Todays Mortgage Rates at Total Mortgage for Tuesday, September 21, 2010

Sadly we cannot qualify bears for financing. This guy must've bought with cash.

Exhale, you’ve survived Monday.  This fine Tuesday is as good a day as any to check out the ultra-low mortgage rates Total Mortgage is offering qualified borrowers.  Before you check in on the score from the Monday night game (it was a good one), take a look and see if Total Mortgage could save you some money on your home purchase or mortgage refinancing.

Rates have been trending up for the last two weeks, albeit slightly.  According to Freddie Mac rates moved from 4.32 percent to 4.37 percent over the last two weeks. This may be the beginning of a trend or it could be an aberration, but if you are considering refinancing, you need to be aware of the possibility that rates may increase, but are unlikely to decrease significantly.  There is limited upside but a lot of downside in waiting to refinance.  If you qualify you could save hundreds of dollars per month by refinancing, so it doesn’t make much sense to delay any longer.

Fixed rate mortgages are the most popular mortgage in the United States. Borrowers like the stability and surety they provide. The best feature of fixed rate mortgages is that a borrower is able to shift a lot of the inherent interest rate risk in a mortgage to the lender. If you are going to be in your house long term, or if you want to lock in a consistently low monthly mortgage payment, a fixed rate mortgage could be the best choice for you. 30 year fixed rate mortgages are available to qualified buyers at 4.0 percent with a 4.201 percent APR. Another option is the 15 year fixed rate mortgage, which has higher monthly payments but will save a borrower thousands of dollars in interest payments over the life of loan. A 15 year fixed rate mortgage is available at 3.5 percent with an APR of 3.854 percent. The monthly payments are more expensive, but you will save thousands of dollars in interest payments compared to a longer term mortgage.

In the event that you are buying a home that costs more than the Fannie Mae’s conforming limits ($417,000 to $729,750 depending upon where you live), you will need to get a jumbo mortgage. Credit standards on jumbo mortgages have loosened somewhat, and 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.

Perhaps you looking to make a foray into home ownership? An FHA mortgage can be very good for first time homeowners. FHA mortgages are increasingly popular as credit tightens.  We recently learned that nearly 40 percent of all mortgages originated in 2009 were insured by the FHA.  One of the best features of an FHA mortgage is that it only requires a down payment of 3.5 percent, far less than the requirement of traditional lenders.  A borrower must realize that FHA mortgages require the borrower to take out mortgage insurance, which can increase your costs in the long term. For qualified borrowers we are offering 30 year fixed FHA mortgages at 4.125 percent with a 5.293 percent APR.

Are you only planning on living in your home for the short term? You might consider an adjustable rate mortgages (ARM). ARMs offers some advantages over fixed rate mortgages for the type of borrower. They feature low initial mortgage rates that are unmatched by any other type of mortgage. One must note that there is some inherent risk with an ARM, as the interest rate can escalate after a certain number of years. They are not appropriate for all buyers. It is important to be counseled by an experienced mortgage professional before making any decisions about what kind of mortgage loan is appropriate for you.

Some of our most popular ARM’s are 5/1 conforming and 5/1 jumbo ARMs. A 5/1 conforming ARM is available with a 2.75 percent mortgage rate and a 2.637 percent APR. A 5/1 jumbo ARM has a slightly higher mortgage rate of 3.625 percent and a 3.657 percent APR.

Mortgage rates change all the time. These mortgage rates were quoted at 8:45 a.m. on September 21, 2010.

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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.