Mortgage Rates & Trends: Mortgage Blog from Total Mortgage

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Low Current Mortgage Rates Make “Luxury Living” Affordable

March 12, 2010 by Mike Battema
Whether you want to realize your dream of being able to say “I’ve got a little place by the beach” as a second home or are looking to make an investment for the long term, now is the perfect time to tap into the slowly rebounding luxury home market and take advantage of low current mortgage rates and record-low prices in some of the most lavish localities in the United States.

Home prices in the Hamptons are down 30% from their peak values

Over the past few years, home prices have dropped significantly (as much as 40% in some locations) from their 2007 peak. As the economy continues to stabilize, opportunistic investors and families seeking a second home have begun taking advantage of these bargain prices and affordable current mortgage rates. According to Jan Reuter, head of residential real estate at U.S. Trust Bank of America Private Wealth Management, “We’ve seen an up-tick in buying in just the last couple of months.” In Greenwich, CT, for example, realty brokers say that the final months of 2009 were close to record-setting in terms of sales volume, as borrowers took advantage of current mortgage rates in Connecticut. For information on how to get a second mortgage and capitalize on these near historic low mortgage rates and depressed property values, be sure to check out this article by John Walsh, President of Total Mortgage Services.

For investors and homeowners alike, it is important to emphasize that the economy is still in a state of recovery and that it is going to take some time for property values to increase. Nevertheless, it is also important to stress that the demand for homes in some of the country’s most prized locations is on the rise and that these low prices and low mortgage rates will not last forever. While the median price for a home in the Hamptons is currently $1.5 million, keep in mind that this represents a drop off of 30% from the peak sales prices of 2007. By taking advantage of low New York mortgage rates today, think of the return you will receive on your investment when the New York housing market and the national housing market fully recovers. Be sure to check out this article from the Wall Street Journal to read about more places to buy rich at low prices.

Total Mortgage Services is known for having some of the lowest current mortgage rates available. This is especially true for jumbo mortgage rates (jumbo loans are those with a loan amount over the industry standard conforming limit, set currently at $417,000), as we are able to offer qualified borrowers an incredibly low interest rate of 5.5% on a 30 year fixed jumbo mortgage (the average interest rate on a 30 year fixed jumbo loan is currently about 5.88%). From the golf courses of California to the sunny beaches of Florida, Total Mortgage Services can help you realize your secondary-home and investment dreams. Be sure to call one of our mortgage professionals at 877-868-2503 today.
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Current Mortgage Rates Fall, Other Economic News

March 12, 2010 by Michael Kraus
According to a report from the Wall Street Journal, current mortgage rates fell slightly this week, down two basis points to 4.95%. The dip in rates can be attributed to demand for homes dropping somewhat over the last few months, due to high unemployment rates and poor weather in the winter.

In other economic news, retail sales rose .3% in February, .1% more than expected by economists. This is encouraging news that the economy is picking up steam and that recovery efforts appear to be having a real, albeit slow effect.

In a final piece of encouraging news, Bank of America has been ramping up its participation in the Home Affordable Modification Program. Nearly 21,000 homeowners had their mortgages permanently modified through March, 8,000 more than at the end of February. Another 22,000 modifications are pending final reviews.

This is good news for beleaguered homeowners, the economy, and the government alike. HAMP has come under a good deal of criticism for not modifying as many loans as promised when the program began. In turn, the government has criticized banks for dragging their feet when it comes to participation in HAMP. Increased HAMP activity will hopefully keep more homeowners from losing their homes and keep foreclosed homes off the market.

Stay tuned to this space for updates on economic news affecting the housing market. For all your mortgage needs, please contact one of our mortgage experts at 877-868-2503.
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Foreclosure Rate Declines

March 11, 2010 by Michael Kraus
According to this morning’s RealtyTrac February 2010 U.S. Foreclosure Market Report, 308,524 properties were foreclosed in February. This represents a 2% decrease from January, but still a 6% increase over February 2009. One in every 419 homes received a foreclosure notice in February. Although the rate has increased for 50 straight months, it is the slowest rate of growth in year-over-year foreclosures since 2006.

