It’s Wednesday, and if you’re at work I’m guessing that like myself, you didn’t win the big Mega Millions drawing last night. Before you double check your numbers, take a little while to check out the low mortgage rates we are able to offer at Total Mortgage today. Although rates have steadily increased over the last two months, they are still very low on a historical basis. You may be able to save a lot of money on your home purchase or by refinancing your mortgage with Total Mortgage.
On this day in 1961, the TV show Mr. Ed debuted (if you are somehow unaware, Mr. Ed was a talking horse. Really.). Improbably it ran for six easons.
News Roundup:
Yesterday, Attorney General Tom Miller of Iowa backtracked on his promise to “put people in jail” over the foreclosure fraud/robo-signing scandal (Miller is the AG who is heading up the 50 state joint investigation into mortgage fraud). He now says the group isn’t pursuing criminal charges. What more is there to say about this? “Poo-tee-weet?”
In other too-big-too-fail news, Bank of America settled at least some of their putback liability with Freddie and Fannie for pennies on the dollar. So it goes.
Also in the news, the Federal Reserve announced that economic conditions were insufficient to roll back their QE2 program. Whenever you’re in Washington, D.C., just ask for Wild Ben.
Today’s Link of the Day:
Today’s link of the day is “How to Make a Decent Cup of Tea” from Slate’s Christopher Hitchens. While I don’t really drink tea, apparently the way I was taught to make it is entirely wrong.
Our Rates:
Total Mortgage’s fixed rate mortgages are our most popular mortgage product, likely because they allow borrowers to lock in today’s historically low rates far into the future. At some point in the future, borrowing costs will rise, and when they do, locking in a rate now will look like a very smart move. Qualified borrowers can get 30 year fixed rate mortgages at a 4.375% mortgage rate with 4.581% APR. A 15 year fixed rate mortgage is available at a 3.625% interest rate and 3.980% APR.
Adjustable rate mortgages offer the lowest initial interest rates of any of the mortgages we have to offer, but unlike fixed mortgage, the interest rate on an ARM fluctuates depending upon the market after a set period of time. Homeowners who intend to stay in their home for only a few years may or those who intend to pay off their mortgage quickly may be able to save a bundle of money with an adjustable rate mortgage. 5/1 conforming ARMs are available to qualified borrowers at a rate of 2.500 percent and a 3.038 percent APR.
Total Mortgage is a fully-approved FHA lender, and we are experts at doing FHA mortgages. One of the great things about FHA mortgages is that they only require a down payment of 3.5%, far less than traditional lenders require (typically around 20%). For this reason, they are especially popular with first time home buyers. A 30 year fixed FHA mortgage can be obtained at a 4.375% interest rate and 5.775% APR.
Some of you are probably in the market for luxury homes that will require jumbo mortgages. Jumbo mortgages are required when the loan amount exceeds the conforming loan limit set by Fannie Mae and Freddie Mac. The conforming loan limits are $417,000 to $729,750 for single-family homes depending on the location of the property. Currently, Total Mortgage is offering a 30 year fixed jumbo mortgage at 5.375% and 5.588% APR and a 15 year fixed jumbo mortgage at a 4.000% rate and 4.4.75% APR.
Mortgage rates are always changing. All rates were quoted at 8:45 A.M., on January 5, 2011.
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional | 4.375% | 4.581% |
| 15 Year Fixed Conventional | 3.625% | 3.980% |
| 30 Year Fixed FHA | 4.375% | 5.775% |
| 30 Year Fixed Jumbo | 5.375% | 5.588% |
| 5/1 Conforming ARM | 2.500% | 3.038% |
| 5/1 Jumbo ARM | 3.250% | 3.295% |
For more information on our current mortgage rates and mortgages products call 877-868-2503 today, 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.
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