FHA Mortgage Rates August 17, 2010
Today’s 30 year fixed FHA mortgage rate is now at 4.50% according to the most recent survey of the top FHA mortgage lenders performed by Findlocalmortgagerates.com. The average points charged to obtain the 4.50% FHA mortgage rate from the bank mortgage lenders in the survey came in at 0.70 points.
FHA mortgage rates continue to remain at historic low levels along with conventional mortgage rates. High down payments and tougher bank lending standards continue to make it difficult for a number of consumers to take advantage of the current low mortgage rates in the conventional market, which is ultimately pushing more borrowers into FHA loans for both home purchases and refinance transactions.
The top five bank mortgage lenders that are included in the Findlocalmortgagerates.com FHA mortgage rate survey are Bank of America Home Loans, Wells Fargo Home Loans, US Bank, SunTrust Mortgage and HSBC Mortgage.
The results of the survey from these bank mortgage lenders with the 30 year FHA mortgage rate, origination and discount points and APR’s are listed below.
The Bank of America mortgage rate on a 30 year FHA loan is 4.625% with 1.25 points and an APR of 4.770%.
Wells mortgage rate for a 30 year FHA is 4.50% and 1.0 point for a 5.233% APR.
US Bank mortgage rate is at 4.50% with zero points and a 5.271% APR for a 30 year term FHA home loan.
SunTrust mortgage rate on an FHA 30 year is 4.25% with 1.25 points and an APR at 4.794%.
HSBC Mortgage rate is 4.625% with no points and a 4.804% APR for a 30 year FHA mortgage loan.
FHA loans remain available with a down payment as low as 3.5%. Though the lending criteria for FHA loans has tighten along with conventional mortgages, the credit requirements, income and asset requirements for FHA loans remain significantly more flexible.
The FHA mortgage rates, costs and APRs listed are for owner occupied single family properties with a loan amount of approximately $250,000.00. The bank mortgage rates listed are current as of this publication date but are subject to change. All mortgage loans require bank approval, additional conditions and some restrictions may apply.
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
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.
NH Mortgage Rates April 26, 2010
Mortgage rates in New Hampshire have fallen modestly along with home loan rates across the nation. To compare mortgage rates in NH the following is a review of mortgage rates offered by Wells Fargo home Mortgage, one of the largest bank mortgage lenders, and Laconia Savings Bank, the largest bank in New Hampshire measured by assets.
Fixed rate mortgages are one of the most popular home loan options for buying a new home when rates are low as they are in this current rate environment therefore, the mortgage loans reviewed include the 30 year fixed as well as the 15 year fixed rate home loans.
The current 30 year fixed rate mortgage in New Hampshire offered Laconia Savings Bank is at 5.25% with no points and an APR of 5.280%. The 30 year fixed from Wells Fargo Home Loans is at 5.125% with 1.0 point and a 5.318% APR.
The 15 year fixed rate home loan from Laconia Savings Bank is at 4.500% with no points and an APR of 4.550%. Wells Fargo Home Loans is offering the 15 year fixed rate mortgage at 4.25% with 1.0 point and an APR of 4.573%.
The above mortgage rates in NH are based on a loan amount of $175,000.00 with a 20% or greater down payment for the purchase of a single family primary residence. Both of these bank mortgage lenders offer flexible home financing options to help purchase a new home. Other mortgage rate and point options are available for these term loans as well as other loan options from the mortgage lenders.
Mortgage rates are current as of this publication date but are not guaranteed. The NH mortgage interest rates, annual percentage rates (APRs) and points shown are subject to change without notice. Existing homeowners looking to refinance may find the refinance rates may vary from the purchase rates.
New home buyers can find assistance with a loan preapproval at either Laconia Savings Bank or Wells Fargo Home Loans. A preapproval is a written agreement from the mortgage lender indicating they will finance a home purchase up to a specific amount, subject to certain conditions.
For current mortgage rates from these NH mortgage lenders or additional information on their home loan products, Wells Fargo Home Loans can be reached at 877-937-9357 and Laconia Savings Bank can be reached at 800-832-0912.
Mortgage Rates in Ohio with Huntington Bank Mortgage
Huntington Bank mortgage offers a variety of banking products and services in Ohio including mortgage loans and competitive mortgage rates.
