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  1. 5-Year Adjustable Rate Mortgages Now From 2.625%

    By on May 16, 2011

    Last week mortgage rates hit their lowest point of 2011, and are now only just above their all-time lows set in the Fall of 2010.  This is good news for those of you who are looking to refinance your home mortgage, but did not do so last year.  The interest rates on adjustable rate mortgages are particularly low:  Total Mortgage is offering qualified borrowers 5/1 ARMs at a rate of 2.625% and an APR of 2.212%.  5/1 Jumbo ARMs are available at 2.875% and an APR of 3.217%*.

    Adjustable rate mortgages offers a lot of benefits to the right type of borrower.  They have significantly lower rates than do equivalent fixed rate loans, which can allow for hundreds or thousands of dollars in savings in monthly mortgage payments.  If you only plan to be in your house for the short term (less than the fixed portion of your adjustable rate loan), you can save lots of money.  If you work on a bonus system or will soon be able to pay your house off in full, an ARM could be a good option for you.

    It is important to note that adjustable rate mortgages only have a fixed rate for a period of time, after which the rate adjusts to market levels.  As a result, there is some inherent risk in getting an ARM.  This makes it crucially important to consult with a mortgage professional before deciding what kind of mortgage to get. For a free consultation with one of our loan officers, call us today at 877-868-2503.  Low rates won’t last forever.

    * 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, one point, 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, one point, 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 740 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.

    Category: Mortgage Rates

  2. Today’s Current Mortgage Rates for Thursday, March 31, 2011

    By on March 31, 2011

    It’s Thursday, and spring is in the air, unless you live in the northeast where a foot of snow is being forecast (in what we can only hope is a April Fool’s Day joke being played by the weathermen).  Take a break this morning and check out the current mortgage rates that are posted at Total Mortgage today.  Market forces have been pushing yields on Treasury bonds higher, and mortgage rates are likely to follow.  Freddie Mac has predicted that rates will hit 5.5% by the end of the year.  While nobody can say for sure where rates will go, they appear to be trending upward in the long(er) term.  If you have yet to refinance your mortgage, now may be the time to do so.  If you’re interested in learning more about our rates, products, or our free mortgage pre-approval process, call one of our licensed mortgage professionals today at 877-868-2503.

    Today’s News:

    A ruling on the NAMB suit against the Federal Reserve over loan officer compensation is expected in the next two days.

    Mortgage fraud is up in high-foreclosure areas.

    Is the Canadian housing market going to burst?

    The House voted to terminate HAMP.

    Our rates after the jump….

    Continue Reading…

    Category: Mortgage Rates

  3. Authorities Investigating Possible Bank Manipulation Of ARM Index

    By on March 17, 2011

    Regulators are investigating the possibility that major banks manipulated the London Inter-Bank Offered Rate (LIBOR), an index used to set adjustable-rate mortgages and other loans.

    The Department of Justice and Securities and Exchange Commission as well as Japanese and British regulators are investigating if some banks intentionally provided inaccurARMs, adjustable-rate mortgages, LIBOR, ARM ratesate data to the British Bankers Association between 2006 and 2008 in an attempt to manipulate LIBOR. Compiled daily by the BBA from information from 20 large banks, LIBOR is the benchmark index for “trillions of dollars worth of mortgages and others loans in the U.S. and other countries,” explains an article in The Wall Street Journal today.

    While all banks involved in setting LIBOR have been questioned, the U.S. investigation, notes the Journal article, is focusing on Bank of America, Citigroup and UBS AG. Although authorities have questioned banks and sent several subpoenas, that doesn’t mean anyone will be charged with wrongdoing. Continue Reading…

    Category: Adjustable Rate Mortgages

  4. Low Mortgage Rates Available at Total Mortgage

    By on March 14, 2011

    Low Mortgage Rates Available at Total MortgageAre you looking to refinance your existing mortgage loan? Are you tired of paying a higher mortgage rate? Do you want to save some money? Get all your mortgage solutions at Total Mortgage, one of the leading mortgage companies in the United States. Total Mortgage is currently posting some of the lowest mortgage rates in the industry.

    Total Mortgage offers a wide range of mortgage products to meet every borrower’s individual mortgage requirements. Some of the popular mortgage home loans available include fixed rate mortgages, FHA mortgages, adjustable rate mortgages and jumbo mortgages. All these mortgage loans are available at some of the most competitive rates available.

    Fixed rate mortgages are among the most preferred mortgage loan among borrowers in the country. Fixed rate mortgages give borrowers the comfort of a stable rate throughout the life of the loan, low monthly payments with the ability to know their monthly mortgage payments beforehand. Currently at Total Mortgage, 30 year fixed rate mortgages can be obtained at a 4.625% interest rate (4.746% APR). 20 year fixed rate mortgages and 15 year fixed rates mortgages are available at a 4.375% rate (4.539% APR) and 3.875% rate (4.081% APR) respectively.

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    Category: Mortgage Rates

  5. Today’s Affordable Fixed Rate Mortgages Available

    By on March 7, 2011

    Today’s Affordable Fixed Rate Mortgages AvailableMortgage rates have continuously dropped for the past three weeks making it an ideal time to purchase a new house or refinance an existing mortgage to reduce your monthly payments and save money.

    Total Mortgage has some of the most competitive mortgage rates available in the mortgage industry. Along with affordable rates, Total Mortgage also has a variety of mortgage products tailored to help borrowers get what they are looking for.

