Today’s Mortgage Rates at Total Mortgage For Thursday, September 2, 2010

That's a mighty big cantilever you've got there.

It’s Thursday already, and the weekend is only two days away.  Before Hurricane Earl blows your holiday plans away, take a look at the mortgage rates we are posting at Total Mortgage today.

Mortgage rates continue to hit all time lows, and many people are taking advantage of this unique opportunity to lock in some of the lowest rates in 50 years.  If you are paying more than one point above any of the currently listed rates, you may want to seriously consider refinancing your current mortgage.  You could potentially save thousands of dollars in interest payments over the life of the loan, and hundreds of dollars in monthly mortgage payments.

If you are a first time homebuyer you might want to explore the possibility of getting an FHA mortgage, especially if you don’t have a lot of money to put down on a home.  FHA mortgages only require down payments of 3.5 percent and are insured by the Federal Housing Administration.  Presently, we are offering 30 year fixed FHA mortgages at 4.000 percent with a 4.349 percent APR. FHA mortgages have become incredibly popular over the last several years as private mortgage insurance has become increasingly difficult to procure.  Getting an FHA mortgage can be a difficult process, but we are experts with years of experience.

If you are looking for consistent monthly payments, a fixed rate mortgage could be the way to go.  Total Mortgage has some of the best fixed rates 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 borrowers with extra income or who would like to retire their mortgage 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 some really fantastic deals on adjustable rate mortgages (ARM). It is important to realize that adjustable rate mortgages are not appropriate 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 change daily and often multiple times throughout the day. All mortgage rates were quoted at 8:48 a.m. on September 2, 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.