Rates have come down slightly! An update from Pinnacle Mortgage - Michael Mundy
REVISED February 23rd, 2011---- 12:00 PM ET
Lock Period = 45 Days
CONVENTIONAL CONFORMING LOANS (loans less than or equal to $417,000)
30 YEAR FIXED ------------------------
30 YEAR FIXED INTEREST ONLY--- 5.375%/ 5.396% APR
15 YEAR FIXED-------------------------
5 / 1 ARM---------------------------
7/1 ARM ------------------------------
*All quotes are with 0 points
*Investment Properties --- ** Add 1.75 points (if 25% down)**
*There is a rate increase for cash-out refinance transactions over 60% Loan to Value, or condominiums over 75% LTV*
*Investment Properties --- ** Add 1.75 points (if 25% down)**
*There is a rate increase for cash-out refinance transactions over 60% Loan to Value, or condominiums over 75% LTV*
CONVENTIONAL HIGH BALANCE CONFORMING FIXED RATE LOANS (loans greater than $417,000, but less than $729,500)
30 YEAR FIXED ------------------------
15 YEAR FIXED ------------------------- 4.500%/ 4.527% APR
** Loan amount restrictions based on county and property type. Cash-out refinances over 60% LTV not allowed.
***There is a rate increase for condominiums over 75% LTV***
Nice information! A mortgage is essentially a loan taken out to finance the purchase of real estate, such as a home or business office space. The bank specifies how much you can afford to pay, approves you for the loan, then expects monthly payments on that loan. Thanks a lot for sharing with us...
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