Today’s Mortgage Rates at Total Mortgage for Friday, September 3, 2010

No matter how skinny or wide the house, Total Mortgage would like to help you finance your mortgage.

Friday has finally arrived!  Before you go away for the long weekend, take a look at the record low mortgage rates that are available at Total Mortgage today.

Mortgage rates are right near all time lows, and many saavy borrowers are taking advantage of the opportunity to lock in some of the best rates in 50 years. If you are paying more than one point above the current mortgage rate, it may behoove you to think about refinancing your mortgage.  You might be able to save thousands of dollars in interest payments over the course of your loan, lower your monthly payment, or possibly reduce the term of your loan so you could own your house outright more quickly.

Are you a prospective first time homebuyer?  Amongst your options, you may want to look into the possibility of getting an FHA mortgage.  FHA mortgages can be ideal for first time home buyers because they only require down payments of 3.5 percent and are insured by the Federal Housing Administration.  For qualified borrowers we are offering 30 year fixed FHA mortgages at 4.000 percent with a 4.349 percent APR.

Possibly you would like the stability of consistent monthly payments.  If so, a fixed rate mortgage is likely the way to go. Total Mortgage has among the best fixed rate mortgages in the country.  A 30 year fixed rate mortgage is available to a qualified buyer at 4.125 percent with a 4.323 percent APR.  For those with a little extra income who would like to retire their mortgage debt more quickly, 15 year fixed rate mortgages are available at 3.625 percent with an APR of 3.972 percent.

In addition to fixed rate mortgages, Total Mortgage has excellent deals on adjustable rate mortgages (ARM). Adjustable rate mortgages are not the best choice for everybody. There is some interest rate risk with an ARM, so they work best for those who follow the markets closely and have some idea where mortgage rates may go. They are also good choices for those who do not intend to spend a long period of time in their homes.

Some of the most popular ARM’s are 5/1 conforming and 5/1 jumbo ARMs. A 5/1 conforming ARM is available with a 2.875 percent mortgage rate and a 2.638 percent APR. A 5/1 jumbo ARM has a slightly higher mortgage rate of 3.625 percent and a 3.657 percent APR.

If you are purchasing a house that costs more than the Fannie Mae conforming limit ($417,000 to $729,750 depending upon your locality), you will need to get a jumbo mortgage. Since rates have come down, a 30 year fixed jumbo mortgage is available at Total Mortgage with a mortgage rate of 4.875 percent and an APR of 5.098 percent.

Mortgage rates are always on the move.  These mortgage rates were quoted at 9:01 a.m. on September 3, 2010.

For a complete list of Total Mortgage’s current mortgage rates and mortgages products call 877-868-2503 immediately, to speak with a licensed mortgage professional.

*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.