Current FHA Mortgage Rates February 27, 2010
Findlocamortgagerates.com conducts a weekly survey of the top bank mortgage lenders. The results of this survey helps borrowers compare mortgage interest rates and product information from some of the largest U.S banks so consumers looking to purchase a new home or refinance can easily find the right mortgage that fits their needs.
The following list of mortgage loans and rates is a sample form the survey. These rates are for FHA loans or a mortgage that is backed by the Federal Housing Administration (FHA). FHA loans along with VA loans are generally referred to as government loans
The following list displays current interest rates for a sample of various combinations of mortgage rates and fees available on FHA loans from this week’s mortgage rate survey.
US Bank 30 year fixed rate FHA loan has a rate of 4.875% with one point and a 5.495% APR.
The same 30 year FHA loan from US Bank is available with a mortgage rate of 5.25% and no points and an APR of 5.792%.
Bank of America Home Loans offers a 30 year fixed rate FHA loan that has a mortgage rate of 4.875% and 1.375 points with an APR of 5.109%.
Wells Fargo Home Mortgage offers a 30 year fixed rate FHA home loan with a mortgage rate of 5.125% with one points and an APR of 5.85%.
HSBC Mortgage rate on a 30 year FHA is at 5.125% with no points and a 5.310% APR.
SunTrust Mortgage has a 30 year FHA home loans with a mortgage rate of 4.875% and 1 point resulting in a 5.425% APR.
The APR includes the interest rate, fees, points, certain closing costs and mortgage insurance. FHA mortgage rates, points and closing costs are subject to change without notice.
The preceding is a sample of programs and interest rates; other loans and rate options are available from the listed mortgage lenders. Rates listed are for purchases on owner-occupied single family primary residences. The accuracy of the home mortgage details is not guaranteed.
All loans are subject to bank approval. Some mortgage loan products may have geographic restrictions, other restrictions may apply and additional conditions will apply to obtain these home loans.
Mortgage Rates from the Big Five Banks February 26, 2010
The five largest U.S. banks, ranked by assets, are Chase Bank, Bank of America, Citibank, Wells Fargo and US Bank. The mortgage rates and mortgage loans presented by these five banks offer a good barometer of the home loans available in today’s mortgage market.
Findlocalmortgagerates.com conducts a weekly survey of the largest bank mortgage lenders and produces a sample of loan rates drawn from the survey.
Current mortgage rates offered by the top five lenders include:
Chase Bank mortgage loans:
30 year fixed rate loan has a mortgage rate of 5.125% and 0.50 points with a 5.227% APR.
15 year fixed rate loan has a mortgage rate of 4.500% and 0.375 points with a 4.690% APR.
A 5/1 adjustable rate mortgage has a mortgage rate of 4.250% and no points with a 3.598% APR.
Bank of America mortgage loans:
30 year fixed rate loan has a mortgage rate of 4.875% and 0.625 points with a 5.040% APR.
15 year fixed rate loan has a mortgage rate of 4.250% and 0.875 points with a 4.570% APR.
A 5/1 adjustable rate mortgage has a mortgage rate of 3.625% and 1.125 points with a 3.493% APR.
Citibank mortgage loans:
30 year fixed rate loan has a mortgage rate of 5.125% and no points with a 5.294% APR.
15 year fixed rate loan has a mortgage rate of 4.375% and 0.250 points with a 4.735% APR.
Wells Fargo mortgage loans:
30 year fixed rate loan has a mortgage rate of 4.875% and 1.0 point with a 5.065% APR.
15 year fixed rate loan has a mortgage rate of 4.250% and 1.0 point with a 4.573% APR.
A 5/1 adjustable rate mortgage has a mortgage rate of 3.750% and 1.0 point with a 3.519% APR.
US Bank mortgage loans:
30 year fixed rate loan has a mortgage rate of 4.875% and 1.0 point with a 5.029% APR.
15 year fixed rate loan has a mortgage rate of 4.250% and 1.0 point with a 4.511% APR.
A 5/1 adjustable rate mortgage has a mortgage rate of 3.375% and 1.0 point with a 3.678% APR.
On the adjustable rate loans listed, interest rates are subject to change and potential increases over the life of the loan once the initial fixed-rate period ends.
Mortgage rates listed are the rates for a single family, owner occupied residence with a down payment of 20% or greater, other restrictions and conditions may apply. Mortgage loans and mortgage rates are subject to bank approval and may change without notice.
The mortgage lenders listed may offer many different loan programs and different mortgage rate and point options. For more information on products or rates not listed, contact the lender directly.
