Today’s Mortgage Rates August 20, 2010
Today’s mortgage rates for August 20, 2010 moved lower once again. The average 30 year mortgage rate surveyed by Findlocalmortgagerates.com dropped down to 4.613%. Today’s 30 year mortgage rate is five basis points lower than the last survey on Wednesday August 18 when the average 30 year rate was 4.669%. Today’s 15 year mortgage rate was lower as well, falling to 4.044%.
The average points needed to obtain these mortgage rates edged up slightly with the average points charged on for the 30 year rising to .40 points and the average points charged for the 15 year increasing to .375 points.
Mortgage rates continued to drift lower as well the week progressed along with other bond rates and bank rates. The ten year Treasury bond drifted down from 2.64% on Wednesday to close at 2.62% by the close of Friday. The two year Treasury bond made a similar drop, coasting down from .51% on Wednesday to 0.49% on Friday.
Today’s mortgage rates survey from Findlocalmortgagerates.com covers the largest bank mortgage lenders in the nation including; Chase Mortgage, Bank of America, Wells Fargo, Citibank, US Bank, SunTrust Mortgage, Key Bank, Fifth Third Bank, HSBC Mortgage and TD Bank.
Results for the 30 year home loan from three of the top ten bank mortgage lenders in today’s mortgage survey included:
SunTrust mortgage rates had a 30 year at 4.375% with 1.375 points and an APR of 4.523% while the 15 year from SunTrust was 3.75% with 1.25 points and a 3.983% APR.
Wells Mortgage rates for a 30 year fixed rate mortgage was 4.25% with 1.0 point and a 4.571% APR and the 15 year home loan rate was 3.75% with 1.0 point and a 4.090% APR.
US Bank mortgage rates for a long term 30 year fixed rate mortgage is 4.50% and zero points with a 4.564% APR loan while the short term 15 year term loan is at 3.875% with no points for a 3.985% APR.
Today’s mortgage rates are current as of this publication date but are subject to change by the bank mortgage lenders listed. All home loan products and home loan rates are subject to mortgage lender approval.
The mortgage rates listed are based on mortgage loan amount of approximately $250,000.00 with a 20% down payment on a single family owner occupied property in California. Mortgage rates are dependent on the credit profile of the borrower, the down payment amount, property type, geographic location, as well as additional conditions that will impact the loan approval as well as the mortgage rate.
The mortgage rates and points are just a sample of the many home loan programs and mortgage rates that are available from these bank mortgage lenders. The mortgage rates listed are just a sample of the rates compiled in the mortgage rate survey.
Bank Mortgage Lender Rates in Texas
Home buyers in Texas have a wide choice of options to help finance a home purchase. To help select a bank mortgage lender in Texas, Findlocalmortgagerates.com provides the following survey of conventional and FHA mortgage rates in Texas from two of the largest bank mortgage lenders in the U.S., Bank of America and US Bank, and two Texas based bank mortgage lenders, American State Bank and Amarillo National Bank.
This survey, which includes Texas mortgage rates on 30 year conventional fixed rate home loans and FHA mortgage rates, is designed to help prospective home buyers narrow down their search for the best mortgage lender.
Buyers looking for a home loan that requires less of a down payment may want to consider an FHA mortgage but should compare both conventional and FHA loan types to determine which financing type may be the most appropriate.
An FHA insured and guaranteed mortgage loan are designed to make purchasing a home easier with more affordable down payment and cost options, especially for the first-time home buyer. FHA loans feature lower down payments and higher qualifying ratios than most conventional mortgages. There are some limits to the amount of money that can be borrowed with an FHA loan. The fixed rate loan option provides borrowers with a fixed interest rate over the term of the loan.
The results of the mortgage rate survey include:
American State Bank offers a 30 year fixed FHA mortgage rate at 4.75% with no points and an APR of 4.832%.
The 30 year conventional home loan rate in Texas from American State Bank is also at 4.75% with no points and an APR of 4.832%.
