Refinancing Options Regardless of Mortgage Rates
Since the media has over zealously expounded on the issue of tighter bank lending standards, a number of homeowners that could refinance their existing mortgages are overlooking this option due to the concern over being denied for a new home loan.
While, it is difficult to refute the argument that bank mortgage lenders are more conservative in their home loan underwriting practices since the credit crisis began, this by no concludes that mortgage loans for refinance transactions are any more difficult to obtain than one for a purchase. In fact, quite the opposite is true. In general, mortgage loan approvals for a refinance transaction are easier to obtain than a purchase transaction.
A key difference between a mortgage refinance a mortgage for a purchase transaction from the mortgage lenders point of view is the equity in the home or down payment. A standard mortgage is evaluated based only a few factors, the most significant being the credit of the borrower, the income relative to the debt payments and the equity in the home.
The equity is measured by the loan to value. On a purchase, the loan to value is a reflection of the down payment amount where a 10% down payment would lead to a 90% loan to value. With a refinance the loan to value is the loan amount divided by the property value for example; a $100,000 loan request for a property worth $125,000 would have a loan to value of 80%.
Even with the recent reduction of property values over the past years, most homeowners find that their home is their most valuable financial asset and the mortgage they have is their largest debt. Consequently, reviewing the existing mortgage interest rate, monthly payment, mortgage balance and potential mortgage options is a prudent financial decision.
As part of the mortgage review, in order to assess the benefits and costs of a mortgage refinance, a variety of factors should be considered, including: mortgage interest rate, type of mortgage, expected holding period for the mortgage or home and tax consequences.
With mortgage rates at or near record low levels, homeowners that have not refinanced yet or purchased their home during the last period of low rates, should compare their mortgage rate with the current mortgage rates and measure this against the other loan factors such as the length of time to hold the loan and tax savings.
When evaluating the mortgage interest rates, note that mortgage interest rates charged on a home loan will vary greatly depending on the type of mortgage. Fixed rate mortgages offer the benefit of locking in a rate and knowing exactly what the monthly mortgage payments will be for the term of the mortgage. Generally the longer the mortgage term, the higher the mortgage rate. A 15 year term mortgage not only pays the home loan off in shorter time period but generally has a slightly lower interest rate as well.
When reviewing your mortgage options, be sure to factor in how long you intend to keep your home as well as your ability to handle potentially higher rates in the future with ARMs. If you plan to downsize and move to a smaller home in a few years, a 5 year ARM would provide a much lower interest rate than a traditional 15 or 30 year fixed rate mortgage.
For homeowners that itemize your tax deductions, the interest that is paid on a mortgage loan may be deductible. Refinancing a mortgage and taking cash out may provide the money to pay off higher rate loans, such as credit cards or auto loans, and provide a tax deduction as well.
It is possible that a refinance to maximize savings and improve finances can be accomplished in several ways, including:
Lowering the monthly mortgage payments.
Obtaining cash back by accessing the home equity.
Eliminating private mortgage insurance
Using equity to pay off high interest debts such as credit cards or loans.
Changing mortgage terms to pay off the home loan faster.
Switching loans to a fixed rate mortgage from an ARM or adjustable rate mortgage.
Inaccurate Mortgage Payment Estimates with Taxes and Insurance
A standard mortgage payment is often quoted by a mortgage lenders with either just the principal or interest portion of the monthly payment or the principal and interest as well as the monthly allotment for taxes and insurance. The terms used by the mortgage industry for these monthly mortgage payments are referred to by a couple of acronyms. PI is used to refer to the principle and interest payment and PITI is used to refer to the full payment of principal, interest, taxes and insurance.
When the mortgage lender is quoting a payment that includes the TI or taxes and insurance portion of a monthly mortgage payment, this number is frequently just and estimate and is often inaccurate.