James J. Saccacio, chief executive officer of RealtyTrac commented: “This leveling of the foreclosure trend is not necessarily evidence that fewer homeowners are in distress and at risk for foreclosure, but rather that foreclosure prevention programs, legislation and other processing delays are in effect capping monthly foreclosure activity — albeit at a historically high level that will likely continue for an extended period.”

While foreclosures still represent a serious risk to the recovery of the housing market, this is a promising sign that the market is moving in a positive direction. It is also worth noting that a bulk of the foreclosure activity is occurring in a few locations. According to the RealtyTrac report, California, Florida, Michigan, Arizona, Illinois, and Texas represent 60% of the total foreclosures in the country.

Foreclosures drag down the property values of neighboring properties and depress home prices generally by increasing the supply of homes on the market. However, they also represent an opportunity for bargain seekers. Those looking for fixer-uppers can often get a great deal on a foreclosed home and get easy financing with an FHA 203(k) renovation mortgage.

For people who are looking to make a long-term investment in a home, now is an excellent time to get in near the bottom of the market. Current mortgage rates are still near their historical low, home values appear to be stabilizing in many parts of the country, and the government is giving out tax credits for homebuyers until the end of April. If you are looking to make an investment in your future, call us today at 877-868-2503 to discuss your options.

What do you think about declining foreclosure rates? Join in the discussion below.
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FHA Pressured to Require Larger Down Payments

March 11, 2010 by Michael Kraus
As traditional lenders have adopted more stringent credit requirements in response to the housing crisis, FHA-insured mortgages have become more and more popular. The FHA now insures more than 25% of mortgages in the United States. Currently if you want to take out an FHA mortgage, you need a minimum down payment of 3.5% of the value of the home. As foreclosures have increased over the last two years the FHA’s cash reserves have dropped below the 2% capital reserves required by Congress. Many in Congress now fear that taxpayers may need to bail out the FHA. More than 3% of FHA insured mortgages are currently in foreclosure, and 1 in 6 FHA mortgages are delinquent.

Representative Scott Garrett proposed legislation last year that would require FHA borrowers to have a minimum down payment of 5%. The FHA estimated that as many as 300,000 homebuyers would have been shut out of the housing market in 2009 if it required a 5% down payment. According to FHA Commissioner David Stevens the increased down payment requirement would add a minimal amount of money to the agency’s coffers and could potentially undermine the housing market.

Stevens says that changes that will be adopted in April will be more effective in generating funds for the agency and have a less punitive effect on the housing market. The changes that have been adopted require a 10% down payment from those with a credit score below 580 and will increase the up-front funding requirement from 1.75% to 2.25%. Additionally, the amount a seller will be allowed to contribute to the buyer to pay for closing costs dropped from 6% to 3%.

It is fairly certain that FHA loans will become more expensive in the near future. Total Mortgage Services is a fully approved FHA lender and offers some of the best current FHA mortgage rates in the industry. Call us today at 877-868-2503 to discuss your FHA borrowing options with one of our mortgage experts.

What do you think about the future of FHA loans? Should the FHA require an increased down payment? Will these proposed guidelines damage the housing recovery? Join in the discussion below.
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First Time Home Buyer Tax Credit: Questions and Answers

March 11, 2010 by Robert Hyder
There is no doubt that timing is of the essence if a prospective homeowner is looking to benefit from the first time home buyer tax credit. With the deadline looming to have a purchase agreement signed by April 30 and the closing completed by June 30, if the ball is not moving yet, it will have to get moving rather quickly. If you’re on the fence, or simply need a better understanding of the $8,000 first time home buyer tax credit, below are the more common questions that prospective home buyers have been asking.

