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  1. FHA Mortgage Rates Still at All-Time Lows

    By on January 16, 2012

    Last week saw mortgage rates set new all-time lows once again, according to Freddie Mac’s Primary Mortgage Market Survey.  This is most likely a result of negative news regarding European debt, because recent U.S. economic data has been fairly strong (although last weeks’ initial unemployment figures and retail sales reports bucked this trend).  Typically rates fall on bad news, and rise on good news, so the uncertainty surrounding the European debt problems has been a boon for borrowers.

    The rates on FHA loans have been falling along with the rates on other products, which is good news for first time homebuyers or for those without a lot of money to use for a down payment on a home.  One of the reasons that FHA loans have become so popular in recent years is that they only require a minimum down payment of 3.5% of the purchase price of the house, and they tend to have more relaxed credit score requirements than traditional loans.

    If you have a solid credit history and a consistent source of income, you may be able to qualify for an FHA mortgage.  Today’s on a 30 year fixed FHA loan is 3.625% with an APR of 4.975%*.

    If you already have an FHA loan and are thinking about refinancing, the FHA has made it easy to do so with its streamline refinancing program.  This program frequently enables people with FHA loans to refinance with a new appraisal.  This makes the refinancing process cheaper and easier than ever before.

    To take advantage of these low FHA rates, call us today at 877-868-2503.  One of our licensed loan officers can help you make an informed decision about whether or not an FHA mortgage is the right mortgage for you.

    *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, 1 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, one 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

  2. FHA Mortgage Rates Still at Record Lows

    By on December 29, 2011

    According to Freddie Mac’s Primary Mortgage Market Survey, mortgage rates rose slightly this week, but are still sitting right around record lows. This is good news for those looking to refinance their current mortgages or purchase new homes.  Homes are also more affordable than they have been at any time over the past several years.  Despite this, some people are reticent to become homeowners.  One of the primary impediments for many people is the need for a sizable down payment. In the aftermath of the housing bubble, many lenders require down payments of twenty percent or more, and saving this amount of money can be daunting.

    There are other options, however.  If you have a good credit history and an appropriate level of income, you may be able to qualify for an FHA mortgage.  One of the reasons that FHA mortgages have become so popular in recent years is because they only require a minimum down payment of 3.5%.  This low down payment requirement opens the possibility of homeownership to many people who otherwise would remain renters.

    As of today, Total Mortgage is offering 30 year fixed FHA loans at the rate of 3.750% with an APR of 5.092%*.  With this low rate you may be able to stop renting and start building equity in a home of your own.

    To take advantage of this low rate, call us today at 877-868-2503.  Our home loan pre-approval process is easy and can be completed over the phone in just minutes. Total Mortgage is known for having some of the best rates and the fastest closing times in the industry.  We would be honored to be your mortgage company.  Call us now and start your journey toward homeownership.

    *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, 1 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, one 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

  3. FHA Rates Fall to Record Lows

    By on December 14, 2011

    As any long-time renter knows, one of the primary obstacles to becoming a homeowner is that many lenders now require a sizeable down payment – as much as 20% of the purchase price of the home.  For many people, this hurdle is insurmountable.  For others it can take years to save this much.

    The good news for those looking to enter the world of home ownership is that FHA insured mortgages only require a down payment of 3.5%.  Due to the low down payment, an FHA loan requires the borrower to pay for mortgage insurance, which protects the FHA and the taxpayer against the risk of default.  If you’re renting but have a desire to own your own home, an FHA mortgage could be ideal for you.

    Best of all, the interest rates on FHA mortgages have reached record lows.  We are now able to offer 30 year fixed FHA mortgages at the rate of 3.750% with an APR of 5.092%*.  This low rate, coupled with increased home affordability, makes now a great time to find your first home.

    Do you have an FHA mortgage with an above-market rate?  You may be able to refinance quickly with the FHA streamline refinance program.  Frequently this program does not require a new appraisal, which will save time and money in the refinancing process.