Miscalculating the monthly amount of property taxes or insurance is generally not intentional. When a potential home loan borrower first calls a mortgage lender for a mortgage rate quote, a common question is what the monthly payment will be. It is fairly easy to provide a mortgage payment amount based on the loan amount, the mortgage rate offered by the mortgage lender and the term of the loan. In fact, with these figures, an exact mortgage payment can be calculated that includes principal and interest. Now when it comes time to quote the payment with taxes and insurance, the mortgage lender has to rely on an estimate of these figures based on the property value and location or use figures that are provide by the borrower.
In either case, the PITI monthly payment that is initially quoted is generally going to be an estimate that has quite a bit of room for error. This error amount is magnified in the current low mortgage rate and high property tax period.
As an example, a home in Naperville Illinois worth $500,000.00 will have a property tax bill of $12,500.00 ( approximately ), with a 20% down payment the loan amount would be $400,000, with mortgage rate of 4.50% the monthly mortgage payment would be $2,026.74. This is the principal and interest portion of the monthly mortgage payment. By dividing the annual taxes of $12,500.00, the tax portion of the monthly mortgage payment is $1,041.67. If the annual home owner’s insurance bill is $775.00, the insurance portion of the monthly bill would be $64.58. This puts the total PITI payment at $3,132.99. Of the total PITI monthly mortgage payment, almost 35% of the payment is for taxes and insurance.
Exact property taxes are typically available only through public records or through tax data published in a local multiple listing services. Once the mortgage loan request is being processed, the mortgage lender will have a more exact figure on the real estate taxes based on information retrieved form the county tax offices.
The same issue of inexact figures applies to hazard insurance or home owners insurance. The exact number for the insurance costs will come from the insurance company not the loan officer or the borrower. In the meantime, the figures that used in the initial calculations are just estimates.
Escrow accounts, sometimes called impound accounts are deposit accounts established by the mortgage lender to pay annual property tax bills and insurance premiums. The escrow amount is initially set up with approximately 1/6 of the annual real estate tax bill and 1/16 of the annual insurance bill. The cost or amount of money needed to fund the escrow account will impact the amount of funds need at the loan closing.
If the insurance policy and / or the property taxes are misquoted, it can be quite a shock when the mortgage borrower arrives to the loan closing and has to come up with more funds to cover changes in the escrow account and more importantly, discover for the first time the actual monthly mortgage payment including PITI is significantly higher than thought based on that first mortgage payment quote they received.
To avoid these surprises, pay attention to the numbers. When a mortgage lender quotes a payment, understand what is covered in that mortgage payment. Is it the mortgage payment PITI or just the PI and further recognize how these numbers were calculated. Check the results with a mortgage calculator for the term and mortgage rate and go the extra step to verify the tax payment amount and insurance costs.
Today’s Mortgage Rates August 24, 2010
Today’s mortgage rates from the top bank mortgage lenders continued their downward drive. The average mortgage rate from the top ten bank mortgage lenders on the 30 year fixed rate mortgage has now reached 4.558% while today’s mortgage rate for the 15 year loan dipped to 4.025%. Mortgage rates are current as of August 24, 2010.
Today’s mortgage rates survey includes the average rate on a 30 year fixed rate home loan and 15 year fixed rate home loan and includes the mortgage interest rate, points charged and the APR. The average points needed to obtain today’s mortgage rates from the top ten bank lenders came in at .413 points for the 30 year and .35 points for the 15 year.
Results from the survey for the 30 year home loan found at five of the top ten bank mortgage lenders in the nation included:
Wells Mortgage rates on the 30 year home loan is 4.25% with 1.0 point and a 4.40% APR.
Chase mortgage rates on the 30 year is at 4.75% with .125 points for an APR of 4.816%.
Bank America mortgage rates are at 4.875% and 1.0 point with an APR at 5.022% for the 30 year term home loan.
SunTrust mortgage rates had the 30 year fixed rate mortgage at 4.25% with 1.50 points and an APR of 4.407%.
