Mortgage rates hit new all-time lows last week, falling on renewed fears of European debt contagion as well as the possibility that the U.S. economy is entering a double dip recession.
As a result of this market movement, we are now offering 30-year fixed-rate FHA mortgages at our lowest rate ever, 3.990% with an APR of 5.799%* for qualified borrowers.
If you’re a long-time renter who has been considering purchasing a new home, now is an excellent time to lock in a low rate. FHA mortgages are extremely popular with first-time home buyers because of their low minimum down payment requirement of 3.5%. If you have a good credit history but not a lot of money for a down payment, you may still be able to afford a home.
If you already have a mortgage with the FHA, you may be able to refinance into today’s low rates with an FHA streamline refinance. A streamline refinance may allow you to refi without a new appraisal, which makes the process significantly faster and easier.
Total Mortgage has been helping responsible borrowers achieve their homeownership goals since 1997. We want to be your partner in the mortgage industry. You can become pre-approved in just minutes over the phone. Call us today at 877-868-2503 to speak with one of our licensed mortgage professionals.
Mortgage rates are always changing. All rates were quoted at 11:00 A.M., on August 22, 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.
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