Amarillo National Bank offers a 30 FHA mortgage rate in Texas at 4.625% with zero points and a 5.042% APR.
The conventional 30 year fixed rate mortagge from Amarillo National Bank is at 4.75% with no points and a 4.786% APR.
A FHA mortgage from Bank of America on a 30 year fixed rate loan has a rate of 4.50% with 0.75 points and a 4.596% APR.
Bank of America mortgage rate in Texas on a 30 year fixed rate conventional loan is 4.75% with 1.0 point and an APR of 4.868%.
US Bank offers a 30 year FHA home loan in Texas with a mortgage rate of 4.875% and no points with an APR of 5.402%.
The 30 year conventional mortgage rate from US Bank is 4.75% with zero points and an APR of 4.815%.
All Texas mortgage rates listed are current as of this publication date but are subject to change without notice. All loans are subject to bank approval and additional conditions will apply. Not all mortgage applicants will qualify for these rates. Additional mortgage rates and point options are available from these mortgage lenders in Texas. Review the current mortgage rates and costs with each mortgage lender before committing to a final loan request.
American State Bank mortgage center can be reached at 806-767-8260. American State Bank offers mortgage loans in Texas and New Mexico.
Amarillo National Bank and an ANB Mortgage loan representative can be reached at 806-378-8000.
US Bank mortgage rate information can be obtained by calling the bank at 800-365-8544.
Bank of America Home Loans can be reached at 800-586-9861.
Top Five Bank Mortgage Lender Rates March 30, 2010
The top bank mortgage lenders increased their 30 year fixed rate mortgages slightly for the week ending March 26, 2010 based on the weekly mortgage rate survey performed by Findlocalmortgagerates.com.
The 30 year fixed mortgage rate and point increase over the past week was relatively mild. The average 30 year fixed rate mortgage available from the top five largest bank mortgage lenders came in at 5.075% with .575 points. The current mortgage rate is an increase from the prior week’s average rate that stood at 5.075% and 0.575 points.
The weekly survey performed by Findlocalmortgagerates.com reviews the mortgage rates and home loan programs of the largest US based mortgage lenders. The top five largest U.S. bank mortgage lenders listed below are ranked based on assets and includes: Chase Bank, Bank of America, Citibank, Wells Fargo Bank and US Bank.
As small as the rate increase was, all of the top five bank mortgage lenders increased their mortgage rates and costs on the week. Mortgage rates and points are based on a conforming loan amount of approximately $200,000.00 with a 20% down payment on a single family home that is owner occupied. All bank mortgage rates are based on lender approval.
Chase Bank increased the cost on new mortgage loan to 5.250% with 0.375 points. Chase Bank had offered 5.250% with 0.125 points in the previous week.
Bank of America is currently offering a 30 fixed rate mortgage at 4.875% with 1.25 points up from last week’s mortgage rate of 4.875% and 0.75 points.
Citibank is at 5.125% and 0.50 points. At this time last week, Citibank promoted the 30 year fixed rate home loan on a $200,000 loan amount at 5.125% and 0.25 points.
Wells Fargo Home Loan markets the 30 year fixed rate home loan at 5.000% and 1.00 points, and increase in rate of 0.125% from the previous week’s rate of 4.875% with 1.00 point.
And US Bank has a 30 year fixed rate home loan with a mortgage rate of 5.125% and no points. This is an increase from the previous week’s figures of 5.00% and no points.
Recap of the current 30 year fixed rate mortgage loans by the top five bank mortgage lenders:
Chase Bank 5.250% and 0.125 points with an APR of 5.318%.
Bank of America 4.875% and 1.250 points and a 5.055% APR.
Citibank 5.125% with 0.50 points and a 5.386% APR.
Wells Fargo 5.000% and 1.00 point for a 5.191% APR.