Key Bank mortgage rates for a 30 year mortgage is 4.58% and zero points with a 4.72% APR.
Mortgage rates and costs will vary based credit, loan amount, property type and location and other factors involved in underwriting. Today’s mortgage rates survey from Findlocalmortgagerates.com covers the largest bank mortgage lenders in the nation including based on loan amounts of $250,000.00 with a 20% down payment.
Today’s mortgage rates are current as of this publication date but are subject to change by the bank mortgage lenders listed. All mortgage loan s and mortgage loan rates are subject to mortgage lender approval.
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 above are just a sample of the mortgage interest rates and costs compiled in the mortgage rate survey.
WV Mortgage Rates July 14, 2010
Mortgage loans and mortgage rates in West Virginia are as competitive as any region in the nation. Both small mortgage lenders and the largest bank mortgage lenders in the country do business in the mountain state. By reviewing the mortgage rates of the biggest lenders as well as the local bank lenders, home loan borrowers can make the process of securing the best mortgage simple and straightforward.
Findlocalmortgagerates.com has performed a survey of two local bank mortgage lenders as well as two national banks to compare the best mortgage rates in WV. The two local bank mortgage lenders in the survey include Susquehanna Bank and WesBanco Bank. The two national banks are Wells Fargo Bank and Bank of America.
Bank of America mortgage rates in WV include a 30 year fixed rate loan with a mortgage rate of 4.875% and .875 points for a 5.00% APR, a 15 year fixed rate loan with a 4.25% rate with 1.0 point and a 4.486% APR as well as a 30 year FHA mortgage with a rate of 4.75% with 1.0 point and a 4.886% APR.
Wells Fargo mortgage rates in WV include a 30 year 4.625% with 1.0 point and a 4.812% APR, a 15 year fixed mortgage rate of 3.875% with 1.0 point and a 4.195% APR and a 30 year FHA mortgage rate of 4.625% with 1.0 point and an APR of 5.364%.
WesBanco Bank offers a 30 year fixed rate home loan with a rate of 4.625% and no points for a 4.66% APR, a 15 year home loan with a 4.00% mortgage rate and no points and a 4.061% APR as well as a 30 year FHA mortgage rate in WV of 4.50% with no points for a 5.078% APR.
Susquehanna Bank has a 30 year mortgage rate in West Virginia at 4.375% with .75 points and a 4.487% APR, a 15 year fixed rate home loan at 3.75% with .75 points for a 3.944% APR and a 30 year FHA mortgage rate of 4.25% and a .25 points yielding a 4.469% APR.
The West Virginia mortgage rates and annual percentage rates (APRs) from the bank mortgage lenders are based on a loan amount of $200,000 on an owner occupied single family home for borrowers with excellent credit score and a minimum 20% down payment.
The listed mortgage interest rates, points and APRs are subject to change without notice. Individual mortgage loan requests may vary based on the geographic location of the property as well as other factors. Additional loan restrictions may apply. All home loans are subject to bank approval.
The bank mortgage lenders listed offer a variety of additional mortgage loan programs and additional rate and point options not displayed here. The banks in the survey can be reached at the following contact numbers:
WesBanco Bank 877-682-7944
Susquehanna Bank 877-581-3743
Bank of America 800-586-9780
Wells Fargo 877-937-9357
FHA Mortgage Rates July 7, 2010
FHA mortgage rates from the top five FHA bank mortgage lenders surveyed by Findlocalmortgagerates.com moved lower once again this week. The average rate on a 30 year fixed rate FHA home loan dropped down to an average mortgage rate of 4.65% and 0.625 points. In the previous week, the average 30 year FHA mortgage rate was 4.675% and 0.65 points.
FHA mortgage rates continue to mirror the reduction in rates that have also occurred in conforming mortgages. FHA loan rates, similar to conforming mortgage rates, are driven primarily by mortgage backed securities prices and rates, which continue to drop as the economy putters along.
