Bank Mortgage Rates September 7th, 2010
rWhen shopping for the best mortgage rate, consumers should look at the average national mortgage rate and compare that mortgage rate with several mortgage lenders before applying for a new home loan. The Findlocalmortgagerates.com weekly bank mortgage lenders rate survey provides the average rate for the top five bank mortgage lenders as well as the individual mortgage rates from these lenders to make rate shopping for home loan less of a burden.
This week, the average 30 year fixed rate mortgage moved up for the first time in several days while the 15 year remained unaltered. The average 30 year fixed mortgage rate ended the week, September 3rd, with an interest rate of 4.70%. The average 15 year mortgage rate closed out at 4.15%.
The average pints charged to obtain these loan rates was higher for both loan programs. The average points charged by the top five bank mortgage lenders for those rates came in at .475 points on the 30 year and .50 points for the 15 year.
The Findlocalmortgagerates.com survey results from the top five bank mortgage lenders for the week ending September 3rd included the following 15 year and 30 year mortgage rates, points and APRs:
Wells Mortgage rates moved higher for the 30 year and held steady on the 15 year with the 30 year mortgage rate at 4.375% with 1.0 point and a 4.530% APR and the 15 year mortgage rate at 3.75% rate with 1.0 point and a 4.017% APR.
Chase Mortgage rates were also higher on the 30 year term loan and unmoved for the 15 with a 30 at 4.875% with no points and a 4.931% APR and a rate of 4.50% with no points for a 4.596% APR on the 15 year loan.
Bank of America mortgage rates were little changed, the 30 year mortgage rate is 4.875% with 0.875 points for a 4.990% APR and the 15 year mortgage rate is 4.25% with 1.25 points for a 4.507% APR.
Citibank mortgage rates bucked the trend and moved marginally lower, the 30 year at Citi was 4.75% with 0.50 points and a 4.972% APR while the 15 year mortgage rate was 4.25% with 0.25 points and a 4.553% APR.
US Bank mortgage rates were higher for both terms, the US Bank 30 year mortgage rate is 4.625% with no points and a 4.69% APR and the US Bank 15 year mortgage rate is 4.00% with no points and a 4.11% APR.
Mortgage rates are affected by a number of factors for any particular loan request. The bank mortgage rates, points and APRs listed in the Findlocalmortgagerates.com rate survey may vary depending on the credit, income, assets, geographic location and property of a particular loan.
Mortgage rates are current as of this publication date but all mortgage rates are subject to change and require bank approval.
The mortgage rates surveyed are based on California properties with a loan amount of $250,000.00 and a 20% down payment.
Findlocalmortgagerates.com publishes the bank mortgage rate survey to allow potential home loan borrowers the ability to quickly and easily research mortgage interest rates from multiple bank mortgage lenders throughout the country.
More information on the mortgage loans and mortgage rates listed can be obtained by contacting the bank mortgage lenders directly:
Chase Bank 800-873-6577
Bank of America 888-233-4124
Citibank 800-667-8424
Wells Fargo 877-937-9357
US Bank 888-831-7524
Chase Mortgage Rates August 5th, 2010
Finding the best mortgage rate often involves reviewing the mortgage rates from the largest bank mortgage lenders. Findlocalmortgagerates.com reviews the top five bank mortgage lenders weekly and includes in depth reviews of the mortgage rates from the largest banks weekly. Today’s mortgage rates are from the largest U.S. based bank, Chase Bank. In general, Chase mortgage rates this week are lower across almost all loan products.
The Chase Mortgage rates listed are for loans with a minimum 20% down payment with borrowers that have excellent credit. Mortgage rates will vary based qualifications attributes of the borrowers as well as property type, property value and loan amount. Chase mortgage rates will also vary based on geographic region. The current Chase Mortgage rates listed are for the state of Pennsylvania.
The Chase Mortgage rates on a 30 year is at 4.75% with no points and a 4.806% APR.
