs,” she explained. “I know how important customer service is, and I take the time to help my clients with the application process.”
Among the products Powell knows best is City National Bank’s Champion Mortgage, which offers buyers the opportunity to finance 100 percent of the cost of a home, up to $417,000, with low closing costs and no private mortgage insurance. Buyers have another alternative: They can finance 90 percent of the purchase price up to $1 million.
In addition, depending on which option they choose, buyers can obtain a loan that is readjusted every three years or every five years, rather than having an interest rate that changes every year. The rate can go up or down no more than 2 percent every five years or 4 percent over the life of the loan.
“No one else offers this product,” Powell said. “We have low closing costs, low rates, no down payment and no pre-payment penalty. And we’ve streamlined the process so loans can close fast and easy.”
City National Bank, which has branches in Ohio, West Virginia, Kentucky and Virginia, also offers a plan for physicians, with 100-percent financing for loans up to $600,000 and 95-percent financing up to $1 million. As with the Champion Mortgage, closing costs are low and private mortgage insurance isn’t a necessary expense.
City National Bank also offers loans for investment property, land, mortgage rehabilitation and alternative credit.
Regardless of what type of loan works best for her clients, Powell considers it her responsibility “to assure our customers that City National Bank will provide you with the best service and flexibility to help you purchase the home you deserve.”
Her message to Charleston-area real estate agents is “You help them find a home. City National Bank helps them afford it.”
Powell lives on Daniel Island with her husband, Tim, and two black labs, Ali and Lucy.