Florida Mortgage Rates at Federal Trust Bank
Federal Trust Bank is a full service financial institution that provides banking services to individual and corporate customers in Florida. The bank is headquartered in Sanford, Florida and has 11 bank branch locations serving the Central Florida area.
Federal Trust Bank provides a variety of deposit and savings products and services including checking, savings, money market accounts; certificate of deposits; individual retirement accounts as well as a large lending portfolio that includes multi-family residential and commercial real estate loans; and construction, commercial, and consumer loans.
Federal Trust Bank offers several different home loans in Florida to choose from including competitively priced adjustable rate mortgages. The bank offers adjustable rate mortgages with a variety of mortgage rates in Florida and point options.
The conventional adjustable rate mortgage offers lower initial monthly mortgage payments than standard fixed rate mortgages allowing many borrowers to purchase a larger home or allows borrowers to benefit from a lower mortgage rate if they are anticipating a move by the end of the selected fixed term of the adjustable rate mortgage.
Current terms and mortgage rates in Florida offered by Federal Trust Bank include:
A 3 year adjustable rate mortgage has a mortgage rate of 4.375% with 0 points and an APR of 3.463%.
The 3 year adjustable rate mortgage with one point has a mortgage rate of 4.125% and an APR of 3.489%.
The bank’s five year adjustable rate mortgage has a mortgage rate of 5.00% and an APR of 3.859%.
The five year adjustable rate mortgage with one point has a mortgage rate of 4.75% and a 3.852% APR.
Mortgage loans and mortgage rates in Florida offered by Federal Trust Bank are subject to bank approval and additional conditions will apply. The interest rates, annual percentage rates (APRs) and points listed are subject to change without notice. The actual APRs will vary based on the mortgage loan applicant’s final loan amount and finance charges.
For current Florida mortgage rates and to find out more about financing options available from Federal Trust Bank, a bank representative can be reached at 800-226-2829.
Wisconsin and Minnesota Mortgage Rates at The RiverBank
The RiverBank offers a wide assortment of mortgage loans and mortgage rates in Wisconsin and Minnesota. The RiverBank is a Wisconsin based bank with bank branch locations in Wisconsin and Minnesota.
The RiverBank provides a combination of competitive home loan rates and low fees along with good customer service. Part of the customer service involves local loan servicing. With local customer service, The RiverBank mortgage department is available to assist consumers with questions regarding mortgage escrows, interest reporting, loan payment options and other home loan topics for home loans in Minnesota or home loans in Wisconsin.
The RiverBank offers mortgage loans that range from simple fixed rate loans to adjustable rate loans and balloon loans. Home loans are available for borrowers buying their first home or for investment properties.
The conventional fixed rate loan offer financing up to 95% of a home purchase, provided the borrower qualifies for the limited down payment program, or 80% without the added cost of mortgage insurance.
These fixed rate programs may be available for a primary residence whether it is a purchase or a refinance or for a year-round second home. Fixed rate mortgages are also available on investment properties.
The bank offer the adjustable rate mortgages with various payment options and rate adjustments. These loans may be a good choice for a borrower that is looking for a low initial monthly payment and is willing to accept the risk and uncertainty of higher rates and payments in the future.
Current mortgage rates in Wisconsin and Minnesota offered by The RiverBank include:
30 year conventional fixed rate has a mortgage rate of 5.10% with 0 points and a 5.147% APR.
A 30 year fixed rate loan with one point has a mortgage rate of 4.95% and an APR of 5.085%.
A 20 year conventional fixed rate loan has a mortgage rate of 4.95% with 0 points and a 5.013% APR.
A 20 year fixed rate mortgage with one point has a mortgage rate of 4.75% and an APR of 4.933%.
The 15 year conventional mortgage has a mortgage rate of 4.45% with 0 points and a 4.529% APR.
The 15 year with one point has mortgage rate of 4.30% and a 4.530% APR.
A 1yr ARM with The RiverBank has a mortgage rate of 3.875% with 0 points and a 3.225% APR.
Mortgage rates are current as of the date of this publication and are subject to change without notice. All mortgage rates and mortgage loans are subject to bank approval and additional conditions will apply.
The interest rates and fees listed are available to borrowers with an excellent credit history on a single family, owner occupied property not requiring mortgage insurance. The actual mortgage rates and fees available on any particular loan will be based on the borrower’s credit history, income and assets and may be different than the rates displayed here.
To contact The RiverBank regarding current mortgage rates in Wisconsin or Minnesota mortgage rates and home loans, a bank representative can be reached at 888-294-2183. A mortgage loan application can also be filled out online at the bank website.