FHA mortgage rates will generally have a higher APR than conforming home loans due to the higher cost of mortgage insurance charged at closing of an FHA loan.
The top five bank mortgage lenders in the FHA mortgage rate survey performed by Findlocalmortgagerates.com include; Bank of America Home Loans, Wells Fargo Home Loans, US Bank, SunTrust Mortgage and HSBC Mortgage.
The results of the survey including the individual bank FHA mortgage rates, points and APR’s are listed below.
The Bank of America mortgage rate on a 30 year FHA loan is 4.50% with 0.875 points and an APR of 4.603%.
Wells Fargo mortgage rate on a 30 year FHA mortgage loan is 4.625% and 1.0 point with a 5.364% APR.
US Bank mortgage rate on the 30 year FHA mortgage is 4.750% with no points and a 5.271% APR.
SunTrust mortgage rate for an FHA mortgage with a 30 year term is 4.625% with 1.25 points and a 5.186% APR.
HSBC Mortgage offers an FHA home loan with a mortgage rate of 4.750% with no points and an APR of 4.931%.
FHA mortgage rates and points listed are for owner occupied single family properties with a loan amount of $200,000.00. Mortgage loan programs, mortgage rates, terms and conditions are subject to change without notice. All home loans require bank approval, additional conditions and some restrictions may apply.
The bank FHA mortgage lenders listed offer a variety of mortgage loan options and mortgage loan programs. For additional information on the FHA mortgage rates and bank mortgage lenders listed:
Bank of America 800-586-9861
Wells Fargo Home Loans 877-937-9357
US Bank 888-831-7524
SunTrust Mortgage 800-634-7928
HSBC Mortgage 800-975-4722
WA Mortgage Rates July 2, 2010
Findlocalmortgagerates.com has surveyed Washington mortgage rates with two of the top ten largest banks based in The Evergreen State, Cascade Bank and HomeStreet Bank, as well as two of the top ten largest banks in the U.S., Bank of America and SunTrust Bank, in order to get a snapshot of local mortgage rates.
Buying or refinancing a home is an important decision that requires a certain amount of shopping. By shopping and comparing the largest bank mortgage lenders and local bank mortgage lenders, prospective borrowers can obtain the knowledge to make an informed choice about the home loan that’s right for their needs.
Current mortgage rates in Washington from these four lenders include the following rates, points and APR’s:
Cascade Bank, the seventh largest Washington based bank offers a 30 year fixed rate mortgage with a rate of 4.500% and zero points and a 4.527% APR. The 15 year mortgage rate in Washington from Cascade is currently 4.000% with 0.875 points with a 4.177% APR.
HomeStreet Bank, the sixth largest Washington based bank, offers a 30 year mortgage rate in WA at 4.50% with a 1% origination fee and an APR of 4.657%. The 15 year mortgage from the bank is at 3.875% with a 1% origination fee and an APR of 4.145%.
Bank of America 30 year fixed rate mortgage rate in Washington is 4.625% with 1.0 point and an APR of 4.78%. A 15 year mortgage rate from Bank of America is at 4.125% with 1.0 point and a 4.391% APR.
SunTrust Mortgage rates in Washington include the 30 year fixed rate home loan at 4.625% with 1.125 points and an APR of 4.754% as well as the 15 year loan with a mortgage rate of 4.125% with 1.25 points and a 4.363%.
The interest rates, annual percentage rates and points shown are for illustration purposes and are based on $200,000.00 loan amounts with a 20% or greater down payment for an owner occupied property with a borrower that has an excellent credit history. These WA mortgage rates are subject to change without notice and bank approval is required for all home loans.
Other mortgage loan programs, rates and fees may be available from these WA mortgage lenders. The following contact numbers can be used to reach these banks for more information on their loans products and current mortgage rates:
HomeStreet Bank is based in Seattle and is one of the largest privately owned banks in the Northwest. The bank can be reached at 800-719-8080.
