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Today's Rates

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Rates depend on: (1) SUPPLY & DEMAND FOR MONEY      Trying to Predict Interest Rates | Overview of Mortgage Industry | Economic Calendar       More Market Indices | Check Bond Market | FOMC Calendar | Economy at a Glance      Historical Rate Charts:       Prime Rate | 6 Month LIBOR | 1 Year LIBOR | 11th District Cost of Funds Index       1 Year Treasury Rate (CMT) | 12 Month Treasury Average (2) LOAN PRODUCT - Fixed vs. ARM - Loan Programs (3) LOAN SIZE - Total current debt on the property.       Conforming Loans go up to $417,000,       Conforming Jumbo Loans are defined as between $417,000 to $729,950                                           (limit becomes $625,500 on 1/1/09)      Non-Agency Jumbo Loans is anything beyond the conforming Jumbo limit. (3) LOAN TO VALUE (LTV)      Total Debt secured by the property divided by a recent appraisal of the home.      If your loan amount is more than 80% of the appraised value, the lender may      charge you PMI (Private mortgage insurance). PMI protects the lender against      a loss if a borrower defaults on the loan. To avoid PMI, you'll want to structure      your 1st position loans to be not more than 80% of the appraised value. Some      lenders also offer rate incentives at lower LTVs. (Here are some free online      Automated Valuation Method (AVMs) services (Yahoo, Zillow, Cyberhomes) (4) CREDIT FICO SCORE (Improving Your Score)       A higher score is better. A score of 720+ places an applicant in the best      programs. 680-719 is next best category, followed by 620-679 and than      500-619 (Worried about your credit). (5) DEBT TO INCOME RATIO (DTI)      Total housing expense divided by gross monthly income. In general a DTI      beyond 45% is not allowed, and in some cases the maximum is 40%. (6) RATE LOCK PERIOD      Interest rates and points vary by the length of time needed to either process      the loan or if you are buying a home, close the escrow. The longer the rate lock      period, the higher the points or rate. Typical lock periods are 15, 21, 30, 45, 60      and 90. (7) OWNER OCCUPIED VS. INVESTMENT PROPERTY.      Non-owner occupied loans are more expensive than owner occupied. (8) IMPOUND ACCOUNTS      Some lenders will save up to ¼ point in loan fee, if you establish an impound      account with the lender to handle your tax and insurance payments. (9) CASH-OUT      If you are refinancing and taking cash out, the lender may charge a higher interest      rate/points than if you were just refinancing to lower the interest rate. (10) TYPE OF STRUCTURE         -Single Family Residence         -Low Rise Condo         -High-Rise Condo.          -Residential 1-4 units         -Commercial.        Condominiums are quoted higher rates than single family homes.        There are two categories of condos (low-rise=less than than 4 floors high,        and high-rise=more than 4 stories high. (11) US Citizen or Green card holder vs. non-permanent resident        Lenders have restrictions on LTV for non-permanent residents. Factors that will make financing difficult include liens on the property, or interest held by probate, or ownership by multiple trusts. We work with the most desirable major lenders, and many niche lenders, who specialize in helping people with special needs.

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