Adjustable Rate Mortgages Fall as Low as 2.500%

Do you move frequently for work?  Are you planning on starting a family in the next couple of years, and know that you will need to move to a larger house?  An adjustable rate mortgage could be an excellent way for you to save money on your monthly mortgage payments.

According to Freddie Mac’s Primary Mortgage Market Survey, mortgage rates set record lows last for the second straight week last week. Continuing fears of a double dip recession in the United States and instability in the European banking community continue to drive interest rates lower and lower.

Adjustable rate mortgages are not for everybody, but for certain homeowners they could offer significant savings over fixed rate mortgages.  For a period of time, the mortgage rate on an ARM is fixed (for 1, 3, 5, 7, or 10 years depending upon what type of ARM you choose).  After that period of time, the rate will adjust based upon market conditions.  If you know that you will need to move (or refinance your mortgage) before the fixed rate expires, you can realize enormous savings.

Click through for more information on our rates.

Today we are offering 5/1 ARMs at 2.500% with an APR of 2.951%.  The current rate on a 5/1 Jumbo ARM is 2.750% with an APR of 3.038%*.  We also offer 10, 7, and 1 year ARMs.  For complete information on all our rates or products, speak with one of our loan officers today.

Since 1997, Total Mortgage has helped responsible people get responsible financing.  We want to be your mortgage partners.  To find out what Total Mortgage can do for you, call one of our licensed mortgage professionals today at 877-868-2503.  Lock your low mortgage rate today.  

Mortgage rates are always changing. All rates were quoted at 9:40 A.M., on September 16, 2011.

*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.