The internet direct lender, AimLoan, is currently offering a 15-Year Fixed Jumbo Mortgage with a 5.125 % rate and a 5.193% APR, with borrowers paying no points. Total Mortgage on the other hand is offering a 4.375% rate and a 4.399% rate for the same 15-Year Fixed Jumbo Mortgage.
When comparing these two lenders rates, Total Mortgage is offering an identical product with a rate that is lower by .75%. Assuming a loan amount of $600,000 ,a 20 percent down payment and a credit score of over 720, a borrower would save $32,940 over the life of the loan.
| Loan Type | AimLoan | Total Mortgage |
|---|---|---|
| 15-Year Fixed Conforming | 4.000% | 4.000% |
| 15-Year Fixed Jumbo | 5.125% | 4.375% |
| 5/1 ARM Conforming | 3.375% | 3.500% |
| 3/1 ARM Jumbo | 4.125% | 3.875% |
Note: Mortgage rates are constantly changing.
*All rates were quoted from www.moneycentral.msn.com at 9:15 a.m. on Tuesday June 29, 2010.
*All rates are calculated with zero point fees unless otherwise noted
*All rates are calculated for the state of Massachusetts
A 15-Year Fixed Conforming Mortgage from Total Mortgage is being offered with a mortgage rate of 4.000% and a 4.053% APR. A 5/1 ARM Conforming Mortgage has a rate of 3.500% and 3.046% APR. 3/1 ARM Jumbo Mortgages are available with a 3.875% rate and a 3.029% APR.
View a complete list of additional mortgage rates and mortgage products or call one of our licensed mortgage professionals at 877-868-2503.
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EK
June 29, 2010 @ 9:09 am
We are in this group. Signed the PA at the beginning of Feb. had a verbal approval at the beginning of May and were suppose to close May 27. 1 month and week later we are still waiting. It has been blow after blow from Band of America and this is not the news I wanted to hear.
We are considering taking our offer off the table, but with so much time and money invested in a propery we truely love we are torn.
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