It’s Friday – now if only it would stop raining. Mortgage rates have been down for five consecutive weeks. If you missed out on refinancing you mortgage last fall, now could be the time to start saving. If you’ve lost value in your home due to the declining market, you still may be able to refinance at today’s low rates with the Du Refi Plus program. If you want to buy a new home this spring, we can help you get pre-approved for a mortgage. The pre-approval process is quick, easy, and free at Total Mortgage. To start an application, or to find out more about our products and rates, call us today at 877-868-2503.
Today’s News:
Rates were down for the fifth consecutive week last week.
If the CFPB has its way, mortgage disclosure forms will become simpler.
Errors in borrower mortgage records abound. Yves Smith with the commentary.
Barry Ritholtz on mortgage fraud and the rule of law – good stuff.
Our Rates and Products:
Fixed rate mortgages enable borrowers to lock in near-historically low rates for up to 30 years in the future. 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 have stunningly low rates right now, and the right borrower can save hundreds or thousands of dollars with an ARM. 5/1 ARMs are available at a rate of 2.625% and an APR of 2.212%.
Several varieties of jumbo mortgages are available at Total Mortgage. 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 9:00 A.M., on May 20, 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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