Are you looking to save money on your mortgage refinance or home purchase? Stop looking, because Total mortgage has some of the best mortgage rates that you will find anywhere, while offering excellent customer service. Since we were founded in 1997, we have displayed a dedication to responsible lending that has allowed us to thrive while many other lenders have disappeared. We would like to be your partner in the mortgage process. To start a free pre-approval application, or to discuss our rates or products with one of our licensed mortgage officers, call us today at 877-868-2503.
Today’s News:
Home prices are down again, hitting post-recession lows.
The courts continue to work through foreclosure-related issues and MERS.
Interesting data on the excess vacant housing supply from Calculated Risk.
Foreclosure starts and delinquencies were down in April.
Our Rates and Products:
Fixed rate mortgages allow for . 30 year fixed rate mortgages are available to qualified borrowers at the rate of 4.375% with an APR of 4.494%. 15 year fixed rate mortgages are going at a rate of 3.625% with an APR of 3.830%.
Adjustable rate mortgages can offer hundreds of dollars in savings on monthly payments compared to fixed rate mortgages. 5/1 ARMs are available at a rate of 2.625% and an APR of 2.212%.
Jumbo mortgages were hard to come by for a while, but jumbo credit is more readily available these days. 30 year fixed rate jumbo mortgages start at 5.000% with an APR of 5.208%. A 5/1 Jumbo ARM starts at 2.625% with and APR of 2.212%.
FHA mortgages open the door to homeownership to many people without a lot of money for a down payment. 30 year fixed FHA mortgages are available at a rate of 4.375% with a 5.775% APR. Minimum down payments start at just 3.5%.
***Mortgage rates are always changing. All rates were quoted at 1:15 P.M., on May 31, 2011.***
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional Mortgage | 4.375% | 4.494% |
| 15 Year Fixed Conventional Mortgage | 3.625% | 3.830% |
| 30 Year Fixed FHA Mortgage | 4.375% | 5.775% |
| 30 Year Fixed Jumbo Mortgage | 5.000% | 5.208% |
| 5/1 Conforming ARM Mortgage | 2.625% | 2.212% |
| 5/1 Jumbo ARM Mortgage | 2.875% | 3.217% |
* All rates shown are for 30 day rate locks. Longer locks are available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 1 point, a $495 application fee, $400 appraisal 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, $400 appraisal 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, $450 appraisal 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 with 720 or higher FICO and 80 LTV and are subject to mortgage approval with full documentation of income. All rates are subject to change without notice. All rates shown are for 30 day rate locks with 1 point unless otherwise noted.
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