Best Mortgage Interest Rates – Find Today – s Lowest Variable – Fixed Rates, mortgage


Best Mortgage Rates in Canada

We shop the most competitive brokers, lenders and banks in Canada to bring you today’s lowest interest rates, free of charge! Our Canadian comparison charts list current rates and are updated regularly throughout the day. To compare a certain category, click “Compare all rates” for more details.

If you need any help comparison shopping, read our most frequently asked questions below:

Why should I compare mortgage rates?

Not all mortgage rates are created equal. Mortgages can have vary with the terms and conditions, in addition to the interest rate. Each mortgage caters to an individual’s particular needs. If you want to find the best mortgage for you, you need to compare all of your options.

Should I get an open or closed mortgage?

‘Closed’ mortgages have lower rates when compared to their ‘open’ counter parts, and are more popular. Closed mortgages can come in fixed and variable form, but place a restriction on the amount of principal you can pay down each year. If you pay off the entire principal in a closed mortgage before the set term, you will face a penalty, such as a 3-month interest charge.

‘Open’ mortgages on the other hand, allow you to pay off your entire mortgage balance at any time throughout the term. The drawback is that you pay a premium for that option. People opt for open mortgages if they are planning to move in the short future, or if they are expecting a lump sum of money through an inheritance or bonus, that would allow them to pay off their entire mortgage.

What is the difference between a variable vs. fixed mortgage rate?

Fixed mortgage rates are more popular and represent 66% of all mortgages in Canada. With a fixed mortgage you can “set it and forget it” as you are protected against interest rate fluctuations, so your payment stays constant over the duration of your term.

Variable mortgage rates are typically lower than fixed rates, but can vary over the duration of the term. Variable mortgages are prone to market behaviour (via the prime rate) which affects your payments. That means your payment amounts can change over time. A fixed mortgage offers stability as your mortgage rate and payment will remain the same each month, but that security is the reason why fixed interest rates are greater.

How often are Ratehub.ca mortgage rates updated?

The mortgage rates you see were updated today. Our mortgage rates are sourced through two methods: Mortgage brokers can log into our platform and update their rates instantaneously; and we source rates from Canadian bank websites to ensure the rates are current.

What are prepayment options?

Prepayment options outline the flexibility you have to increase your monthly mortgage payments or pay down your mortgage principal as a whole. The monthly prepayment option is a percentage increase allowance on your original monthly mortgage payment. For example, if your monthly mortgage payment is $1,000 and your prepayment allowance is 25%, then you can increase your monthly payments up to $1,250. The lump sum prepayment option on the other hand, applies to the original mortgage amount. So, if your lump sum prepayment allowance is 25% on a $100,000 mortgage amount, then you can pay $25,000 off the principal every year.

What is the mortgage ratehold?

The rate hold clause refers to how long before your mortgage renewal date you can lock in the prevailing mortgage rate, should that interest rate be a favourable one. The renewal date is the date on which the term of mortgage expires, not to be confused with the amortization period. So, for example, if you have a 5-year term on your mortgage, and a 90-day rate hold, then within 90 days before the expiration of the term, you have the option to lock in the current mortgage rate.


International Mortgage – Rincon, GA, mortgage rate charts.#Mortgage #rate #charts


Your Hometown Mortgage Broker

Mortgage rate charts Jane Hughes, President and Mortgage Loan Officer at International Mortgage, has a wide variety of quality mortgage products and the experience to help homebuyers make the right choice. Jane has more than 30 years as an independent mortgage broker with 26 of those years in Effingham County.

“I pride myself with the personal and courteous service I give each client. I make certain that I’m providing the most accurate information. There’s plenty of money for credit worthy, employed borrowers, and with housing prices as low as they are and interest rates this low, it is definitely a buyer’s market.”

Newest For Sale Homes in Effingham

Mortgage rate charts

What is a Mortgage Broker

Mortgage rate chartsA broker counsels potential customers on the loans available from different lenders. They also counsel on any problems involved in qualifying for a loan, including credit problems they take the borrower s application, and then process the loan. Processing includes compiling the file of information about the transaction, including the credit report, appraisal, verification of income, employment and assets, and so on. When the file is complete, it is handed off to the lender, who underwrites and funds the loan.