Mortgage Rates in Texas with Amegy Mortgage
Finding mortgage rates in Texas is not difficult with the plethora of mortgage lenders and banks offering mortgage loans in the Lone Star state. Among the long list of mortgage lenders is Amegy Mortgage headquartered in The Woodlands, Texas.
Amegy Mortgage is a wholly owned subsidiary of Amegy Bank of Texas. This mortgage lender offers a wide assortment of different loan programs. Amegy Mortgage services include the origination and servicing of commercial and multifamily real estate loans, single family residential loans, and single family construction loans. The mortgage lender offers single family home loan products with competitive mortgage rates throughout Texas.
The mortgage lender has an online pre-qualification process for those prospective borrowers not sure how much of home they can afford or if they qualify for a mortgage refinance.
The main loan products offered by Amegy Mortgage in Texas are fixed rate loans. Fixed rate mortgage loans are one of the most popular loan options and are especially in demand when interest rates are low. Fixed rate mortgages result in a monthly mortgage payment of principal and interest that does not change over the life of the loan.
A 30 year fixed rate loan provides a low monthly payment without the high interest costs of longer term home loans. The 15 year fixed rate loan has a higher monthly mortgage payment but generally offers a slightly lower interest rate and substantial interest savings over the life of the loan.
A sample of the current mortgage rates available in Texas from Amegy Mortgage includes:
A 30 year fixed rate mortgage rate in Texas is 4.875% with no points and an APR of 5.002%.
A 15 year fixed rate mortgage rate is 4.250% with no points and an APR of 4.467%.
These sample Texas mortgage rates are based a 20% down payment for a single family home with a borrower that has excellent credit. Mortgage rates are subject to change and additional conditions will apply to obtain these rates. Texas mortgage interest rates and fees will be based on the borrower’s credit history, down payment, income, and other factors and may be different than the mortgage rates listed above.
The interest rates, annual percentage rates (APRs) and points shown are subject to change without notice. For additional mortgage programs and Texas mortgage rates, contact an Amegy Mortgage representative at: 281-297-7800 or 877-562-6662.
Mortgage Rates from Webster Bank February 15, 2010
Webster Bank is a Connecticut based bank that offers mortgages in all 50 states. Webster Bank not only offers a variety of mortgage loans with competitive mortgage rates but also provides traditional consumer banking, business banking, mortgage banking, insurance, financial planning, trust and investment services with a network of over 180 bank branch locations in four states.
Webster Bank offers a comprehensive selection of home loan products from FHA loans to new construction financing.
Webster Bank offers standard fixed rate mortgages on a variety of programs for both conventional and jumbo loans. The bank offers adjustable rate mortgages for borrowers who may be looking for a lower initial rate to help qualify for a larger loan. Webster Bank also offers competitive fixed and adjustable rates on jumbo home loans.
Government loan programs available through Webster Bank include FHA loans, VA loans and Connecticut Housing Finance Authority loans. Webster Bank FHA loans offers low interest rates combined with low down payment requirements.
The bank’s construction lending options provide one consolidated loan for land and new construction, so there is only one loan closing. Construction loans are available for stick-build, modular, or pre-fabricated homes. Mortgage loans for new construction are available with various interest rate options, including fixed rate and interest-only programs.
A sample of current mortgage rates offered by Webster Bank includes the following terms:
A 15 year fixed rate mortgage has a mortgage rate of 4.250% with no points and an APR of 4.363%.
A 30 year fixed rate mortgage has a mortgage rate of 4.875% with no pints and an APR of 4.942%.
A 5/1 adjustable rate mortgage has a rate of 4.000% with no pints and a 3.328% APR.
For shorter fixed period, the bank offers a 3/1 adjustable rate mortgage with a rate of 4.875% with no pints and a 3.152% APR.
Mortgage rates are subject to change. The mortgage rates posted are current as of February 15, 2010; actual rates may vary based on credit qualifications, loan amount, down payment, term and property location. All home loans are subject to credit approval and the bank approval process.
Mortgage loans are available in all states some restrictions may apply. For current mortgage rates or to speak with a Webster Bank mortgage loan representative about their home loan products, call 1.888.681.7788.
California Mortgage Rates at Union Bank
There are numerous choices for consumers to choose from to find a competitive mortgage rate in the state of California. One choice is Union Bank, the largest bank measured by assets headquartered in California. The bank is headquartered in San Francisco, California and has bank branches throughout California as well as additional offices in Oregon and Washington.