Cascade Bank has 22 bank branch offices throughout Snohomish, King and Skagit Counties and can be reached at 800-326-8787.
Bank of America mortgage information can be obtained at 888-233-4124.
SunTrust Mortgage rate information is available at 800-634-7928.
FHA Mortgage Rates from the Top 5 FHA Bank Mortgage Lenders July 1, 2010
Long term FHA mortgage rates moved lower for the week based on the most recent survey of the top FHA bank mortgage lenders completed by Findlocalmortgagerates.com on July 1, 2010. The rate on the 30 year fixed rate FHA home loan dropped down to 4.675% this week. The average points charged to obtain that rate was also lower at 0.65 points.
The average 30 year FHA mortgage rate from the top 5 FHA bank mortgage lenders came in at 4.675% with 0.65 points and an APR of 5.106%.
FHA mortgage rates continued to drop along with conventional loan rates and the Treasury rates. Mortgage rates closely track the rates of the widely followed ten year Treasury bond and the ten year closed at its lowest level of the year, portending lower rates in the immediate future.
The top five bank mortgage lenders in the FHA mortgage rate survey include; Bank of America Home Loans, Wells Fargo Home Loans, US Bank, SunTrust Mortgage and HSBC Mortgage.
The results of the survey including the individual bank mortgage rates, points and APR’s are listed below.
Bank of America’s 30 year FHA mortgage rate is 4.625% with 1.0 point with an APR of 4.780%.
Wells Fargo Home Loans offers the 30 year FHA mortgage loan with a mortgage rate of 4.625% and 1.0 point with a 5.364% APR.
US Bank markets the 30 year FHA mortgage rate at 4.750% with no points and a 5.271% APR.
SunTrust Bank’s 30 year FHA mortgage has a mortgage rate of 4.625% with 1.25 points and a 5.186% APR.
HSBC Mortgage has an FHA home loan with a mortgage rate of 4.750% with no points and an APR of 4.931%.
Long term FHA mortgages are designed to provide low down payment financing and are one of the few options available for home buyers trying to finance a new home with as little cash as possible. The fixed rate mortgage provides a borrower with the security of a monthly payment that won’t change over the life of the life of the loan.
Mortgage rates listed are for owner occupied single family primary residences for loan amounts of $200,000.00. Mortgage loan programs, mortgage rates, terms and conditions are subject to change without notice. All loans require bank approval, additional conditions and some restrictions may apply.
The bank FHA mortgage lenders listed offer a variety of mortgage loan options and mortgage loan programs. For more information on the mortgage lenders listed and current FHA mortgage rates, the contact numbers are:
Bank of America 800-586-9861
Wells Fargo Home Loans 877-937-9357
US Bank 888-831-7524
SunTrust Mortgage 800-634-7928
HSBC Mortgage 800-975-4722
Top Five Bank Mortgage Lender Rates June 14, 2010
Bank mortgage rates were up just slightly for the week ending June 11, 2010. The average mortgage rate from the top five bank mortgage lenders survey by Findlocalmortgagerates.com showed an increase in rate for the 15 year term home loan with a reduction in points charged while the average 30 year fixed rate home loan was unchanged with regards to the rate but increased for the average points charged.
The results of the survey this week:
30 year mortgage rate average is 4.85% with .575 points compared to last week’s average rate of 4.85% with .375 points.
The 15 year mortgage rate is 4.30% with .475 points as compared to the previous week’s average rate of 4.25% and .575 points.
Considering a mortgage loan is often the largest financial decision consumers will face. Reviewing the current mortgage rates and products available from the largest mortgage lenders is an important step to find an option that is right for your financial situation. Whether someone is just starting the home buying process, preparing to buy a new home or looking to refinance their current mortgage loan, reviewing the current mortgage rates from the largest bank mortgage lenders is a great starting point.