    For more information on our FHA mortgage rates, or to find out more about the FHA streamline refinance program, call us today at 877-868-2503. One of our licensed loan officers can help you determine if an FHA mortgage is right for you, and pre-approval is fast and easy over the phone. 

    *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, 1 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, one 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

  4. Obama Likely to Sign off on Increased FHA Loan Limits Today

    By on November 18, 2011

    Update 12:30 pm:

    The president made the increase in conforming limits official at midday today.

    Yesterday, the House of Representatives approved a measure to restore FHA loan limits in high cost areas to $729,750.  Initially rejected by many House Republicans, the measure passed when the Senate tied the measure to an increase in spending bills.  The new limits (along with the spending bills) are expected to be signed by the President later today.

    The FHA, Fannie Mae, and Freddie Mac are statutorily limited as to the maximum size loan that they can purchase, back, or insure.  This cap is known as the conforming loan limit.  In 2008, conforming loan limits for the GSEs and the FHA were increased to $729,750 in certain high cost areas (such as Boston, New York City, Miami, Aspen, etc.).  This increase was supposed to be a temporary measure to spur growth in the housing market.  The temporary limits were extended twice, but were allowed to expire on October 1.  Since that time, the maximum conforming loan limit has been $625,500.

    This increase in the FHA conforming limit comes at an odd time, right on the heels of reports that the FHA may be dangerously under-capitalized. Attempts to increase the conforming limit for Fannie and Freddie were rejected but Republican lawmakers, most likely due to a desire to reduce government involvement in housing finance.  It is ponderous (and logically inconsistent) that FHA limits were increased while Fannie and Freddie limits were kept at lower levels, but I guess that is what we should come to expect from government.

    Nevertheless, we should have FHA high balance limits of $729,750 starting later today, and lasting through 2013.

     

    Category: Mortgage Rates

  5. First Time Homebuyers: FHA Mortgage Rates Near Record Lows

    1 By on November 17, 2011

    Mortgage rates are near record lows, and home affordability has increased over the past several years.  Still many renters are hesitant to become homeowners.  One of the major hurdles for long time renters is the need for a substantial down payment. Credit has become tight after the housing bubble burst. Many lenders require down payments of 20 percent or more, and it can take years for the average person to save that much money.

    If you have a good credit history, but not a lot of money for a down payment, you may be able to qualify for an FHA loan.  One of the most attractive features of FHA mortgages is that they only require a minimum down payment of 3.5% of the purchase price of the home you are buying.  This low down payment requirement allows many people who would otherwise be precluded from homeownership to purchase a house.

    Today we are able to offer 30 year fixed rate FHA mortgages starting at the rate of 3.750% with an APR of 5.092%*.  This is one of the lowest rates we’ve ever been able to offer on FHA mortgages.

    Do you have an FHA mortgage already?  We may be able to help you quickly refinance at today’s low rates with the FHA streamline refinancing program.  This program doesn’t always require a new appraisal, which can save a significant amount of time and money.

    To speak with one of our licensed mortgage professionals about our FHA loan programs, call us now at 877-868-2503.  

    *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, 1 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, one 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

  6. 30 Year FHA Loans Fall To 3.750%

    By on October 20, 2011

    Are you a renter?  Is the lack of a down payment the only thing standing between you and home ownership?  Buying a home may require less money up front than you think.  FHA-insured mortgages are a great way for first time home buyers to break into the housing market.

    One of the things that makes an FHA mortgage so attractive to first time buyers is that they only require a minimum down payment of 3.5%.  Many lenders require down payments of 20% or more.  If you have a solid credit history, you may be able to qualify for a loan through the FHA.

    Because of the low down payment requirement, FHA loans require the borrower to pay for mortgage insurance, which causes the APR on FHA loans to be higher than on other loans of comparable length.