The 30 year mortgage rate from Chase Bank with 1.125 points brings the mortgage rate in PA down to 4.50% and a 4.652% APR.
The 15 year mortgage rate is at 4.25% with no pints with an APR of 4.345%.
A 15 year fixed rate loan from Chase Mortgage with 1.125 points has a mortgage rate of 4.00% and a 4.263% APR.
The Chase Mortgage 5/1 adjustable rate mortgage which has an initial mortgage rate fixed for five years has a mortgage interest rate of 3.50% with .25 points and a 3.410% APR.
A 30 year jumbo loan Chase Mortgage rate for a loan in the amount of $500,000.00 would have a mortgage rate of 5.125% and .50 points for a 5.198% APR.
A 5/1 ARM jumbo loan can be had with a mortgage rate as low as 4.00% and .25 points resulting in a 3.562% APR.
The fixed rate 15 year term loan, 30 year term loan and 30 year jumbo loan have fixed rates with fixed principal and interest payments over the life of the loan while the adjustable rate loans (ARMs) have interest rates that adjust periodically to reflect changes in a specific financial index.
While these Chase mortgage rates are for PA a quick check of Chase mortgage rates in Illinois indicates that the 30 year Chase mortgage rate and 15 year Chase mortgage rate in Illinois will have an increase of .125 points above the 15 year an 30 year loan listed above. For Chase mortgage rates in Florida, the cost was another .125 points higher or .25 above the Chase Mortgage rates in PA. Chase mortgage rates in CA matched those found in Florida for the 30 year and 15 year term home loans.
Chase Mortgage rates listed are current as of August 5th, 2010 but are subject to change at anytime. All home loans and mortgage rates require mortgage lender approval.
To find additional information on Chase Mortgage loan products and Chase Mortgage rates a mortgage representative can be reached at 1-800-873-6577
Bank mortgage rates in the weekly Findlocalmortgagerates.com nationwide home loan rates survey includes; Bank America mortgage rates, Wells Fargo Mortgage Rates, Chase Mortgage rates, Citibank Mortgage rates and US Bank mortgage rates.
Top Five Bank Mortgage Rates July 19, 2010
After the Fed released the minutes on their last meeting that indicated the economy is not roaring ahead anytime soon, mortgage rates moved lower once again. Mortgage rates are determined by a number of factors, but are strongly influenced by the economy and demand for fixed income assets such as Treasury securities and, of course, mortgage backed securities. As the economy has dragged along, demand for these investments has remained strong pushing rates lower.
In the weekly mortgage rate survey of the top five bank mortgage lenders performed by Findlocalmortgagerates.com, both the 30 year fixed mortgage rate 15 year fixed mortgage rate shifted lower.
The average rate for the 30 year fixed rate mortgage dropped down to 4.750% from 4.775% in the previous week. The average points charged was up slightly to 0.475 from 0.45 points in the previous week.
The average 15 year fixed mortgage rate moved down to 4.20% from 4.225% in the previous week. The average points charged to obtain the rate on the 15 year remained unchanged at .45 points.
The Findlocalmortgagerates.com survey is designed to help consumers make informed choices when looking for the best mortgage and best mortgage rate. Results from the survey included the following bank mortgage lender rates, points and APRs on the 30 year and 15 year fixed rate home loan.
Chase Mortgage rates included the 30 year home loan at 4.875% with 0.25 points and a 4.953% APR and 15 year mortgage rate of 4.375% with zero points and an APR of 4.471%.
Bank of America mortgage rates for the 30 year and 15 year mortgage were 4.75% with 1.0 point and an APR of 4.877% for the 30 year and 4.125% with 1.25 points for a 4.382% APR on the 15 year.
Citibank offers a 30 year mortgage rate at 5.00% with 0.125 points for a 5.158% APR and 4.50% with no points with a 4.729% APR for the 15 year mortgage.
Wells Fargo mortgage rate on a 30 year mortgage is 4.50% with 1.0 point resulting in a 4.686% APR while the 15 year mortgage rate is at 3.875% with 1.0 point and a 4.195% APR.