What is the definition of a first time home buyer?
The definition of a first time home buyer is a buyer who has not owned an interest in a primary residence in the past three years. The timeline is based on the closing date. Therefore, if a borrower has not owned an interest in a primary residence since April 4, 2007, the buyer will be considered a first time home buyer again on April 4, 2010. Using this scenario, the home buyer can begin the purchase process prior to April 4, 2010, but cannot close before that date without forfeiting the benefit of the $8,000 first time home buyer tax credit.

If a married couple is purchasing a home and one of the spouses has owned an interest in a primary residence in the past three years, both partners are ineligible for the first time home buyer tax credit. Ownership of a second home or investment property does no exclude a buyer from benefiting from the first time home buyer tax credit.

What type of home can be used to qualify for the first time home buyer tax credit?
Regardless of the number of units in the home, as long as the buyer uses the property as a primary residence, they are eligible for the first time home buyer tax credit. A primary residence can be a single-family detached home, or an attached home such as a condominium, townhouse, manufactured home (mobile home) or houseboat.

Buyers are not eligible for the first time home buyer tax credit if the primary residence is part of a non-arms length transaction. A non-arms length transaction is one that involves a seller and a buyer who are related.

Who is eligible for the first time home buyer tax credit?
As long as a buyer is considered a first time home buyer (see definition above), they are eligible for the first time home buyer tax credit. The regulations regarding the first time home buyer tax credit indicate the purchase transaction must occur no earlier than January 1, 2009 and no later than June 30, 2010. Also, a purchase agreement must be signed no later than April 30, 2010 in order to qualify for the first time home buyer tax credit.

What documentation is required to claim the first time home buyer tax credit?
In order to claim the first time home buyer tax credit, IRS Form 5405 must be completed when filing your income tax returns. If you’ve already filed your tax returns, but have not yet closed on your new home, you can simply amend your 2009 returns to claim the first time home buyer tax credit. Buyers cannot claim the first time home buyer tax credit on an intended purchase. The purchase must be completed in order to claim the credit. A copy of the HUD-1 settlement form must accompany the IRS From 5405 as proof the home purchase has been completed.

Can a home buyer access the tax credit sooner than having to wait to file their tax returns?
If a prospective home buyer believes he/she qualifies for the first time home buyer tax credit, then yes, he/she is permitted to reduce their income tax withholding. This will enable the home buyer to accumulate cash by increasing take home pay. The money can then be used to put toward the down payment. However, because the purchase agreement must be signed by April 30, 2010 and the closing completed by June 30, 2010, it is more than likely too late in the process to accumulate enough money through reducing income tax withholdings to make a significant difference.

Potential home buyers who adjust their withholdings on their W-4 in an attempt to accumulate a down payment should note that if the purchase of the home does not occur, repayment of the additional withholdings, plus potential interest charges and penalties, may be assessed. It is highly recommended that home buyers discuss this option with an accountant prior to implementing this course of action.

If I bought my first home in 2008, do I still qualify for the first time home buyer tax credit?
Unfortunately, you cannot benefit from this first time home buyer tax credit. However, all is not lost. If you purchased your first home between April 9, 208 and January 1, 2009, there is a separate tax credit that you may be eligible for. Contact a tax advisor for more information.

Will the first time home buyer tax credit be extended again?
Although it is very unlikely, there are rumors that President Obama is considering extending the first time home buyer tax credit for a second time. The popular tax credit has certainly helped rejuvenate the housing industry, and another extension would only solidify further growth. If current mortgage rates can remain at or near historic lows, the better the likelihood of another extension to the first time home buyer tax credit.

Robert Hyder
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Low New York Mortgage Rates Offer Opportunities for Homeowners

March 10, 2010 by Mike Battema
“Start spreading the news, I am leaving today, I want to be a part of it, New York, New York…”

Thanks to low mortgage rates in New York, the SONYMA Tax Credit Advance Loan program, and the extension and expansion of the Homebuyer Tax Credit, now is a great time to purchase or refinance in New York and become “a part of it” yourself as a homeowner.