Huntington bank offers a wide range of mortgage loan programs and interest rates in Ohio for both purchases and existing home loan refinances. The mortgage loan refinance options include refinances to obtain additional cash out on a primary home or to take advantage of a lower mortgage rate or change the term or type of home loan such as 30 year loan to a 15 year or a fixed rate home loan to an adjustable rate mortgage.
Mortgage loans offered by the bank include a wide choice of fixed rate mortgage products ranging from 10 year to 30 year terms, adjustable rate loans, balloon loans, jumbo loans, construction loans, VA and FHA loans.
Current Ohio mortgage rates offered by Huntington Bank include the following terms and rates:
30 year fixed rate mortgage has an Ohio mortgage rate of 4.750% with 0.625 discount points and an APR of 5.069%.
A 15 year fixed rate mortgage has an Ohio mortgage rate of 4.125% with 0.375 discount points and an APR of 4.616%.
The Huntington Bank 3/1 adjustable rate mortgage has a mortgage rate of 4.000% with 0.0 discount points and an APR of 3.567%. The loan rate for this mortgage product is normally lower than fixed rates however the mortgage interest rates will change at predetermined intervals based upon an index.
The bank’s 7 year balloon loan has a mortgage rate in Ohio of 4.500% and 0.125 points and a 5.052% APR.
The balloon loans are often loans that are considered by borrowers who plan to live in their home for a shorter period of time and want the benefits of a fixed monthly payment. The balloon mortgage loan rate is generally lower than the rates found on either 30 year fixed rate loan or a 15 year fixed rate loan.
Huntington’s mortgage division offers several different mortgage products and mortgage rates in Ohio other than those listed. The FHA loans and the VA loans offered by the bank come with a wide range of mortgage loan options, including fixed rate mortgages and ARMs.
The Ohio mortgage rates and annual percentage rates (APRs) listed are based on a $120,000 loan amount on a single family owner occupied home, with a minimum 20% down payment, excellent credit a rate lock period of 30 days.
All mortgage loans in Ohio are subject to bank and credit approval. Ohio mortgage rates listed are current as of this publication but are subject to change at any time.
For individuals looking to buy or refinance a home in Ohio, current mortgage rates and additional home loan information can be obtain from Huntington Bank at 1-800-562-6871.
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.
US Bank Home Mortgage Arkansas North Little Rock
US Bank home mortgage loan officer contact for North Little Rock, Arkansas. US Bank home mortgage offers several means for starting a home loan application. Contacting the local loan officer in North Little Rock in one method for prospective borrowers to start the mortgage loan process. Potential borrowers can also call the mortgage specialist toll free number at 888-831-7524 or fill out a mortgage loan application online.
The US Bank home mortgage representative in North Little Rock, Arkansas:
Laura Criner
Mortgage Loan Officer
U.S. Bank Home Mortgage
3703 McCain Blvd.
North Little Rock, AR 72116
Office: 501-758-3537
Cell: 501-804-7390
Fax: 501-791-2095
Laura.criner@usbank.com
By contacting the toll free phone representatives or the local loan officer or by using the banks’ online resources new home loan borrowers can obtain information on home purchases, refinances and preapprovals for a variety of loans.
For purchase requests, consumers can obtain information on preapprovals, loan applications, and an understanding of the approval process.
First time homebuyers can obtain information on qualification requirements and the necessary documents needed to process a mortgage loan request.
Those existing homeowners looking to refinance can find information about lowering the mortgage rate, reducing the term, or obtaining a cash out refinance.
Representatives at US Bank home mortgage can help determine how much you can afford, estimate the monthly mortgage payments, compare the various loan options available, and more.
Mortgage Approvals and Compensating Factors
Mortgage loans are approved based on a fairly strict set of guidelines. Some of the guidelines are hard rules that can not be broken. An example of hard rule is the maximum loan to value ratios or down payment requirements. If a home loan for a particular 30 year fixed rate mortgage requires a 5% down payment or a loan to value of 95%, 4.75% down payment will not be accepted. On the other hand, some rules are general guidelines.