US Bank mortgage rate is 4.625% with zero points and a 4.690% APR for a 30 year and 4.125% with zero points for a 4.236% APR on the 15 year term home loan.
The bank mortgage lenders listed offer a number of different rate and point options as well as a variety of additional home loans including FHA loans, adjustable rate mortgages, jumbo loans and more.
Bank mortgage rates are current as of this publication date but subject to change. The bank mortgage lender rates listed as well as the points and APRs may vary depending on the credit, income, assets and property being purchased by the borrower. All mortgage loans are subject to bank approval and additional conditions will apply.
The mortgage rates, points and APRs in the Findlocalmortgagerates.com mortgage survey are for a home loan of between $200,000.00 and $275,000.00 on a single family owner occupied home with a minimum 20% down payment.
For more information on the above listed mortgage rates and loans, the bank mortgage lenders listed can be reached directly at the following numbers:
Chase Bank 800-873-6577
Bank of America 888-233-4124
Citibank 800-667-8424
Wells Fargo 877-937-9357
US Bank 888-831-7524
Q. How do I find the best mortgage lender?
A. The most important step in the process of finding the right mortgage lender is to do plenty of research. Unfortunately, most consumers will spend more time shopping and comparing the price of a new television set than they do shopping for a mortgage lender.
When shopping for the best mortgage lender is not only important to shop around and compare mortgage rates and costs, it is equally important to investigate the mortgage lender and their services. It’s important that you find a mortgage lender who will work with you to meet your needs and who you feel comfortable with and gives you a feeling of trust. This will entail comparing rates, services and competence.
It’s not that difficult to choose a good mortgage lender, but you do have to be informed and know what you are looking for in a mortgage lender. In order to shop and compare mortgage lenders, you need to fully understand what you are searching for not what they are selling. In order to understand the product, a prospective home loan borrower has to learn about the mortgage loans available, the average mortgage rates, the costs and the terminology involved in the mortgage loan process. With the knowledge of how the mortgage loan decision making process works, a mortgage shopper can better compare mortgage lenders and question the services and products offered.
Above everything else, do your homework before the application process begins. To find the right mortgage lender a consumer will have to question the mortgage lender and loan officer and this will be difficult to do without some understanding of how a mortgage loan is originated, processes and closed.
Once you, as the potential home loan borrower, understand the mortgage loan types and the process involved, its time to quiz the mortgage lender and mortgage loan officers. The first thing to find out is how knowledgeable the mortgage loan officer is about the home loan options and equally important, how well they explain the process and any potential pitfalls to a smooth home loan closing. The mortgage lender or mortgage loan officer should explain the mortgage rate lock process, the mortgage payments, the loan term, when and if you can refinance again and more.
Which mortgage lender has the best mortgage rate will certainly be a consideration. Of course, it is important to discuss mortgage rates and closing costs. This is a big ticket item and the mortgage rate can have a significant impact on the total costs of the loan. Comparing mortgage rates fortunately is fairly straight forward process.
Go online and check the prevailing mortgage rates in your area for the home loan product you are most interested in. Use these mortgage rates as a starting point to compare the mortgage rates of lenders you call and measure how competitive their mortgage rates really are. Don’t choose a mortgage lender based on mortgage rate alone. Make sure the mortgage lender is competitive with their mortgage rates but be sure to investigate the costs and service as well.
Comparing closing costs can sometimes get fishier. Some mortgage loan officers remain intentionally vague about the total closing costs. Other mortgage lenders employ loan officers that just don’t know that much about what they sell. In these cases it may be wise to move on. A representative of any mortgage lender should be able to explain the mortgage costs with great detail. That means they should explain any origination points, the costs of the appraisal, the title insurance costs, the cost for processing, the credit report, the tax service fee and any other fees the mortgage lender will be charging.