The top five bank mortgage lenders in the mortgage rate survey included Chase Mortgage, Wells Fargo Home Loans, Citibank, Bank of America and US Bank.
The 30 year mortgage rate and 15 year mortgage rate as well as the points charged and APRs from the individual bank mortgage lenders in this week’s survey were as follows:
Chase Bank mortgage rate for a 30 fixed rate loan is 5.00% with 0.25 points and a 5.079% APR.
The 15 fixed rate home loan from Chase has a rate of 4.50% with zero points and an APR of 4.596%.
Bank of America mortgage rate for a 30 year fixed rate mortgage is 4.750% with 1.125 points and an APR of 4.878%.
A 15 year mortgage from Bank of America has a rate of 4.125% with 1.375 points and an APR of 4.386%.
Citibank mortgage rate on a 30 year mortgage is 4.875% with 0.50 points and a 5.099% APR.
Citibank’s 15 year fixed mortgage rate is 4.375% with no points and a 4.603% APR.
Wells Fargo Home Loans mortgage rate is 4.750% and 1.0 point for a 4.939% APR.
Wells Fargo 15 year fixed rate is at 4.25% with 1.0 point and a 4.573% APR.
US Bank offers a 30 year fixed rate home loan with a mortgage rate of 4.875% and no points with a 4.941% APR.
The US Bank 15 year mortgage rate is 4.250% and no points with a 4.361% APR.
The bank mortgage lender rates listed as well as the points and APRs are subject to change and may vary depending on the credit, income, assets and property being purchased by the borrower.
Mortgage rates listed are believed to be accurate and current as of the date of this publication. Mortgage interest rates are not guaranteed. All mortgage loans are subject to bank approval.
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.
The bank mortgage lenders listed offer a variety of additional home financing options to help find the loan that best fits a borrowers needs. For more information on these mortgage rates, 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
Top 5 FHA Bank Mortgage Lender Rates June 9, 2010
30 year FHA mortgage rates were mostly unchanged based on the survey of the top 5 FHA bank mortgage lenders performed by Findlocalmortgagerates.com June 9, 2010. The average FHA mortgage rate for a 30 year term home loan was down by 2.5 basis points from the previous week but the points charged to obtain that rate rose by 7.5 basis points. One basis point is equal to 1/100 of a percent.
The average 30 year FHA mortgage rate survey stood at 4.725% down from 4.75% in the prior week while the average pints charged was 0.825 points, up from 0.75 points in the preceding week.
FHA mortgage rates continue to be hovering around the same level as conforming loans. For example, Wells Fargo offers the same rate and points for a 30 year conforming loan and a 30 year FHA loan. Despite the same note rate, the APR on the two loans is different. FHA loans typically have slightly higher costs that result in a higher APR because of higher fees including mortgage insurance costs.
The top five bank mortgage lenders in this week’s survey included; Bank of America Home Loans, Wells Fargo Home Loans, US Bank, SunTrust Mortgage and HSBC Mortgage.
The results of the survey including the individual bank mortgage rates, points and APR’s are listed below.
Bank of America Home Loans offers the 30 year FHA mortgage rate at 4.50% with 1.5 points resulting in an APR of 4.673%.
Wells Fargo Home Loans markets the 30 year FHA loan at 4.750% with 1.0 point and a 5.497% APR.
US Bank’s 30 year FHA mortgage rate is 4.875% with no points and a 5.402% APR.
SunTrust Bank’s 30 year FHA mortgage rate is 4.625% with 1.625 points and a 5.129% APR.
HSBC Mortgage markets an FHA home loan with a 30 year terms with a mortgage rate of 4.875% with no points for a 5.057% APR.