Union Bank is a commercial bank that provides financial products and services to businesses and individuals. The bank offers checking accounts, savings accounts, individual retirement accounts, certificates of deposit, auto loans, personal loans, a variety of mortgage loans and more.
Union Bank has several flexible financing options for home purchases and refinances in California. The bank offers fixed rate mortgages that offer a fixed interest rate for the life of the loan, a two step mortgage that features a 40-year term with a fixed interest rate for 15 years and a one time interest rate and monthly payment adjustment for the remaining term of 25 years as well as a 5 year adjustable rate mortgage that has a fixed interest rate for the first five years of the home loan, then will adjust on the first change date after the five year period up to 3% and thereafter the interest rate can increase or decrease up to 2% per year, with a lifetime rate cap of 5% above the initial rate. These are just a few of the options for borrowers have with Union Bank to refinance or purchase a home.
Current California mortgage rates and terms offered by Union Bank include the following samples. These California mortgage rates are current as of February 14, 2010.
15 year fixed rate mortgage has mortgage rate of 5.625% with no points and an APR of 5.765%.
For a lower rate with slightly higher costs, the bank offers a 15 year mortgage rate of 5.125% with 1 point and an APR of 5.418%.
For a 5 year adjustable rate mortgage, Union Bank offers a mortgage rate of 5.000% with no points and an APR of 4.037%.
The 5 year adjustable rate mortgage with one point would have a mortgage rate of 4.500% and an APR of 3.937%.
The 15 year two step has a mortgage rate of 5.875% with no points and an APR of 5.761%.
Mortgage rates are subject to change without notice. Bank approval is required for all home loans and additional conditions will apply. These mortgage rates are dated February 14, 2010 and are based on a home loan in California on an owner occupied single family home in the amount of $325,000.00 with a $100,000.00 down payment. Mortgage rates in California and the APRs will vary based on the final loan amount, qualifications of the borrower and finance charges.
Union Bank has home loan financing options for first or second homes as well as residential investment properties. For additional home loan options and current California mortgage rates offered by Union Bank, a bank loan officer can be reached at 1-866-UB-LOANS.
All loans are subject to credit and collateral approval by the bank.
Bank Mortgage Lenders and Mortgage Rates in Illinois
The top mortgage lenders in Illinois are also predominantly the largest banks in the U.S. The majority of the top 15 biggest U.S banks that offer retail mortgages either through bank branches or online offer mortgage loans in Illinois.
The largest US banks with retail mortgage operations include: Chase Bank, Bank of America, Citibank, Wells Fargo, US Bank, HSBC Bank, SunTrust Bank, BB & T Bank, PNC Bank, Regions Bank, Capital One, RBS Citizens Bank, Fifth Third Bank, TD Bank and KeyBank. Only BB&T Bank, TD Bank and Capital One do not provide direct mortgage lending in Illinois.
Focusing on the top five largest US banks and their mortgage products in Illinois leaves Chase Bank, Bank of America, Citibank, Wells Fargo and US Bank. The following are a sample of the mortgage rates available in Illinois from these five financial institutions February 11, 2010.
Chase mortgage rates Illinois:
30 year 4.875% 1.5 points 5.058%.
15 year 4.250% 1.75 points 4.598%.
5/1 adjustable rate mortgage 4.000% 1.0 points 3.563%.
Chase mortgage loan officers can be reached at 800-873-6577.
Wells Fargo mortgage rates Illinois:
30 year 5.000% 1.0 points 5.154%.
15 year 4.250% 1.0 points 4.510%.
5/1 adjustable rate mortgage 4.000% 1.0 points 3.575%.
Wells Fargo mortgage specialists can be reached at 877-937-9357.
Bank of America mortgage rates Illinois:
30 year 5.000% 1.0 points 5.140%.
15 year 4.250% 1.375 points 4.548%.
5/1 adjustable rate mortgage 3.875% 1.125 points 3.534%.
Bank of America mortgage customer service representative can be contacted at 800-990-6248.
Citibank mortgage rates Illinois:
30 year 5.125% 0.125 points 5.205%.
15 year 4.500% 0.125 points 4.636%.
A Citibank mortgage representative can be reached at 866-533-2486.
US Bank mortgage rates Illinois:
30 year 5.125% 0.0 points 5.192%.
15 year 4.500% 0.0 points 4.612%.
5/1 adjustable rate mortgage 3.500% 1.0 points 3.723%.
US Bank mortgage contact number is 888-831-7524.
The 5/1 adjustable rate loans have interest rates that are subject to potential increases over the life of the loan, once the initial fixed-rate period expires.
