MORTGAGE RATES
Mortgage rates as of Friday 2/29/08 (Rates based on full documentation, 80% loan-to-value, and 680 fico. Rates, programs, and guidelines subject to change daily). Good news!!! Rates dropped in the past couple of days... check them out! Let's hope for further movement down!!! (keep those fingers crossed!) (New limits not in effect yet) CONFORMING TO $417K: 5/1 ARM = 5.375% 30 YEAR FIXED = 5.875% 30 YEAR FIXED WITH 10 YEAR INTEREST ONLY - 6.125%
JUMBO TO $650K-$1M: 5/1 ARM = 6.75% 30 YEAR FIXED = 7.0% 30 YEAR FIXED WITH 10 YEAR I/O = 7.0% (.5% discount cost) DON'T FORGET ABOUT THE 2/1 BUYDOWN PROGRAM!!! (Cost is aprox. 2.5% of loan amount; may vary per lending institution) Example: 30 year fixed rate of 6.5% 1st year payment based @ 4.5% 2nd year payment based @ 5.5% *** Qualifying rate!!! 3rd year thru 30 year payment based @ 6.5% HELPS THEM TO QUALIFY FOR A HIGHER LOAN AMOUNT... THIS IS NOT AN ARM LOAN... May be paid by Buyer or Seller (from part of % allowed from Seller; per program guidelines) (Conforming limit... call for more details)
JUMBO TO $650K-$1M: 5/1 ARM = 6.75% 30 YEAR FIXED = 7.0% 30 YEAR FIXED WITH 10 YEAR I/O = 7.0% (.5% discount cost) DON'T FORGET ABOUT THE 2/1 BUYDOWN PROGRAM!!! (Cost is aprox. 2.5% of loan amount; may vary per lending institution) Example: 30 year fixed rate of 6.5% 1st year payment based @ 4.5% 2nd year payment based @ 5.5% *** Qualifying rate!!! 3rd year thru 30 year payment based @ 6.5% HELPS THEM TO QUALIFY FOR A HIGHER LOAN AMOUNT... THIS IS NOT AN ARM LOAN... May be paid by Buyer or Seller (from part of % allowed from Seller; per program guidelines) (Conforming limit... call for more details)
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