Not only should a good mortgage lender explain these costs, they should be able to explain what they are and why you are being charged the corresponding fee. Once you have chosen your mortgage lender and submitted a home loan application, get a Good Faith Estimate in writing itemizing approximate mortgage costs and fees. Pay close attention to all the figures on the Good Faith Estimate.
You should know, up front, how the mortgage lender will evaluate your application. Have the mortgage lender explain the mortgage loan process and the how they come to approve your home loan request all the way up to how and when they set up the mortgage loan closing or settlement. When you speak with the mortgage lender they should explain the automated underwriting process, the verification process, the documents needed by you to support the down payment and your income as well as how long this process should takes.
While the mortgage lender briefly explains the process, find out how accessible they will be while your home loan application is being evaluated and underwritten. With all the transactions now taking place on line including mortgage origination’s, a face to face application or consultation is not necessary with a mortgage lender but you should at least be able to contact your loan officer by phone or email regularly. Some customers can be annoying but the job as the mortgage loan officer to help you get a home loan. You want to be assured it will be easy for you to monitor the status of your mortgage loan application and be able to ask questions along the way.
A final step should be to ask for references. As good mortgage loan officer should be able to immediately provide references of satisfied customer’s even customers that they are presently working with.
In a nutshell, to choose a good mortgage lender you want to research the products they offer and the mortgage rate, the level of service in handling a home loan application from beginning to end and the reputation of the mortgage lender. Mortgage lenders who understand mortgage rates and costs and the whole loan process are most certainly going to be a very knowledgeable and resourceful mortgage loan officer who has not merely a salesman. Be sure to choose a company that gives helpful advice and that makes you feel comfortable.
Mortgage Refinance Numbers and Costs
Mortgage refinancing is a home loan process in which one or more existing mortgage loans are paid off and replaced with a new home loan. Shopping around for the right home loan has never been more important to assure a mortgage refinance candidate will get the best financing deal.
The requirements for a refinance have become much more restrictive in 2009. A homeowner’s eligibility for refinancing will still be similar to the mortgage loan underwriting and approval process that an applicant went through when they first obtained the mortgage they are now trying to refinance. A mortgage lender will review and evaluate the borrower’s income and assets, their credit history and credit score, outstanding debts, the appraised value of the property, and the mortgage loan amount requested. Unfortunately, the guidelines to approve these home loans are more stringent regarding the parameters such as credit scores, income, assets and property value. In addition, mortgage costs are running higher.
This makes comparing mortgage loan products, mortgage rates and mortgage loan costs that much more important. Shopping, comparing, and negotiating may save you thousands of dollars. The first step is to begin by getting copy of your credit reports to make sure the information in the report is accurate. Credit report errors or discrepancies are a sure fire way to put a real wrench in the mortgage refinance process. Make sure to correct any mistakes and evaluate how good your current credit profile is.
In order to help evaluate whether a home loan is a good deal or not is worthwhile to have an idea on what to expect for closing costs and refinancing costs. Refinancing fees will vary from mortgage lender to mortgage lender and there will be different costs in different states.
Mortgage lenders are required by federal law to provide a good faith estimate of closing costs within three business days of receiving a mortgage loan application whether it is for a home purchase or refinance. The good faith estimate will provide a detailed approximation of all costs involved in the home loan closing. This document can be very helpful when used to compare costs with different mortgage lenders. Once a mortgage loan is approved and a settlement or closing date is set, the borrower should make sure to get copy of the HUD-1 settlement cost form before the home loan closing takes place.
Here is a list of some of the usual costs and fees that charged on the average mortgage refinance:
Application Fee
Some mortgage lenders and banks charge an application fee at the time of the home loan application. This fee can range from $200.00 to $500.00 and covers the initial costs of processing your home loan request and checking your credit report. If the home loan is denied, you will most likely not be refunded the cost for the mortgage loan application fee. Some mortgage lenders will credit the cost to the closing once the mortgage loan is signed.