Information displayed is accurate as of the date of publication and is subject to change without notice, the accuracy of the information is not guaranteed. Mortgage rates published are the current mortgage rates for a single-family, primary residence based on excellent credit and 20% down payment. All home loans are subject to additional conditions and bank approval.
Mortgage Loans and Earnest Money Deposits
Once an interested home buyer wants to make an offer on a property, along with a contract to make the offer, the buyer will make an earnest money deposit to go with the offer.
The earnest money deposit is a good faith deposit to indicate that the buyer is serious about the offer and their intentions to consummate a transaction. The earnest money deposit is not to be confused with a down payment. The mortgage loan approval is not dependent or related to the earnest money deposit.
This deposit money is given to the real estate agent, attorney or seller at the time of the offer and if the seller accepts the offer, the earnest money is held in escrow until closing. If the earnest money is documented properly, it will generally be applied to the down payment or the buyer’s portion of the closing costs when the purchase goes forward.
If the purchase offer for the home is rejected, the earnest money is usually returned, since there is no legal contract between the buyer and seller. If the buyer withdraws the offer or does not fulfill the contract terms after the contract is properly executed by buyer and seller, the earnest money may be forfeited.
The amount of the earnest money deposit varies significantly depending on factors such as local practices in the specific market area, the price of the home, and the supply and demand for homes at that time of contract negotiations.
It is, of course, generally in the seller’s best interest to see a large earnest money deposit. With the larger deposit, the seller is in general more convinced to accept the purchase offer. This is a strategy that is more likely to be utilized in high demand markets where homes are selling at a brisk pace. In other markets, earnest money deposits of $500.00 or $1,000.00 are quite acceptable.
Understanding the market is the principal guideline for determining the amount of the deposit. Real estate professionals will all have opinions on what is a satisfactory amount, but unless the housing market has a strong demand and low supply, a lower earnest money deposit is not likely to dissuade a seller.
The buyer should have a contingency to inspect the property and withdraw the offer within a certain time frame written into the contract, with this in mind; it is in the buyer’s interest to make the smallest amount of earnest money possible. If the buyer cannot obtain a mortgage within a certain time frame, for example, the earnest money will be returned in full if the offer stated such a contingency.
To avoid any complications with a mortgage lender about the earnest money deposit and subsequent credit at the time of the mortgage loan closing, copy the check before submitting it with the contract and then copy the front and back once it clears the bank. The mortgage lender will then have ample proof that the funds deposited were the buyers and have already cleared the bank and the buyer will get a full credit for those funds as they may be applied to the down payment or mortgage closing costs at the time of settlement.
Mortgage Rates in Illinois with KeyBank
Home loans in Illinois are available from several mortgage lenders. Finding the best mortgage for a purchase or mortgage refinance in Illinois can be challenging. The one key tactic is to shop around, to compare costs and terms, and to negotiate for the best deal.
Shopping around for a home loan or mortgage will help you to get the best financing deal. KeyBank is one of the top twenty largest banks in the U.S. that offers competitive mortgage rates in Illinois.
KeyBank offers fixed rate loans that have repayment terms of 15, 20, or 30 years. The mortgage lender also offer variety of adjustable rate mortgages in Illinois.
Borrowers should compare all the costs involved in obtaining a mortgage and estimate how long they plan to own the home to determine whether an ARM is more appropriate than a fixed rate mortgage.
The following list is a sampling of the varying terms, products, and rates available for mortgage loans for purchases and refinances in Illinois through KeyBank on February 9, 2010. The mortgage rates are based on loan type, down payment, and location selections made for a single family, primary residence.
30 year fixed rate mortgage rate is 5.000% with 0.000% points and a 5.135% APR.
15 year fixed rate mortgage rate is 4.375% with 0.000% points and a 4.596% APR.
5/1 ARM mortgage rate is 4.250% with 0.375% points and a 3.653% APR.
30 year fixed FHA loan mortgage rate is 5.125% with 0.000% points and a 5.262% APR.
30 year jumbo loan mortgage rate is 7.375% with 0.000% points and a 7.513% APR.
Mortgage loan rates in Illinois may change daily. These interest rates and/or points are subject to change without notice by the bank, and may vary based on credit quality, loan amount, and property type. All home loan products offered by the bank are subject to credit approval.
The APRs for the listed loans assume a 20.00% down payment on the purchase of an owner occupied one unit dwelling and with no secondary financing. The APR may not include all closing costs.
For current mortgage rates in Illinois from KeyBank a mortgage representative from the bank can be reached at 1-800-422-2442.