    Mortgage rates hit record lows a couple weeks ago, and while they’ve risen a little bit since then, they are still extremely low on a historical basis. This morning we are able to offer qualified borrowers FHA mortgages at a rate of 3.750% with an APR of 5.092*%.  This is a record low rate at Total Mortgage, and you could benefit for years to come by locking it in today.

    Do you already have an FHA mortgage?  If you have yet to refinance your mortgage at today’s low rates, you may be missing out on huge monthly savings.  The FHA has made it easy to refinance with the FHA Streamline Refinancing program.  This program may not require a new home appraisal, credit check, or debt to income analysis, which makes refinancing quicker and easier than ever before.

    To find out more about qualifying for an FHA mortgage, call us today at 877-868-2503.  Let one of our licensed mortgage professionals help you begin your homeownership journey today.

    Mortgage rates are always changing. All rates were quoted at 10:45 A.M., on October 10, 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, 1 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, one 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

  7. Fixed FHA Loans Starting at 3.750%

    By on October 4, 2011

    Are you a long-time renter who is looking to become a homeowner?  Do you need more room for a growing family?  Do you have a good credit history and a solid income? Don’t let a lack of money for a down payment stop you from owning your own home.  With an FHA-insured mortgage you too can start building equity in a house.

    While many banks require down payments of 20% of the purchase price of a home, the FHA only requires a down payment equal to 3.5% of the price of the home you are looking at.  In exchange for lower payments, an FHA borrower pays for mortgage insurance, which helps protect taxpayers against potential defaults.

    As of this morning, we are offering qualified borrowers FHA mortgage rates starting at 3.750% with an APR of 5.092*%.  This is one of the lowest rates on an FHA loan that we have ever been able to offer thanks to today’s ultra-low rates environment.

    Do you have an existing FHA mortgage?  Are you paying a rate significantly higher than the current rate?  You may be able to refinance easily with the FHA streamline program.  This program enables those who have FHA home loans to refinance, often without needing a new appraisal.

    If you want to find out more about our FHA mortgage products, call one of our licensed loan officers today at 877-868-2503.Our mortgage pre-approval process only takes moments over the phone.  Start down the path to homeownership today.

    Mortgage rates are always changing. All rates were quoted at 10:30 A.M., on October 4, 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, 1 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, one 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. FHA Loans From 4.125% Provide Opportunity for First Time Home Buyers

    By on August 31, 2011

    Have you been renting for a long time?  Perhaps you’ve considered buying a home of your own, but you just don’t have enough money for the 20% down payment many lenders require.  Don’t give up hope, Total Mortgage may be able to help you realize your dreams of homeownership.

    Lots of first-time homebuyers put off purchasing their first home for many years while they are saving for a downpayment.  It can be daunting, 20% is a lot of money, and it can take years to save that much.  The good news is that if you have a good credit history, you may be able to qualify for an FHA mortgage.

    FHA-insured loans only require a minimum down payment of 3.5%, and a minimum FICO score of 660.  This is one of the big reasons that they are popular among young, first time home buyers.

    Today we can offer FHA home loans to qualified borrowers at a rate of 4.125% with an APR of 5.445%.  If you have an existing FHA mortgage and are paying a higher interest rate, refinancing at today’s low rates can be quick and easy and can save you a lot of money.  The FHA streamline refinance program may allow you to refinance your home without a new appraisal, which will save you time and money.

    We’ve been helping responsible people achieve their dreams of homeownership for nearly 15 years.  We’re experts at FHA loans, and we can help you with every step of the process.  To speak with one of our licensed mortgage officers about the FHA program, call us today at 877-868-2503.  Start planning your future today. 