US Bank is at 5.125% and no pints with an APR of 5.192%
The contact numbers for the listed banks to obtain current mortgage rates and loan information:
Chase Bank 800-873-6577
Bank of America 800-551-7975
Citibank 800-667-8424
Wells Fargo 877-937-9357
US Bank 888-831-7524
All mortgage rates and points listed are subject to change and all home loans would require bank approval. Additional mortgage rates and point options are available from these mortgage lenders.
All information is obtained from the bank mortgage lenders and is believed to be accurate and current as of the posted date. Mortgage loans and mortgage interest rates are not guaranteed.
Top Five Bank Mortgage Rates March 22, 2010
Mortgage rates from the five largest banks were up marginally for the week ending March 19, 2010. The mortgage rate and point increase was so mild as to be almost imperceptible. With rates near record lows, lack of direction or movement isn’t necessarily a bad thing.
The five largest U.S. bank mortgage lenders measured in the weekly survey performed by Findlocalmortagerates.com includes: Chase Bank, Bank of America, Citibank, Wells Fargo Bank and US Bank.
Of the five bank mortgage lenders surveyed on a 30 year fixed rate mortgage, only 2 banks altered their rates for the week while the remaining 3 financial institutions kept their rates unchanged for the week.
The largest US bank, Chase Bank, increased the cost on new mortgage loan to 5.125% with 0.375 points. This mortgage rate is based on a $275,000.00 loan with a 20% or greater down payment. Last week, Chase Home Mortgage offered the same home loan at 5.125% with 0.25 points or just .125 points ( not the mortgage rate ) lower.
A $200,000.00 home loan with Citibank can be obtained with a mortgage rate of 5.125% and 0.25 points. This an increase similar to that of Chase Bank of .125 points with no change in the mortgage rate.
Bank of America offers a 30 fixed rate mortgage at 4.875% with 0.75 points and an APR of 5.001%, this rate is unchanged from the previous week.
Wells Fargo Home Loan promotes a 30 year fixed rate home loan at 4.875% with 1.00 point and a 5.065% APR. The Wells Fargo mortgage rate remained unchanged week over week.
US Bank has a 30 year fixed rate loan with a rate of 5.00% and no points with an APR of 5.066%. This rate also held steady from the prior week.
All mortgage loans, mortgage rates and points posted are subject to change and all loans would require bank approval. Additional mortgage rates and point options are available from these mortgage lenders as well as additional mortgage loan programs such as 15 year fixed rate mortgages, jumbo home loans and FHA Loans.
All information is obtained from the bank mortgage lenders and is believed to be accurate and current as of the posted date. Mortgage loans and mortgage interest rates are not guaranteed.
Current mortgage rates and loans terms can be obtained by contacting the lenders directly. Bank mortgage customer service representative can be reached at the following numbers for each institution:
Chas Bank 800-873-6577
Bank of America 800-551-7975
Citibank 800-667-8424
Wells Fargo 877-937-9357
US Bank 888-831-7524
Freddie Mac Finally Stops Buying Interest Only Mortgages
Freddie Mac announced, with little fanfare, that it will stop buying and securing mortgage loans that are based on interest only payments. Freddie Mac is the second largest purchaser of home mortgages in the U.S. behind only Fannie Mae. The press release provide by Freddie Mac announced that on or about September 1, 2010, the company will cease purchasing and securitizing interest only mortgages, including Freddie Mac Initial Interest fixed-rate and adjustable-rate mortgages.
Interest only mortgages became popular near the top of the housing boom, allowing buyers to purchase a larger home based on a lower mortgage payment provided by the interest only loan feature. Interest only mortgage loans offered the borrowers the ability to make monthly payments that were only the interest portion of the debt and paid off none of the principal balance.
The interest only option would be for a specified period after which time the loan would require interest and principal payments to retire the debt in full. The interest only period frequently ran from five to ten years and then principal and interest payments would be scheduled on a fully amortizing basis for the remainder of the mortgage term.