An example of a general guideline is the debt ratio requirement. Standard debt ratios are approximately 32% for the amount of the borrowers’ gross monthly income that can be used for the monthly mortgage payment and a 38% ratio representing the amount of the gross monthly income that can be allocated for the monthly mortgage payment and all other monthly debt obligations. These debt ratios are guidelines. A home loan applicant that has debt ratios of 33% and 40% may very well be approved for a mortgage loan.
In situations where a home loan borrower has debt ratios that exceed the guidelines or perhaps a credit history that is slightly below the requirements, a mortgage lender will look for compensating factors to justify making the home loan approval.
Compensating factors that may be used to justify approval of mortgage loans with ratios exceeding the benchmark guidelines are evaluated on a case by case scenario. Any compensating factor used to justify mortgage approval must be supported by documentation with the mortgage lender.
Common compensating factors that are reviewed to approve a home loan that is just marginally beneath the loan guidelines include:
The borrower has successfully demonstrated the ability to pay housing expenses equal to or greater than the proposed monthly housing expense for the new mortgage over the past 12-24 months.
The borrower makes a large down payment, one that is above the minimum established for the home loan program applied for, toward the purchase of the property.
The borrower has demonstrated an ability to accumulate savings and a conservative attitude toward the use of credit.
A previous credit history shows that the borrower has the ability to devote a greater portion of income to housing expenses.
The borrower receives documented compensation or income not reflected in effective income, but directly affecting the ability to pay the mortgage, including food stamps and similar public benefits.
There is only a minimal increase in the borrower’s housing expense.
The borrower has substantial documented cash reserves (at least 3 months worth) after closing. In determining if an asset can be included as cash reserves or cash to close, the mortgage lender must judge whether or not the asset is liquid or readily convertible to cash and can be done so, absent retirement or job termination.
Funds borrowed against these accounts may be used for home loan closing, but are not to be considered as cash reserves. “Assets” such as equity in other properties and the proceeds from a cash-out refinance are not to be considered as cash reserves. Similarly, funds from gifts from any source are not to be included as cash reserves.
The borrower has substantial non-taxable income (if no adjustment was made previously in the ratio computations)
The borrower has potential for increased earnings, as indicated by job training or education in the borrower’s profession
The home is being purchased as the result of relocation of the primary wage earner and the secondary wage earner has an established history of employment is expected to return to work, and reasonable prospects exist for securing employment in a similar occupation in the new area. The mortgage loan underwriter must document the availability of such possible employment.
Mortgage Rates in NY at Chemung Canal Bank
Chemung Canal Trust Company is a 175 year old financial institution headquartered in Elmira, New York. The bank operates 23 branch offices in 7 counties situated in the Southern Tier of New York and the Northern Tier of Pennsylvania.
Chemung Canal Trust Company is committed to the community banking philosophy and mission which means the bank builds long-term relationships with its clients and help to plays an important role in the communities they serve. As a community oriented bank, Chemung Canal makes lending decisions locally.
For consumers served in the region of Chemung Canal, the bank’s mortgage department offers a wide array of mortgage loans with competitive mortgage rates. Chemung Canal mortgage serves first time home buyer, existing homeowners looking to refinance their existing home loan, consumers who may be home build new or second home and more.
The bank’s website provides a great deal of information about Chemung Canal Trust Company including mortgage products and services as well as branch locations and hours of operations.
With Chemung Canal mortgage, a mortgage applicant can apply online or contact one of the bank offices to speak with a mortgage professional. The bank mortgage department can assist potential home loan borrowers find the right mortgage loan to fit their needs.
Mortgage loan rates promoted by Chemung Canal include the following terms and mortgage rates:
10 year mortgage rate 4.500%, 0 points and 4.58% APR with a minimum 5 percent down payment.
15 year mortgage rate 4.500%, 0 points and 4.56% APR with a minimum 5 percent down payment.
20 year mortgage rate 5.125%, 0 points and 5.17% APR with a minimum 5 percent down payment.
30 year mortgage rate 5.250%, 0 points and 5. 28% APR with a minimum 5 percent down payment.
Use one of the mortgage calculators located at www.selectcalculators.com to help determine which mortgage rates an home loan options are best for you. Check on the potential savings with different term home loans or making biweekly instead of monthly mortgage payments as well.
Additional mortgage rates and point options are available. Mortgage rates are subject to change without notice. All home loans are subject to credit approval. Any additional conditions will apply.