It is important to keep in mind that the New York housing market ended on a positive note in 2009. Despite low home loan rates in New York throughout the year, the first half of 2009 saw little homebuyer activity in the Empire State as potential homebuyers feared a national housing collapse and continued economic uncertainty. As 2009 progressed, however, buyers began to take advantage of incentive programs, tax credits and a buyer’s market to fuel the state’s current recovery efforts.

While total home sales decreased by 3.2% from the 2008 total, it is important to keep in mind that home sales increased significantly in the second half of the year. Consider this: the Q4 2009 sales total of 22,626 homes represented a 20% increase from the 2008 Q4 total sales volume of 18,789. Despite the 2009 annual statewide median sales price per home falling 6.6% from 2008 as a result of the sluggish first half of the year, the fact that the median sales price grew for both Q4 2009 and December 2009 indicate that the New York housing market is continuing to improve.

Most importantly, these positive results continued into 2010, with January 2010 sales besting the January 2009 sales by more than 11%. Additionally, the statewide median sales price increased more than 30% when compared to January 2009. With the April 30, 2010 tax credit deadline approaching, now is the time to take advantage of current mortgage rates in New York and become a homeowner. Remember, buyers must be under contract by April 30, 2010 and close before June 30, 2010 to be eligible for the tax credit.

New Yorkers know a thing or two about winning teams. When it comes to purchasing or refinancing your home in New York State, Total Mortgage Services is the right team for you thanks to our in-house services. Whether you require a Jumbo loan in Westchester County or are looking for an FHA in Queens, call 877-868-2503 today to speak with one of our mortgage professionals today.
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Current Mortgage Rates, Mortgage Applications Rise

March 10, 2010 by Michael Kraus
According to the Mortgage Banker’s Association of America’s weekly survey interest rates on 30 year fixed rate mortgages went up to 5.01%, up 6 basis points from the previous week. Mortgage rates are expected to rise further when the Federal Reserve stops buying mortgage backed securities at the end of March. Total Mortgage Service’s current mortgage rates remain well below the national average.

The MBA’s report also showed that mortgage applications increased in the week ending March 5th, despite the increase in mortgage rates. The seasonally-adjusted index of mortgage applications increased .5% last week. This is a promising portent going into the spring selling season. Sales during the spring are expected to set the tone for the housing market for the rest of 2010. Despite this promising sign, the real estate market still faces a difficult job market, a record number of foreclosures, and the end of government support for the housing market.

There are differing opinions on the strength and future of the housing recovery. In a recent interview with the Financial Times, Mort Zuckerman was bearish on the housing market, saying the crisis “has not gone away” and is “getting more severe”. He noted that the shadow inventory of empty and foreclosed or delinquent homes will depress home prices.

On the other side of the debate, Warren Buffett was optimistic about the prospects for the housing market, saying in his annual statement to Berkshire Hathaway shareholders that “within a year or so residential housing problems should largely be behind us, the exceptions being only high value houses and those in certain localities where overbuilding was particularly egregious”. Buffet noted that prices will remain below peak levels, but that will be beneficial to families that could not previously afford homes. Buffett also says that excess housing supply will be absorbed because the number of housing starts is far below the rate of household formations.

Whether you agree with Buffett or Zuckerman, it is likely that interest rates are going to rise soon. Rates are already almost a half point above their historical low in March 2009. If you are considering purchasing or refinancing a home, call Total Mortgage Services today to learn how we can save you money today.
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Homebuyer Tax Credit 2010: What First-Time Home-buyers Need To Know?

March 10, 2010 by Dave Jefferlone
The Home Buyer Tax Credit deadline is almost up. If you’re a homebuyer interested in taking advantage of the tax credit you may find some useful answers to your questions here.