Interest only options were available on both fixed rate mortgages and adjustable rate mortgages. These loans allowed homeowners to make purchases during the period when homes were becoming less affordable. The rational for these home loans is certainly suspect, the borrower is eventually going to be confronted with a larger more mortgage payment once the interest only period expires and for both the mortgage lender and home owner, there is no increase in equity during the interest only period unless housing prices continue to ratchet up. The end result, these types of mortgage loans ended up performing worse than conventional, fully amortizing fixed rate loans.
Fewer of these home loan have been produced in the past months since underwriting standards have become stricter. Borrowers need to qualify for the loan based on a fully amortizing payment instead of just the interest only payment and they often require a larger down payment.
These changes may not put an end to these type of home loans forever but there are certainly fewer banks that make loans that do meet the qualifications established by Fannie Mae and Freddie Mac. It is not likely that very many banks will be willing to take the risk of originating these loans without the security of Freddie Mac purchasing or securitizing the loans and leaving the possibly the bank will get stuck with a greater number of non-performing loans.
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 Clauses and Covenants
When a home loan borrower closes on a new mortgage loan, included in the documents that have to be executed is the mortgage document. The mortgage is the security instrument that pledges the property as collateral for the loan. The mortgage secures your promise that the money borrowed will be repaid.
The terms mortgage and loan are often used interchangeably. But, to be precise the mortgage is actually a lien on the property which secures the loan. The terms of the loan such as the mortgage rate, term and monthly payment are set out on the note not the mortgage. Conditions of default and the terms regarding the security of the property are established in the mortgage document.
The mortgage will include various clauses and terms that protect the mortgage lender as well as the home loan borrower. Examples of the various clauses and covenants that may be included in a mortgage or deed of trust may include:
The mortgage is dated and contains the names of mortgagor and mortgagee. If the deed of trust from is used, the borrowers name appears, identified as trustor, grantor, or mortgagor. The name of the trustee or grantee and the name of the mortgage lender, who is both the trust beneficiary and the note holder also appear.
The note executed by the borrower is reproduced in the mortgage or deed of trust. The note includes an acceleration clause allowing the mortgage lender to declare the entire home loan balance remaining immediately due and payable if the borrower is in default.
The note may provide that the borrower is permitted to pay off the loan any time prior expiration of the full mortgage term without incurring a financial penalty for the early payoff, or it may provide for a penalty to be imposed on the borrower (prepayment penalty) if the debt is satisfied prior to expiration of the full term. FHA, VA and conforming fixed rate loans do not have a prepayment penalties.
The mortgage requires the borrower to pay all real property taxes and assessments on a timely basis, keep the building in a proper state of repair and preservation, and protect the building against loss by fire or other casualty by an insurance policy written in an amount at least 80 percent of the value of the structures. Many mortgage lenders may also require insurance for 100 percent of the loan value minus the lot value.
The mortgage contains a defeasance clause giving the borrower the right to defeat and remove the lien by paying the loan indebtedness in full.
The mortgage provides the right of foreclosure to the mortgage lender if the borrower fails to make payments as scheduled or fails to fulfill other obligations as set forth in the mortgage.
In the deed of trust form, a clause gives the mortgage lender irrevocable power to appoint a substitute trustee or trustees without notice and without specifying any reason, by recording and instrument of appointment on the public record where the deed of trust is recorded.
In both the mortgage form and the deed of trust form, a covenant always specifies that the mortgagor has a good and marketable title to the property pledged to secure payment of the note.
The mortgage or deed of trust may contain an alienation or due on sale clause entitling the lender to declare the principal balance immediately due and payable if the borrower sells the property during the mortgage term and making the mortgage unassumable without the mortgage lenders permission. Permission to assume the mortgage at a mortgage rate prevailing at the time of assumption can be given at the mortgage lenders discretion. The alienation clause may provide for release of the original borrowers from liability if an assumption is permitted. This release is sometimes referred to as a novation.
The mortgage or deed of trust always provides for execution by the borrower. The mortgage or deed of trust provides for acknowledgment by the borrower to make the document eligible for recording on the public record for the mortgage lenders protection.
