Happy Cinco de Mayo! Take a couple of minutes this morning to look at the low mortgage rates we have posted at Total Mortgage today. Interest rates are down, and now is a good time to refinance your current mortgage if you did not do so last Fall. If you are thinking about buying a new home in the coming months, now is the time to start the mortgage pre-approval process. Pre-approval is free and easy at Total Mortgage. If you want to find out more about our rates, products, or our pre-approval process, call one of our licensed loan officers today at 877-868-2503. Don’t hesitate, act now before rates go up.
Today’s News:
Make energy efficient home upgrades with FHA PowerSaver mortgages.
Foreclosures are temporarily suspended in South Carolina by order of the State Supreme Court.
According to a Zillow survey, most homeowners don’t know mortgage basics.
There’s a big-time REO inventory problem at the FHA.
Our Rates and Products:
Adjustable rate mortgages: 5/1 ARMs are available at a rate of 3.375% and an APR of 4.875%.
Thirty-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 3.875% with an APR of 4.081%.
Several varieties of jumbo mortgages are available at Total Mortgage. 30 year fixed rate jumbo mortgages start at 5.375% with an APR of 5.495%. A 5/1 Jumbo ARM starts at 3.500% with and APR of 4.914%.
FHA mortgages: 30 year fixed FHA mortgages are available at a rate of 4.625% with a 5.918% APR.
***Mortgage rates are always changing. All rates were quoted at 8:25 A.M., on May 5, 2011.***
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional Mortgage | 4.375% | 4.494% |
| 15 Year Fixed Conventional Mortgage | 3.875% | 4.081% |
| 30 Year Fixed FHA Mortgage | 4.375% | 5.681% |
| 30 Year Fixed Jumbo Mortgage | 5.375% | 5.495% |
| 5/1 Conforming ARM Mortgage | 3.375% | 4.875% |
| 5/1 Jumbo ARM Mortgage | 3.500% | 4.914% |
* 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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