    Mortgage rates are always changing. All rates were quoted at 10:54 A.M., on August 31, 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, 1 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, one 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

  9. FHA Mortgage Rates in Connecticut

    By on September 1, 2010

    FHA Mortgage Rates in CTTotal Mortgage currently offers one of the lowest FHA mortgage rates in Connecticut.  At Total Mortgage a 30 year fixed FHA loan is available at 4.000% rate with 5.178% APR.  FHA mortgages have become more and more popular over the last four years, and now is a great time to take advantage of record low mortgages rates whether you are a first-time home-buyer or if you are refinancing your current mortgage.

    A fixed FHA mortgage loan is similar to a fixed conventional mortgage loan in that the interest rate remains the same for the life of the loan. There are several benefits to FHA mortgages compared to traditional mortgages.  Down payments can be as low as 3.5 percent.  Additionally, credit requirements for FHA mortgages are often not as stringent for standard mortgages because they are insured by the FHA.  One of the downsides is that FHA mortgages cost more than traditional mortgages because the borrower needs to pay for mortgage insurance.

    Other popular mortgage products at Total Mortgage are the 30 year fixed mortgage, 15 year fixed mortgage, 30 year fixed jumbo mortgage , and 5/1 ARM conforming mortgage.

    CT Mortgage Rates as of September 1, 2010.

    • 30 year Fixed Conventional at 4.125% rate with 4.323% APR
    • 15 year Fixed Conventional at 3.625% rate with 3.972% APR
    • 30 year Fixed FHA at 4.000% rate with 5.178% APR
    • 30 year Fixed Jumbo mortgage at 4.875% rate at 5.098%
    • 5/1 ARM Jumbo mortgage at 3.625% rate at 3.657% APR
    • 1/1 ARM Jumbo mortgage (0 Points) at 3.350% rate at 3.957% APR

    Mortgage rates are always changing, all rates were quoted at 11:15 A.M., September 1, 2010.

    For more information on our rates and to learn more on our mortgage products please call at 877-868-2503 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, $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 2 Points unless otherwise noted.

    Category: Mortgage Rates

  10. Historic Low Mortgage Rates in New Jersey

    By on July 12, 2010

    New Jersey currently has some of the lowest mortgage rates in the nation. These rates are close to historic low mortgage rates making it a great time to buy a home or refinance a mortgage. Total Mortgage is offering competitive rates for a wide variety of mortgage products including fixed rate mortgages and adjustable rate mortgages (ARM’s).

    A 30-Year Fixed Conventional Mortgage is currently available with a 4.125% rate and a 4.323% APR. Total Mortgage also offers 15 and 20 year fixed conventional mortgages.

    The Federal Housing Administration makes it possible for less qualified borrowers to obtain credit. Currently a 30-Year FHA Mortgage in New Jersey has a 4.000% rate and a 5.178% APR.

    Total Mortgage also has a wide variety of jumbo mortgage loans available. A 30-Year Fixed Jumbo Mortgage has a 5.000% rate and a 5.203% APR. A 15-Year Fixed Jumbo Mortgage is available with a 4.000% rate and a 4.349% APR. In addition to fixed jumbo mortgages there are also great jumbo ARM’s available.

    A 5/1 ARM Jumbo Mortgage is being offered with a 3.625% rate and a 3.657% APR. A 5/1 ARM Conforming Mortgage is available with rate of 3.000% an APR of 3.481%.

    Mortgage rates in New Jersey are constantly changing; all rates were quoted at 9:30 a.m. on July 12, 2010.

    Mortgage Product Mortgage Rates APR
    30 Year Fixed Conventional 4.125% 4.323%
    30 Year Fixed FHA 4.000% 5.178%
    30 Year Fixed Jumbo 5.000% 5.203%
    15 Year Fixed Jumbo 4.000% 4.349%
    5/1 ARM Jumbo 3.625% 3.657%
    5/1 ARM Conforming 3.000% 3.481%

    For additional mortgage rates in New Jersey or a complete list of mortgage products fill out this form online or call 877-868-2509 to speak to 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.

    *All rates are posted with borrowers paying 2 points unless otherwise noted.

    Category: Mortgage Rates

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