Are you spending too much on your mortgage? If so, we can probably help you save money on your monthly payments. Total Mortgage has some of the best mortgage rates in the industry, and interest rates have been down for the past four weeks. If you did not refinance your home last fall, now may be the time to act, because rates will not stay this low forever. If you are going to purchase a new home in the near future, we can help you get pre-approved for a loan for free. The process is quick and easy, and won’t cost you a dime. To speak with one of our certified mortgage professionals, about rates, products, or pre-approval, call us today at 877-868-2503.
Today’s News:
Mortgage rates hit a 2011 low last week.
The housing double dip shows that the first time home buyer tax credit was questionable policy at best.
Shockingly, the banks don’t like the proposed mortgage settlement (which was weak to begin with).
Foreclosures are down – temporarily.
Our Rates and Products:
Fixed rate mortgages are extraordinarily popular, and rightly so. They allow borrowers to lock historically low interest rates for many years into the future. 30 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%.
Adjustable rate mortgages can save a borrower in the right situation a ton of money on monthly payments. 5/1 ARMs are available at a rate of 3.375% and an APR of 4.875%.
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. Minimum down payments start at just 3.5%.
***Mortgage rates are always changing. All rates were quoted at 8:35 A.M., on May 13, 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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