Mortgage Loans and the Mortgage Note
In making a mortgage loan, the mortgage lender requires the borrower to sign a promissory note. The mortgage note or loan note, which must be in writing, provides evidence that a valid debt exists. The note covers the terms of repayment for the home loan. The note contains a promise that the borrower will be personally liable for paying the amount of money set forth in the note and specifies the manner in which the debt is to be paid. Payment is typically in monthly installments of a stated amount, starting on a specific date. The note also states the annual rate of interest or mortgage rate to be charged on the outstanding principal balance of the home loan.
The mortgage note is a negotiable instrument. It is an unconditional promise or order to pay a specified sum of money on demand at a definite time or, in the case of home loans, at definite time intervals. The note is made “to the order of “or “to bearer”. The negotiability of an instrument allows it to function the same as currency. Promissory notes, stocks, bonds, and checks are examples of negotiable instruments. The person responsible for the notes payment may be called the payor, promisor, or obligor. The person who is to receive the money may be called a payee, promise, or oblige. In real estate, mortgage lenders will require the buyer to sign a security instrument such as a mortgage or trust deed, which are not negotiable instruments. The mortgage is the security instrument that pledges the property as collateral for the loan.
Understanding the terms, interest rate and principal is essential to understanding notes, mortgages, deeds of trust, and all real estate financing methods. Interest is the money paid for using someone else’s money the interest rate is the rate at which the interest is calculated. The principal is the amount of money on which interest is either paid or received. In the case of an interest bearing note, principal is the amount of money the lender has lent the borrower and on which the borrower will pay interest to the mortgage lender.
The note can be an interest only note on which interest is paid periodically until the note matures and the entire principal balance is paid at maturity. Construction loans or notes are usually of this type. Or the note can be a single payment loan that requires no monthly mortgage payments on either principal or interest until the note matures, and the entire principal and interest is paid at maturity. This is seen more frequently in short term notes. The note also can be an amortizing note in which periodic monthly payments are made on both principal and interest until such time as the principal is completely paid. Most mortgage loans are of this type.
The original principal is the total amount of the note or the home loan. This amount remains the same in an interest only or a one payment loan until the entire principal is paid. In a amortizing mortgage loan, periodic monthly mortgage payments are applied first toward the interest and amount of principal gradually decreases. As each successive payment is made, the interest is applied to the declining principal balance; therefore with each successive payment, the interest portion of the payment decreases and the principal portion increases. The first payment is applied mostly toward interest, and the last payment is applied mostly toward principal. The payments can be set at a fixed rate for the life of the home loan, or they can fluctuate as adjustable rate mortgages do based on a specified index, or they can change at set intervals according to a set formula.
Simple interest is usually used to calculate mortgage loan interest. This means the annual rate of interest is used to calculate payments even though payments normally are made monthly. Payments sometimes are set up to be paid quarterly or annually. A payment plan in which payments are made every two weeks or biweekly mortgages have become popular because it reduces the term of the loan and saves a significant amount of interest over the life of the loan. A current home loan can sometimes be converted into a biweekly payment plan.
Mortgage loan interest almost always is calculated in arrears, although it sometimes is calculated in advance. If interest is calculated in arrears, a monthly payment due on the first of the month includes interest for using the money during the previous month. If interest is calculated in advance, a monthly payment due on the first of the month includes interest for the month in which the payment is due. When paying off or assuming a mortgage loan, one must know if the interest is paid in advance or in arrears to determine the amount of interest owed or to be prorated at the home loan closing. Interest must be paid in arrears on all loans sold in the secondary mortgage market.
Mortgage Rates and Home Loans at Gate City Bank
For consumer searching for mortgage rates and mortgage loans in North Dakota, one bank mortgage lender to consider is Gate City Bank. Gate City Bank is headquartered in Fargo, ND. The bank offers a variety of consumer loan products including home loans.
Gate City Bank is a mutual bank which means it is owned by its customers. The bank uses the deposit funds held at the bank to serve and invest in the communities in which the bank branches are located. Gate City Bank operates over 30 bank branches in the North Dakota and Minnesota.
