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  1. Refinance with Our Low Mortgage Rates in New York

    By on September 8, 2010

    Refinance with Best Mortgage Rates in NYTotal Mortgage is offering some of the best mortgage rates in New York, as well as across the nation. With mortgage rates at historic lows, homeowners are taking advantage of these low rates to refinance their current loans. According to Mortgage Bankers Association, mortgage applications to buy home rose to higher pace last week since May, and more than 8 of every 10 loan application was for refinancing. Also see this blog for more on data by Mortgage Bankers Association and how low mortgage rates continues to fuel refinancing.

    You can choose to refinance your current mortgage loans for many reasons, the most common would be to lock in these low rates and lower your mortgage rates, hence reduce your monthly payments. You can also transfer your current mortgage loan to a different loan; say from an adjustable mortgage loan to a fixed mortgage loan. With a fixed mortgage loan, the rates remain constant throughout the term of your loan, whereas with adjustable mortgage rates you get a fixed rate for a certain length of your loan and then periodically change based on index and margin. You can also shorten the length of your loan by refinancing. You can switch to a shorter loan terms such as the 20 year fixed mortgage loan or a 15 year fixed mortgage loan and payoff your loan faster, but keep in mind your monthly payment will go up with this.

    A 30 year fixed conventional mortgage rate in New York is available at 4.125% with a 4.323% APR, a 15 year fixed conventional mortgage rate is available at 3.625% with a 3.972% APR. Total Mortgage also offers FHA loans and you can refinance with our 30 year fixed FHA mortgage rate at 4.000% with a 5.178% APR.

    If you are considering refinancing and not sure which is a best fit for you, call 877-868-2503 to consult with one of our licensed mortgage professional immediately.

    Mortgage rates are changing all the time,  mortgage rates for New York were quoted at 10:30 A.M., on September 8, 2010.

    * 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.

    Category: Mortgage Rates

  2. Current Mortgage Rates and Market Outlook in Illinois

    By on March 9, 2010

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    After a brutal winter that dumped snow across the Midwest, low current interest rates and the soon-to-expire government home buyer tax credits have the housing market in Illinois heating up. Illinois home sales increased 14% in January, the fifth consecutive year-over-year increase. The median home price rose .2%, the first year-over-year increase since September of 2007.

    In the Chicago metro area, year-over-year home sales were up for the seventh month in a row, up 29% from January 2009. The median home price fell 5.4% from January 2009, but that is to be expected as the market continues to correct. Foreclosed properties also dragged down prices in the Chicago market, although this phenomena was mostly centered in Chicago and had a lesser effect on the rest of the state. As the number of distressed and foreclosed properties on the market is absorbed, analysts expect that prices could rebound.

    As with most states, high unemployment continues to depress the market. There is some good news on this front, the most recent economic numbers showed that the national unemployment rate was stable at 9.7% in February, and some analysts expect the economy to add jobs in March.  In a recent Bloomberg report, Brian Wesbury, chief economist from First Trust Portfolios said as many as 300,000 jobs could be added nationally this month.

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    Average interest rates in Illinois on a 30 year fixed conventional mortgage have lingered around 5.0% for the better part of the last year. Total Mortgage Services offers some of the best mortgage rates in Illinois:

    Loan Type Rate APR
    Illinois 30 Year Fixed Conventional Mortgage 4.5% 4.710%
    Illinois 15 Year Fixed Conventional Mortgage 4.0% 4.363%
    Illinois 30 Year Fixed FHA Mortgage 4.5% 5.422%
    Illinois 30 Year Fixed Jumbo Mortgage 5.5% 5.716%
    Illinois 15 Year Fixed Jumbo Mortgage 4.0% 4.352%
    Illinois 5/1 ARM Conforming Mortgage 3.0% 3.249%
    Illinois 5/1 ARM Jumbo Mortgage 3.625% 3.303%

    * 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 assume a credit score of 740+ and are subject to change. Rates are quoted from Totalmortgage.com as of 1PM on Tuesday, March 9th, 2010.