For more information on bank mortgage rates and home loan programs, contact the bank mortgage department directly at (607) 737-3815 or toll-free at (800) 836-3711. Mortgage rates and bank information is also available at the bank website located at www.chemungcanal.com.
Bank deposit rates can be viewed at www.selectcdrates.com including current CD rates and more.
Tips for a Fast Home Loan Approval
As a potential home loan customer, everyone wants to search and find the best mortgage deal and the best mortgage rate that they can. It seems everyone in the market for a new home loan is looking for the best mortgage rate for the lowest costs on a loan they can have right away without delay. For some prospective borrowers that find a mortgage lender or mortgage broker that is well respected and skilled, it is likely they will not have any problems in your search.
Sometimes, however, choosing the best mortgage lender doesn’t always equal a deal that is done the most swiftly. Mortgage loans that are not completed in a timely manner may unfortunately result in higher costs. Delays may bring higher costs due to a purchase not closing on time, higher costs to pay for additional services to complete the home loan transaction or higher costs due to the expiration of a mortgage loan lock that results in a higher mortgage rate.
If your home loan is supposed to close within 30 days but it winds up taking longer you may have to pay a higher interest rate because of the delay or worse experience a lost opportunity because you didn’t get the funding in time.
It is important to be able to evaluate the services of your mortgage lender or broker so you know what the home loan approval process entails with that mortgage lender so the loan closes in a timely fashion without extra costs and headaches. The first task should be to have some knowledge about the mortgage loan process as a whole. Knowing the different steps in the mortgage process will help avoid delays and unnecessary halts in the loan process and closing.
The first part of this process is the mortgage loan application and the submission of supporting documents. If the mortgage application process is not done right, the mortgage loan approval process gets off to a rocky start that will often lead to problems and delays.
It is in your best interest to make sure that your mortgage lender or broker has all of your personal information that is needed, and that the information is accurate and correct. Often a delay can be because of simple errors that are easily avoided.
This errors may slip by because the borrower did have the accurate information to complete the loan application or supply the necessary supporting documents or the error may occur because the home loan borrower did not think it was necessary to fill in all the details on the mortgage loan application or the loan officer was more interested in getting the loan application into processing rather than making sure it was completed properly. Whatever the reason, a simple rule is that the more information there the easy the process becomes.
When you complete a mortgage loan application it is important to make sure you fill out the application completely. The mortgage loan application details, among other things, your income, assets, and a description of the home you plan to buy or refinance. The application and the supporting documents is the most important step in the home loan approval process. This is where the information is garnered to calculate income, credit and debts outstanding. A well documented application helps avoid errors and improves the speed at which the data can be verified.
The process of completing and submitting the home loan application requires documents such as W-2’s and tax returns for the last two years, pay stubs covering a 30 day period, bank statements for the last two months, the purchase contract or a mortgage statement of the mortgage loan is for a refinance. Recent credit card account statements may also be routinely required.
Here are Some Easy Steps to Submit a Complete Mortgage Loan Application:
Double check that there are no spaces or blanks left on your mortgage application before you sign.
Make sure that when you sign the agreed terms spelled out in writing are what you are expecting, and do not be afraid or be shy about asking questions before you sign.
Anything you do not understand, don’t hesitate to question your mortgage lender before you sign. If there is a delay it won’t be because you didn’t understand what the process was.
Make sure you keep copies of all the documents and important papers and have them handy to produce if required.
Make sure you have given the data requested. Stress this point with the mortgage lending institution. If you give them everything they requested, the ball is firmly in their court to close the loan.
Make sure you understand all of the mortgage loan features, what they mean, and what may be available for other home loan programs. This includes the bottom line for what you are responsible to pay. As simple as this sounds, it avoids confusion and unwanted surprises.
Before submitting a mortgage loan application, search and find the mortgage lender that will give you the best service, and offer the best quotes for a low mortgage rate on your home loan. Once you find your mortgage lender, do not hesitate to give them all the financial details they need. Give them details on assets, your income, your debt situation, and your job history. After giving your mortgage lender all the information you have to give, follow up with them frequently, and make yourself accessible should they have questions and don’t be intimidated, do your research and remember this is your request; you can control many aspects of the process.