If I’m qualified for the tax credit and buy a home in 2009 (or 2010), can I apply the tax credit against my 2008 (or 2009) tax return?
Yes. The law allows taxpayers to choose (“elect”) to treat qualified home purchases in 2009 (or 2010) as if the purchase occurred on December 31, 2008 (or if in 2010, December 31, 2009). This means that the previous year’s income limit (MAGI) applies and the election accelerates when the credit can be claimed. A benefit of this election is that a home buyer in 2009 or 2010 will know their prior year MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.
Taxpayers buying a home who wish to claim it on their prior year tax return, but who have already submitted their tax return to the IRS, may file an amended return claiming the tax credit using Form 1040X. You should consult with a tax professional to determine how to arrange this.

For a home purchase in 2009 or 2010, can I choose whether to treat the purchase as occurring in the prior or present year, depending on in which year my credit amount is the largest?
Yes. If the applicable income phaseout would reduce your home buyer tax credit amount in the present year and a larger credit would be available using the prior year MAGI amounts, then you can choose the year that yields the largest credit amount

How can two unmarried buyers allocate the tax credit if one qualifies for the $8,000 first-time home buyer tax credit and the other qualifies for the $6,500 repeat home buyer credit?
The buyers can allocate the tax credit in any reasonable manner, provided neither claims a tax credit higher than the one they qualify for and the home purchase does not yield a total of more than $8,000 in tax credits. For example, the repeat home buyer could claim $6,500 and the first-time home buyer could claim $1,500. Alternatively, both buyers could claim a $4,000 tax credit.

If a single person (Taxpayer A) qualifies as a first-time homebuyer at the time he/she purchases a home with someone (Taxpayer B) that is not a first-time homebuyer and then later that year they marry each other, is the credit still allowed?
A. Eligibility for the first-time homebuyer credit is determined on the date of purchase. If Taxpayer A, a first-time homebuyer, buys a house and then later that year marries Taxpayer B, not a first-time homebuyer, the credit is allowable to Taxpayer A. Taxpayer A may take the maximum credit.

Taxpayer A is a single first-time home buyer. Taxpayer B (parent) cosigns for A and does not qualify. Both names are on the mortgage. Can Taxpayer A claim the credit and, if so, how much?
A. Yes. Taxpayer B is not a first-time homebuyer and cannot claim any portion of the credit, but A may claim the entire credit, if the home was purchased as Taxpayer A’s primary residence

It is not often in life we find ourselves afforded with a 2nd chance opportunity, considering the massive costs involved with this legislation, this is the last chance to take advantage of this tax credit if you qualify. The Senate, The House of Representatives nor the President of The United States of America may not allow any further extensions to this program once it expires in after April 30, 2010.

If you qualify and would like to take advantage of this once in a life time opportunity, check our low current mortgage rates and call us today at 877-868-2503.
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FHA Homebuyers Tax Credit: Clock’s Ticking for First time Homebuyers

March 10, 2010 by Dave Jefferlone
Remember The Good Old Days? These are the Good Old Days!! Tick Tock ..Tick Tock

Time is running out. Hurry before April 30th to take advantage of Federal Governments first time homebuyer tax credit. You may be considering parlaying the home buyer tax credit with an FHA approved mortgage then you will want to also turn it up a notch and make sure you apply for your mortgage prior to April 5, 2010 when The Department of HUD through it’s FHA program will be raising the amount of the required upfront mortgage insurance by a ½ % from the current amount of 1.75% to the new amount of 2.25%.
View Today’s FHA Rates.
- FHA will still allow a borrower to qualify for a FHA mortgage with as little as 3.50% down payment.
- FHA may allow up to a 55% debt to income ratio (DTI) to qualify for this 3.50% down payment mortgage.
- FHA will allow a borrower to purchase an owner occupied property and qualify up to a 55% DTI while including a non occupant co borrower.
- FHA will allow maximum financing of 96.5% LTV (3.50 down payment) for borrowers related by blood, marriage or law (spouses, parent-child, siblings, stepchildren, aunts-uncles/nieces-nephews, etc.), or for unrelated individuals that can document evidence of a family-type, longstanding, and substantial relationship not arising out of the loan transaction.
- Conforming loans (Fannie Mae and Freddie Mac) will not allow a loan with a Loan to Value Ratio of greater than 80% to qualify fro a mortgage if the debt to income ratio is greater than 45% at best. FHA will still allow a seller to contribute up to 6% of the Purchase price toward the buyers closing costs.
- FHA will allow this 6% Seller contribution to be used toward the upfront mortgage insurance and/or to buy down the interest rate.
- FHA will not allow the 6% seller concession to be used toward the 3.50% down payment FHA will allow the 3.50 down payment to be in the form of a gift from a related to the borrower or with an established “family type relationship”
- FHA will also allow the buyer to borrower the money from a relative, then when they get this infamous Home Buyer Tax Credit back from the US Federal Government they can pay them back if it was not initially gifted to them.
President Obama signed into law H.R 3548 The extension and expansion of the homebuyer tax credit on Friday November 6, 2009.

