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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. Congress Looks to Restore FHA Loan Limits to $729,750, Freddie, Fannie Limits to Remain Unchanged

    By on November 15, 2011

    Late yesterday, Reuters reported that a bipartisan congressional committee agreed on a measure that would restore FHA loan limits to $729,750 in certain “high cost” areas.  While the measure is not yet law, the article says that “agreement by a bipartisan panel of lawmakers from both chambers indicates a strong likelihood of final approval”.

    The conforming loan limit is the maximum size loan that is eligible for purchase by Fannie Mae, Freddie Mac, or the FHA.  Loans above this amount are considered “jumbo loans” and typically have higher mortgage rates because they are not subsidized. The maximum conforming loan limit was increased in 2008 in order to provide stimulus to the housing market.  The temporary limits were reinstated twice, and were allowed to expire on October 1st, when they fell from $729,750 to $625,500.

    This measure, if it becomes law, will keep the maximum FHA loan size at $729,750 through 2013.  Although the Senate approved measures that would restore high balance loan limits for Fannie Mae and Freddie Mac to $729,750, this measure was rejected by the House, and it is expected that upper-end limits for the GSEs will remain at $625,500.

    Many in Congress (especially those on the right wing) want to reduce government involvement in housing finance.  While this is probably a good idea, generally speaking, it really isn’t practical at this time.  The housing market is pretty much on life support, and there are not a lot of private investors rushing to invest in housing.  Without the government to fill the vacuum, credit would probably contract even further, making it even more difficult to get a mortgage.  This would hurt home sales and home prices, which would further destabilize the housing market.

     

    Category: Mortgage Rates

  5. Current Mortgage Rates Plummet – Wednesday, November 9, 2011

    By on November 9, 2011

    There’s a quote attributed to economist John Maynard Keynes that runs something like this: “if you owe your bank a hundred pounds, you have a problem.  But if you owe a million, it has”.  This saying seems particularly apt today as the world focus is on Italy and its $2.2 trillion debt.  The whole situation is fairly chaotic.  Italian Prime Minister Silvio Berlusconi has declared that he will not seek re-election.  Austerity measures tied to bailouts for both Italy and Greece are extremely unpopular with the citizens of those countries, and I can’t see any way this doesn’t ultimately end up with some sort of debt restructuring or default.  As I write this, the stock market is plummeting and Italian bond yields are soaring.  Mortgage rates should benefit from this action as mortgage backed securities are rallying.

    In the meantime, if you’re looking to purchase a new home or refinance your current one, today is probably going to be a good day to lock a low rate. Our home loan pre-approval process is quick and easy and can be completed in just minutes over the phone.  To find out more about our rates and products, call us today at 877-868-2503.  We offer some of the lowest mortgage rates in the industry and are known for our service and quick turn times.  Don’t hesitate, start saving money today.

    Some of Our Rates and Products*:

    Mortgage Product Mortgage Rates APR
    30 Year Fixed Conventional Mortgage 3.750% 3.901%
    15 Year Fixed Conventional Mortgage 3.250% 3.517%
    30 Year Fixed FHA Mortgage 3.750% 5.092%
    30 Year Fixed Jumbo Mortgage 4.875% 4.992%
    5/1 Conforming ARM Mortgage 2.500% 2.951%
    5/1 Jumbo ARM Mortgage 2.750% 3.038%

    ***Mortgage rates change constantly.  The below rates were quoted at 1:09 P.M., on November 9, 2011.  Call 877-868-2503 for more details.***

    Continue Reading…

    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. Refinance Your FHA Mortgage From 3.750%

    By on October 17, 2011

    If you took out an FHA mortgage in the last few years, and you have yet to refinance your mortgage, you may be paying too much for your home. Refinancing your mortgage can be done quickly and easily with the FHA Streamline Refinance program.

    Many people think that the refinancing process is a pain, and have put off refinancing due to the time and expense involved.  If you refinance through the FHA streamline refi program, you may be able to do so without a new home appraisal, saving both time and money.  It is also possible that no new credit report or new debt-to-income analysis.

    The rates on FHA loans are still hovering around their all-time lows, and you could potentially save a lot of money on your monthly payments.  Today we are offering qualified borrowers 30-year fixed FHA mortgages starting at 3.750% with an APR of 5.092%.  Stop paying higher rates, call us today at 877-868-2503 to find out more about refinancing.     

    Mortgage rates change all the time.  These rates were quoted at 10:05 A.M., on October 17, 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 Refinancing Made Easy, Rates From 3.750%

    By on October 11, 2011

    Did you take out an FHA mortgage over the past couple of years?  Have you refinanced your mortgage?  If you have yet to refinance, there is a good chance that you are paying too much for your mortgage.

    Mortgage rates on FHA loans have dropped significantly over the past few years, and hit record lows over the past couple of weeks.  Although rates have ticked up slightly since that time, they are still very close to all-time lows.

    If you are paying a mortgage rate of 5, 6, 7 percent or more, you could save a significant amount of money refinancing your FHA mortgage.  Some people avoid refinancing because the mortgage process can be long and involved, but the FHA has made it significantly easier to refinance with the FHA streamline refinance program.

    The FHA allows borrowers to do rate and term refinances with no cash-out without a new appraisal, which makes refinancing quicker and easier than ever before.  Depending upon your situation, a credit report and new debt-to-income analysis may not be required.

    Today Total Mortgage is offering qualified borrowers 30 year fixed rate FHA mortgages at a rate of 3.750% with an APR of 5.092%.  If you are paying a higher rate, this program could allow you to save a lot of money on your monthly home payments.

    Call one of our licensed mortgage officers today at 877-868-2503 to find out more about refinancing your FHA loan.  You could be saving a tremendous amount of money with a new home loan.  

    Mortgage rates are always changing. All rates were quoted at 10:20 P.M., on September 29, 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 Mortgages for First Time Homeowners Starting at 3.750%

    By on October 10, 2011

    Home prices have dropped considerably over the past three years, and mortgage rates are at their all-time lows, yet for many people, it is difficult to imagine a home because of the need for a large down payment.  Traditionally, lenders have required down payments equivalent to 20% of the purchase price of the home, and it can take a decade or more for many people to save this much money.

    Thankfully, there is another avenue to homeownership for prospective first time buyers: the FHA mortgage.  One of the things that makes FHA mortgages great for first-time buyers is that they only require a minimum down payment of 3.5% of the purchase price of the home.  If you have a good job and good credit, you may be able to qualify for an FHA insured mortgage.

    Since FHA loans only require a minimal down payment, the borrower is required to pay through mortgage insurance through the FHA which increases the cost of the loan over time (you’ll note the difference between the interest rate and the APR).  This insurance helps protect the FHA and the taxpayers against the risk of default.  Despite this cost, FHA loans can be an excellent deal for many borrowers.

    Today we are offering qualified borrowers FHA loans 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.

    If you already have an FHA mortgage at a rate of 5, 6, or 7%, you may be able to save a ton of money by refinancing it with the FHA streamline refinancing program.  This program frequently doesn’t require a new home appraisal, which saves both time and money.

    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 10:45 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

  10. 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

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