Gate City Bank has been offering mortgage loans since 1923, and continues to offer a variety of home loan products. The bank prides itself on good customer service and mortgage loan customers are invited to call should they have any question regarding their loan, payments, taxes, and insurance, for the entire life of their home loan.
With Gate City Bank mortgages the home loans are locally approved, locally financed and locally serviced.
Gate City Bank offers a full range of products, each with different features and advantages. Gate City Bank offers free pre-approval programs, first-time home buyers loans, conventional loans with adjustable rates or fixed rates, VA and FHA loans, new construction loans, construction to permanent loans with one-time loan closing and more.
Current mortgage rates and terms offered by Gate City Bank include:
30 year fixed rate of 5.250% with 0 points and an APR of 5.357%.
20 year fixed rate of 5.125% with 0 points and an APR of 5.268%.
15 year fixed rate of 4.625% with 0 points and an APR of 4.804%.
1 year adjustable rate mortgage has a rate of 3.875% with 0 points and an APR of 2.578%.
3/1 year adjustable rate mortgage has a rate of 4.375% with 0 points and an APR of 3.120%.
Gate City Bank has a promotional offer they are currently running on their website that involves a coupon for $100 off the closing costs on any Gate City Bank mortgage loan. Additional home loan programs, mortgage rates and point options are available.
The interest rates, annual percentage rates (APRs) and points shown are subject to change without notice. Mortgage rates and fees are based on borrowers with an excellent credit history. Mortgage rates and APR’s may vary depending on the borrower’s credit history and other attributes regarding income, employment and collateral. All home loans are subject to bank approval and additional conditions may apply.
The mortgage rates and points are not locked until confirmed by a Gate City Bank mortgage loan officer. For current mortgage rates and terms, a bank loan officer can be reached at 800-423-3344.
Wisconsin Mortgage Rates at Tri City National Bank
In the search for a mortgage lender with competitive mortgage rates in Wisconsin, one choice is southeastern Wisconsin based Tri City National Bank. Tri City National Bank is located in southeastern Wisconsin and has a service area for mortgage loans that covers properties located in Milwaukee, Racine, Kenosha, Waukesha, Ozaukee and Washington counties in the State of Wisconsin.
Along with home loans, Tri City National Bank offers various deposit products, including savings, investors choice, demand, NOW, and money market deposit accounts. The bank also provides secured and unsecured consumer loans, commercial loans, instalment loans, real estate loans and other loans to individuals, small business, and a range of organizations.
Tri City National Bank offers fixed rate home loans with terms ranging from 15 years to 30 years. Tri City National Bank also offers 1 – 3 year adjustable rate mortgages (ARM). The bank also offers new home construction loans, balloon loans and assisted financing with the Wisconsin Housing Economic Development Association (WHEDA).
Tri City approves and processes mortgage loans locally providing quick and convenient service. Tri City National Bank current mortgage loan products and mortgage rates include:
15 year fixed term mortgage rate at 4.38% with 1.0% origination fee and an APR of 4.53%.
15 year fixed term mortgage rate at 4.50% with 0.0% origination fee and an APR of 4.55%.
20 year fixed term mortgage rate at 4.88% with 1.0% origination fee and an APR of 5.00%.
20 year fixed term mortgage rate at 5.13% with 0.0% origination fee and an APR of 5.17%.
30 year fixed term mortgage rate at 5.00% with 1.0% origination fee and an APR of 5.09%.
30 year fixed term mortgage rate at 5.25% with 0.0% origination fee and an APR of 5.28%.
Mortgage rates displayed assume a fully amortized $150,000 mortgage loan with a 20% down payment and closing costs paid by the borrower. Mortgage rates and annual percentage rates (APR) are subject to bank approval and approved credit with a 20% minimum down payment. Bank rates and mortgage rates are subject to change and additional conditions and other restrictions may apply. For current mortgage rates and home loan information, a bank representative can be reached at 888-874-2489.