In case you haven’t heard the homebuyers tax credit has been extended and expanded to include
1. Extension of the current $8,000.00 tax credit for 1st time home buyers with a signed purchase contract by April 30, 2010 and closed by June 30, 2010
2. Raising the income limits for singles to $125,000 and for married filing jointly to $225,000
3. Offering a $6,500 credit for current home owners who have owned their current home as a principle residence far any consecutive 5 year period out of the last 8 years.
4. Limiting the purchase price of the home at $800,000
5. Members of the military, military intelligence, and foreign service who are on qualified extended official duty are not subject to the recapture fee and individuals who have been deployed overseas for 90 days or more in 2008 or 2009 can claim the credit through April 30, 2011.
The expansion of this credit for current home owners and/or people making more than 75,000 for single taxpayer and 150,000 for married filing jointly is effective and shall apply to residences purchased after the date of the enactment of this Act.

I am sure you have either heard someone else remark or possible say it yourself, Remember the Good Old Days” well…..in spite of some of the serious economic challenges we are facing at this time as a nation, in some aspects with regards to home buying and/or refinancing your current mortgage…These ARE the Good Old days we are living in live and in person at this time and we will be referring too these days as “remember The Good Old Days” as days gone bye in the future.

For all Homebuyer’s Tax Credit these are the critical times - Clock’s Ticking for both First Time buyers & FHA Homebuyers.
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Promising Signs for the Housing Market

March 9, 2010 by Michael Kraus
According to a Trulia report released today, the number of homes for sale with discounted asking prices fell to less than 20% at the end of February. This compares favorably to the rate of more than 25% a year prior. This data suggests that the housing market may have finally hit its nadir and is ready to start moving in a more positive direction.

It is unclear whether demand for houses is rising to meet supply or sellers are acknowledging the true value of their homes and pricing them accordingly. Either way it is an indicator that housing prices are beginning to stabilize at their true levels. Among the cities that had the biggest drops in price reductions from February to January were bubble-ravaged cities such as Charlotte, Jacksonville, and Tucson.

Another favorable sign is that several beleaguered California cities (San Francisco, Sacramento, San Diego, and Oakland) are among those with the lowest rates of reduced price homes. Signs of improvement in the battered California economy would be a boon to the nation as whole. California has the 8th largest economy in the world, and the old adage says: as California goes, so goes the nation.

This news comes quickly after reports that the U.S. may add as many as 300,000 jobs in March, the most in four years. Jan Hatzius, chief economist at Goldman Sachs said he anticipates about 275,000 jobs to be added in March. Reports from the U.S. Labor Department indicated that the number of job openings in January rose by 7.6% compared with December. 2.7 million job openings were available, the highest number in over a year. While most economists believe job growth in 2010 will be gradual, this is surely a positive sign that the economy is moving in the right direction. Most economists believe that job growth is what will truly fuel recovery in the housing sector.