Points and Loan Origination Fees
A point is equal to 1 percent of the amount of your mortgage loan. There are two kinds of points you a home loan borrower may pay for the home loan. The first is the mortgage loan discount points, a one-time charge paid to reduce the interest rate of the mortgage loan. The second type of mortgage points are charged by some mortgage lenders as origination fees to earn money on the home loan. The number of mortgage points will vary from mortgage lender to mortgage lender. It is important to review the mortgage points and the mortgage rate between mortgage lenders because the number will often not be directly comparable. As an example one mortgage lender may charge one point for a rate of 5.375% while another mortgage lender will charge 1.5 points for a mortgage rate of 5.25%. The general rule is that mortgage points are fees paid to the mortgage lender or broker for the home loan and are often linked to the interest rate; usually the more points you pay, the lower the rate but this is not always the case. Compare rates and points carefully.
Appraisal Fees
The appraisal fee pays for an appraisal of the home to be performed by an independent licensed appraiser. The appraisal is used to determine the market value of the property, its condition and the overall property market. Some mortgage lenders include the appraisal fee as part of the application fee but many do not. Once the appraisal is completed, you may request a copy of the appraisal and you are legally entitled to that copy even if the home loan is denied. Customary appraisal fees range from $300.00 to $600.00.
Title Search and Title Insurance
A title search and title insurance is used to check and insure the ownership of the property and the existing liens such as other mortgages or judgments on that property. The search fee covers the process of checking these documents and the insurance is to protect the mortgage lender in the event of an error or unknown recorded claim against the property that may very well impact the mortgage lenders security interest or the mortgage loan. If a problem arises, the insurance covers the mortgage lender’s investment in your mortgage. Search fees and insurance vary significantly by state since some state regulates the cost on the title insurance, ranges run from $600.00 to $900.00
Attorney Fees and Closing Fees
The mortgage lender will usually collect the fees paid to the lawyer or title company that conducts the closing for the mortgage lender. Attorney fees on a purchase transaction are a different fee, the attorney fee in a refinance transaction is generally charged in states that require attorneys consummate the home loan transaction otherwise; the title company or other representative handles the mortgage loan closing paperwork. The cost range for these fees is approximately $200.00 to $1,000.00.
Real Estate Taxes and Homeowner’s Insurance Escrow
The mortgage lender will require that the real estate taxes and homeowner’s insurance policy (sometimes referred to as hazard insurance) are paid up to the time of the home loan settlement and that a new escrow is established to disburse future taxes and insurance premiums. The homeowner’s insurance policy protects against physical damage to the house by fire, wind, vandalism, and other causes covered by the policy. The policy insures that the mortgage lender’s investment is still sound even if the home incurs some devastating calamity. The real estate tax escrow insures that the taxes are paid and the property does not become delinquent and subsequently sold for unpaid property or real estate taxes. These charges are technically not closing costs, since they are not charged by the mortgage lender, only collected by the mortgage lender to disburse to the appropriate collecting body. It is difficult to provide a range of costs for the tax and insurance escrow costs since property taxes may range from $1000.00 to $30,000.00.
Private Mortgage Insurance or Mortgage Insurance
These fees may be required on home loans that have less than 20% down payment or over 80% loan to value on a refinance transaction or are insured by federal government housing programs, such as loans insured by the Federal Housing Administration (FHA) or the Rural Development Services (RDS) and loans guaranteed by the Department of Veterans Affairs (VA). If there is not at least 20% equity in the property, mortgage lenders usually require the home owner to have private mortgage insurance to protect the mortgage lender. Insured home loans with private mortgage insurance cover the mortgage lender’s risk that the home owner will not make all the home loan payments. Costs for mortgage insurance have a wide range from 1.75% for FHA loans and 1.25% for VA home loans to .50% on for conventional mortgage loans.
Once you know what each mortgage lender has to offer run the figures the mortgage calculators to see which mortgage loan program and mortgage rates best suits your needs. And don’t forget to negotiate for the best deal that you can. Armed with the right information and a sufficient amount of mortgage comparison shopping, a consumer should be assured they will receive the right home loan with best mortgage rate and lowest costs.