Have you been thinking of buying a house or refinancing your existing mortgage? Now is the time to do so with mortgage rates at its historic lows. Currently Total Mortgage has some of the lowest mortgage rates in the country. A variety of mortgage products are available at Total Mortgage to fit your individual needs.
5/1 ARM Conforming Mortgage Lowered to 2.750%
If you are planning to buy a house and move out within a short time or sell it as an investment property, adjustable rate mortgages (ARM) are good options for you. Adjustable rate mortgages are mortgages that have a fixed interest rate for a certain period of the loan and change after that period, based on a given index such as LIBOR or COFI. Also the interest rates for ARMs are usually significantly lower initially than fixed rate mortgage loans and may help you to save taking adjustable rate mortgage loans compared to a fixed rate mortgage loans.
At Total Mortgage, recently the rate for a 5/1 ARM conforming mortgage decreased from 2.875 percent with 2.638 percent APR to a lower 2.750 percent mortgage rate with 2.637 percent APR. That is one eighth of a point decrease in the rate and a significant amount of savings for you.
If you would like to take advantage of these low ARM mortgage rates, call us at 877-868-2503 to speak with a licensed mortgage professional today!
*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.
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