As the economy improves, housing prices will inevitably recover. Historically real estate has been one of the best long-term investments one can make in the United States. Have you been considering taking advantage of all-time low mortgage rates? Do you want to get in on the ground floor of the housing market? Contact one of our mortgage professionals today at 877-868-2503. Years from now you will thank yourself.
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Current Mortgage Rates and Market Outlook in Illinois

March 9, 2010 by Michael Kraus

chicago-mortgage-rates1

After a brutal winter that dumped snow across the Midwest, low current interest rates and the soon-to-expire government home buyer tax credits have the housing market in Illinois heating up. Illinois home sales increased 14% in January, the fifth consecutive year-over-year increase. The median home price rose .2%, the first year-over-year increase since September of 2007.

In the Chicago metro area, year-over-year home sales were up for the seventh month in a row, up 29% from January 2009. The median home price fell 5.4% from January 2009, but that is to be expected as the market continues to correct. Foreclosed properties also dragged down prices in the Chicago market, although this phenomena was mostly centered in Chicago and had a lesser effect on the rest of the state. As the number of distressed and foreclosed properties on the market is absorbed, analysts expect that prices could rebound.

As with most states, high unemployment continues to depress the market. There is some good news on this front, the most recent economic numbers showed that the national unemployment rate was stable at 9.7% in February, and some analysts expect the economy to add jobs in March. In a recent Bloomberg report, Brian Wesbury, chief economist from First Trust Portfolios said as many as 300,000 jobs could be added nationally this month.

Average interest rates in Illinois on a 30 year fixed conventional mortgage have lingered around 5.0% for the better part of the last year. Total Mortgage Services offers some of the best mortgage rates in Illinois:

Loan Type	Rate	APR
Illinois 30 Year Fixed Conventional Mortgage	4.5%	4.710%
Illinois 15 Year Fixed Conventional Mortgage	4.0%	4.363%
Illinois 30 Year Fixed FHA Mortgage	4.5%	5.422%
Illinois 30 Year Fixed Jumbo Mortgage	5.5%	5.716%
Illinois 15 Year Fixed Jumbo Mortgage	4.0%	4.352%
Illinois 5/1 ARM Conforming Mortgage	3.0%	3.249%
Illinois 5/1 ARM Jumbo Mortgage	3.625%	3.303%

* All rates shown are for 30 day rate locks. Longer locks available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 2 points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for jumbo loan amounts is calculated using a loan amount of $500,000, two points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for FHA loan amounts is calculated using a loan amount of $295,000, two points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. Some rates and fees may vary by state. All interest rates listed are for qualified applicants and are subject to mortgage approval. All rates are subject to change without notice. All rates assume a credit score of 740+ and are subject to change. Rates are quoted from Totalmortgage.com as of 1PM on Tuesday, March 9th, 2010.

With the pending expiration of the First Time Home Buyer Tax Credit and the Federal Reserve’s seeming inclination to raise interest rates before the end of the year (or sooner depending upon the economy) there is no better time than now to purchase or refinance a house in Illinois. Total Mortgage Services is licensed as both a lender and broker in Illinois, and is able to utilize its in-house underwriting and processing to bring you some of the best mortgage rates imaginable. Call 877-868-2503 to speak to one of our mortgage professionals today.

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Mortgage Rates & Trends: Mortgage Blog from Total Mortgage

Best Rates, Low Fees, Exceptional Service

Low Current Mortgage Rates Make “Luxury Living” Affordable

Current Mortgage Rates Fall, Other Economic News

Foreclosure Rate Declines

FHA Pressured to Require Larger Down Payments

First Time Home Buyer Tax Credit: Questions and Answers

Low New York Mortgage Rates Offer Opportunities for Homeowners

Current Mortgage Rates, Mortgage Applications Rise

Homebuyer Tax Credit 2010: What First-Time Home-buyers Need To Know?

FHA Homebuyers Tax Credit: Clock’s Ticking for First time Homebuyers

Promising Signs for the Housing Market

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