    With the pending expiration of the First Time Home Buyer Tax Credit and the Federal Reserve’s seeming inclination to raise interest rates before the end of the year (or sooner depending upon the economy) there is no better time than now to purchase or refinance a house in Illinois.  Total Mortgage Services is licensed as both a lender and broker in Illinois, and is able to utilize its in-house underwriting and processing to bring you some of the best mortgage rates imaginable.  Call 877-868-2503 to speak to one of our mortgage professionals today.


    Category: Mortgage Rates

  3. New Jersey Mortgage Rates and Outlook

    By on February 26, 2010

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    Like most states, New Jersey did not come out of the economic turmoil of the last three years unscathed.  Despite low mortgage rates in New Jersey, overall median home values fell 12.4% across New Jersey over the last three years.  Foreclosure rates rose and houses languished on the market.

    The New Jersey housing market can be divided into two segments: North Jersey which includes part of the New York City Metro Area, and the central and southern portions of the state which include part of the Greater Philadelphia Metro Area.

    In juxtaposition to most other parts of the country, 2009 was not a terrible year for the housing market in South/Central New Jersey. Home sales were stable, and while house prices fell, the losses were in single digits.  The amount of time it took to sell a house remained approximately the same.  The market actually grew slightly in the second half of the year.

    In contrast, home values in Northern New Jersey took a beating, falling 5.5% in the fourth quarter of 2009 alone.  The median home value is now $434,000, off more than $100,000 from 2006 peak prices.  Proximity to New York City has hurt North Jersey more than other portions of the state because the run-up in home values was more exacerbated during the bubble years and the market is slower to correct.  Homes on the lower end of the pricing spectrum are selling relatively quickly, suggesting that cheaper houses are now properly valued.

    There are several drivers behind the improving market, among them are low current mortgage rates,  government programs such as the first time home buyer tax credit, reduced home prices, and increased housing demand.  It is difficult to predict what will happen in New Jersey once government support is removed from the housing market.  At the very least the Federal Reserve pledged to keep interest rates low in the near term until the economy exhibits more stability.  Most analysts agree that in order for a sustained recovery to occur, unemployment must decrease so that consumers feel more confident purchasing a home.

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    Despite the challenging market New Jersey real estate remains a superb long-term investment.  New Jersey real estate has been an exceptional long-term investment.  Despite the set-backs of the last three years, New Jersey home values increased 6% over the last five years according to the Federal Housing Finance Agency.  The median home price has risen 129% since the agency started keeping statistics in 1991. Total Mortgage Services offers some of the most competitive mortgage rates in New Jersey:

    Loan Type Rate APR
    New Jersey 30 Year Fixed Conventional Mortgage 4.5% 4.710%
    New Jersey 15 Year Fixed Conventional Mortgage 4.0% 4.363%
    New Jersey 30 Year Fixed FHA Mortgage 4.500% 5.422%
    New Jersey 30 Year Fixed Jumbo Mortgage 5.750% 5.969%
    New Jersey 15 Year Fixed Jumbo Mortgage 4.0% 4.352%
    New Jersey 5/1 ARM Conforming Mortgage 3.00% 3.269%
    New Jersey 5/1 ARM Jumbo Mortgage 3.625% 3.305%

    * 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 assume a credit score of 740+ and are subject to change. Rates are quoted from Totalmortgage.com as of 3PM on Thursday, February 25, 2010.

    Total Mortgage Services has been providing the New Jersey market for more than a decade.  From Asbury Park to Cape May, from Bayonne to Cherry Hill, Total Mortgage provides the best combination of rates, customer service, and customized lending solutions you will see anywhere.  To speak to one of our loan specialists, call 888-868-2509 today.

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    Category: FHA, Fixed Rate Mortgages, Jumbo Mortgage, Mortgage Interest Rates, Mortgage Rate Trends and Analysis, Mortgage Rates, Stimulus

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