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    Category: Mortgage Rates

  6. Low Adjustable Rate Mortgages Available at Total Mortgage

    By on March 1, 2011

    Low Adjustable Rate Mortgages Available at Total MortgageMany borrowers have taken advantage of the once again slipping down mortgage rates to purchase houses as well as refinance their existing mortgage loans. Depending on ever changing economic conditions, the low rates may climb up again, no one can predict. If you are planning to purchase a house or planning to reduce your monthly mortgage payment by refinancing your current mortgage loan to a lower rate and save thousands in the process, take action fast before rates go up again.

    Total Mortgage is currently posting some of the lowest adjustable rate mortgages (ARMs). Currently, a 5/1 ARM conforming mortgage is available to qualified borrowers at a 3.375% interest rate with 3.261% APR.

    Adjustable rate mortgages     have initial low interest rates for a fixed period. Borrowers may save on interest payments because of the low initial interest rate. The low rate can also reduce the monthly payments and help borrowers qualify for a larger loan. After the fixed period for the low rate is over, rates for adjustable rate mortgages fluctuate depending on the market condition and hence, rates and payments may increase. Adjustable rate mortgages therefore may not be suitable to all types of borrowers.

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    Category: Mortgage Rates

  7. 5/1 ARM Conforming Mortgage Available at 3.375% Interest Rate

    By on February 18, 2011

    5/1 ARM Conforming Mortgage Available at 3.375% Interest RateAdjustable rate mortgages (ARMs) are mortgage loans with a  fixed rate for an initial predefined period followed by rates that fluctuate depending on the marketing conditions. Mortgage rates for the initial term are significantly lower compared to fixed rate mortgages. However, rates may increase after the initial fixed period has elapsed.

    Many borrowers are attracted to adjustable rate mortgages for their low initial rates that can help borrowers save thousands in interest payments compared to fixed rate mortgages. Adjustable rate mortgages are considered riskier than fixed rate mortgages because of the potential for rates and mortgage payments increasing. ARMs may not be suitable mortgage loans for all types of borrowers. Borrowers who plan to move from their homes within the first 10 years of purchasing the property or those who would think their future income will increase so that they can handle any increase in their payments may benefit from ARMs.

    Total Mortgage offers conforming and jumbo adjustable rate mortgages at some of the most competitive mortgage rates available. Qualified borrowers can currently get 5/1 ARM conforming mortgage at a 3.375% interest rate and 3.261% APR. A 5/1 ARM jumbo mortgage is available at a 3.500% mortgage rate with 3.315% APR.

    For more information on adjustable rate mortgages and our current mortgage rates, please call 877-868-2503 to speak with a mortgage expert today.

    Mortgage rates are always changing. All rates were quoted at 2:15 P.M., on February 18, 2011.

    *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.

    Category: Mortgage Rates

  8. Mortgage Rates Slightly Up this Week

    By on February 14, 2011

    Mortgage Rates Slightly Up this WeekMortgage rates have climbed steadily for the past four weeks. According to Freddie Mac, 30 year fixed rate mortgages climbed to 5.05%, the highest since last April. Similarly, 15 year fixed rate mortgages also went up to 4.29%. Mortgage rates at Total Mortgage are also slightly up this week. However, they are still considerably lower than the national average. For borrowers considering refinancing their existing mortgages or purchasing houses, now is the right time to act before rates climb even higher.

    Fixed rate mortgages are one of the most sought after home loans in the United States. They are popular for their fixed rate throughout the life of the loan, low monthly payments and predictable monthly payments. A 30 year fixed rate mortgage is currently available at Total Mortgage at an interest rate of 4.625% with 4.934% APR. A 15 year fixed rate mortgage is available at a 4.000% rate and 4.359% APR.

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    Category: Mortgage Rates

  9. Today’s Affordable Adjustable Rate Mortgages Available

    By on February 10, 2011

    Today’s Affordable Adjustable Rate Mortgages AvailableAdjustable rate mortgages (ARMs) as the name implies are mortgage loans with rates that adjust periodically after a certain period. Adjustable rate mortgages are popular among borrowers because of their low initial mortgage rates. Homeowners who plan to move out within the first 10 years of purchasing their homes may benefit from adjustable rate mortgages. They could potentially save thousands on interest payments with ARMs because of their low interest rates compared to fixed rate mortgages such as 30 year fixed rate mortgages which have higher mortgage rates. However, for borrowers who plan to stay for a longer term, adjustable rate mortgages may not be suitable for them because rates fluctuate after the completion of the initial period which may go up, increasing monthly mortgage payments. Adjustable rate mortgages are hence considered riskier than fixed rate mortgages in which borrowers do not have to worry about their rates changing, as rates for fixed rate mortgage are constant for the life of the loan.

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    Category: Mortgage Rates

  10. 5/1 ARM Conforming Mortgages Available at 2.500%

    By on January 18, 2011

    5/1 ARM Conforming Mortgages Available at 2.500%Mortgage rates are currently near historical lows, making it a great time to refinance your existing mortgage or purchase a new home.  So if you’re on the fence, act now before rates increase.  At Total Mortgage, we have some of the lowest mortgage rates in the industry. We offer a wide variety of mortgage products to meet the needs of many different kinds of borrowers.

    If you are planning to purchase a house as an investment property or to live in for the short term, an adjustable rate mortgages (ARMs) could be the right type of home loan for you. ARMs have a low fixed interest rate for an initial period of time after which the interest rate fluctuates based upon current market conditions.  The low initial rates can offer significant savings over fixed rate mortgages for certain types of borrowers.

    Continue Reading…

    Category: Mortgage Rates

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