Low FHA Mortgages Available at Total Mortgage

By now most of us must have read that mortgage rates have started to climb up. However rates are still relatively low making it an ideal time for purchasing homes as well as refinancing existing mortgage loans. If you are a potential homebuyer or a homeowner looking for some of the best mortgage rates in the industry your search is over. Total Mortgage has some of the finest mortgage rates across the nation.

Total Mortgage offers a variety of mortgage products at some of the lowest mortgage rates. Currently a 30 year fixed FHA mortgage is available at a 4.250 percent interest rate and 5.656 percent APR. FHA mortgage loans have been a popular choice among first time home buyers lately. FHA mortgages are available only through an FHA-approved lender and Total Mortgage is one of them.

FHA mortgages have become an ideal choice for many first time homebuyers for various reasons. FHA mortgage loans are insured by the Federal Housing Administration and hence are liable to pay off lenders if the borrower defaults on his/her loan. FHA mortgages were created by the US government in 1934 as a part of the National Housing Act and were designed to help borrowers who were not able to meet the strict mortgage criteria for conventional loans. Since then FHA mortgages have helped many borrowers who otherwise would not have been able to get mortgage loans become homeowners.

Some of the benefits of having FHA mortgages are

• Mortgage rates for FHA loans are fixed for the life of the loan, so borrowers do not have to worry if mortgage rates increases.
• FHA mortgages have more flexible mortgage requirements as well as lesser credit requirements compared to conventional loans.
• Most lenders require higher down payments for conventional loans, whereas for FHA loans a low down payment of 3.5 percent of the property value is acceptable, making it convenient for people who are tight on cash on hand.
• Also FHA mortgages have a variety of refinancing programs, and borrowers can refinance from one FHA mortgage to another with a lower mortgage rates.

For more information on FHA mortgages or for a complete list of our current mortgage rates visit us online or call us at 877-868-2503 to speak with a mortgage expert today!

Mortgage rates are always changing. All rates were quoted at 10:30 A.M., on November 18, 2010.

*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.