The FHA mortgage rates listed are current as of this publication date but are subject to change by the mortgage lenders at their discretion without notice. All mortgage loans are subject to bank or mortgage lender approval. FHA mortgage rates listed are based on home loan amounts of approximately $200,000.00 for owner occupied, single family homes. Individual loan attributes such as property value, the borrower’s assets, income and credit profiles, as well as the geographic location may lead to different rates, points and APRs.
The bank FHA mortgage lenders listed offer a variety of mortgage loan options and mortgage loan programs. For more information on the mortgage lenders listed and current FHA mortgage rates, the contact numbers are:
Bank of America 800-586-9861
Wells Fargo Home Loans 877-937-9357
US Bank 888-831-7524
SunTrust Mortgage 800-634-7928
HSBC Mortgage 800-975-4722
Bank Mortgage Lender Rates June 6, 2010
The most recent survey of the 30 year and 15 year fixed mortgage rates from the nation’s largest bank mortgage lenders performed by Findlocalmortgagerates.com indicated that the costs of obtaining these loans has fallen once again.
While the advertised mortgage rates for both loan products was unchanged from the previous week, the points charged by the largest bank mortgage lenders was lower bringing the total cost to obtain the 30 year and 15 year fixed rate mortgage loan down for the week.
The average 30 year mortgage rate from the top five bank mortgage lenders is currently at 4.85%, unchanged from the prior week. The average points charged is .375 which is down from the preceding week’s average points charged of 0.60.
The average15 year mortgage rate from the top five bank mortgage lenders remained at 4.25% for the week. The average points charged is .575 and that is down from the earlier week’s average points charged of 0.70.
Whether you are a first-time home buyer or a current homeowner looking to buy a new property or refinance an existing mortgage with just a quick review of the bank loan rates listed, prospective borrowers can get a quick snapshot of the current mortgage rates by the largest bank mortgage lenders across the nation and help narrow down the search for the best mortgage rate and mortgage lender.
The top five mortgage lenders in the mortgage rate survey include the rates of Chase Mortgage, Wells Fargo Home Loans, Citibank, Bank of America and US Bank.
The 30 year mortgage rate and 15 year mortgage rate as well as the points charged and APRs from the individual bank mortgage lenders in this week’s survey were as follows:
Chase Bank mortgage has the 30 fixed mortgage rate at 4.875% with zero points and a 4.931% APR.
Chase Mortgage promotes the 15 fixed rate home loan with a mortgage rate of 4.25% with 0.375 points and an APR of 4.401%
Bank of America Home Loans markets a 30 year fixed mortgage rate at 4.875% with 0.625 points and a 4.955% APR.
A 15 year mortgage from Bank of America has a mortgage rate of 4.125% with 1.50 points and an APR of 4.399%.
Citibank mortgage’s 30 year mortgage rate is 4.875% with 0.25 points and a 5.054% APR.
Citibank’s 15 year fixed mortgage rate is 4.375% with no points and a 4.603% APR.
Wells Fargo Home Loans 30 year fixed mortgage rate is 4.750% and 1.0 point for a 4.939% APR.
The Wells Fargo 15 year fixed rate is at 4.25% with 1.0 point and a 4.573% APR.
US Bank has a 30 year fixed rate loan with a mortgage rate of 4.875% and no points with a 4.941% APR.
The US Bank 15 year term mortgage rate is 4.250% and no points with a 4.361% APR
After searching for the best mortgage rate and term it can be equally important to interview the mortgage lender and look for the mortgage lender that offers an efficient process that ensures that you will receive a quick and easy underwriting process and loan closing.
The bank mortgage lender rates listed as well as the points and APRs are subject to change and may vary depending on the credit, income, assets and property being purchased by the borrower.
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.
The bank mortgage lenders listed offer additional mortgage loan options including additional mortgage rate and point options. For more information on these mortgage rates, 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
The 30 year fixed rate and 15 year fixed rate mortgage rates listed are believed to be accurate and current as of the date of this publication. Mortgage interest rates are not guaranteed. All mortgage loans are subject to bank approval.