We’re a mortgage brokerage business based in Rincon, Georgia committed to bringing you genuine information of value on home buying and home refinancing. This site is set up to navigate easily and covers virtually all aspects of the home loan process. We give you the tools you need to easily understand and compare home financing and refinancing options.

Calculators

Mortgage rate charts Mortgage rate charts Mortgage rate charts

Want to find out how much you can afford, what your payments might be, or whether you should rent or buy? Run the numbers and then make an educated decision.

Why Choose a Mortgage Broker

Mortgage rate charts

The main advantage of a utilizing a broker is that we can shop among hundreds of competing lenders on a daily basis. Lenders price loans based on supply and demand. Some weeks, lenders might have fantastic rates, only to raise them shortly thereafter to slow down the volume. It happens all the time.

So lenders are constantly “in and out of the game” depending on market dynamics. In addition, lenders are constantly changing their guidelines to offer more innovative and streamlined loan structures and products. Dealing with only one lender may limit your ability to qualify; cost you time, and get you a higher rate than you should be paying.


International Mortgage – Rincon, GA, mortgage rate charts.#Mortgage #rate #charts


Your Hometown Mortgage Broker

Mortgage rate charts Jane Hughes, President and Mortgage Loan Officer at International Mortgage, has a wide variety of quality mortgage products and the experience to help homebuyers make the right choice. Jane has more than 30 years as an independent mortgage broker with 26 of those years in Effingham County.

“I pride myself with the personal and courteous service I give each client. I make certain that I’m providing the most accurate information. There’s plenty of money for credit worthy, employed borrowers, and with housing prices as low as they are and interest rates this low, it is definitely a buyer’s market.”

Newest For Sale Homes in Effingham

Mortgage rate charts

What is a Mortgage Broker

Mortgage rate chartsA broker counsels potential customers on the loans available from different lenders. They also counsel on any problems involved in qualifying for a loan, including credit problems they take the borrower s application, and then process the loan. Processing includes compiling the file of information about the transaction, including the credit report, appraisal, verification of income, employment and assets, and so on. When the file is complete, it is handed off to the lender, who underwrites and funds the loan.

We’re a mortgage brokerage business based in Rincon, Georgia committed to bringing you genuine information of value on home buying and home refinancing. This site is set up to navigate easily and covers virtually all aspects of the home loan process. We give you the tools you need to easily understand and compare home financing and refinancing options.

Calculators

Mortgage rate charts Mortgage rate charts Mortgage rate charts

Want to find out how much you can afford, what your payments might be, or whether you should rent or buy? Run the numbers and then make an educated decision.

Why Choose a Mortgage Broker

Mortgage rate charts

The main advantage of a utilizing a broker is that we can shop among hundreds of competing lenders on a daily basis. Lenders price loans based on supply and demand. Some weeks, lenders might have fantastic rates, only to raise them shortly thereafter to slow down the volume. It happens all the time.

So lenders are constantly “in and out of the game” depending on market dynamics. In addition, lenders are constantly changing their guidelines to offer more innovative and streamlined loan structures and products. Dealing with only one lender may limit your ability to qualify; cost you time, and get you a higher rate than you should be paying.


The hidden dangers of a cheap mortgage rate, mortgage rate charts.#Mortgage #rate #charts


The hidden dangers of a cheap mortgage rate

Mortgage rate charts

By Lauren Thompson

7:00AM BST 14 Jul 2012

Thousands of home owners lured into taking out cheap variable-rate mortgages could be hit with higher repayments even if Bank Rate stays at its record low, experts have warned.

Banks and building societies are increasingly pushing so-called discounted variable mortgages. These are pegged at a certain amount below the lender’s standard variable rate (SVR).

Unlike tracker mortgages, which go up and down in line with the Bank of England’s official interest rate, lenders can increase mortgage rates linked to an SVR at any time.

Yorkshire Bank and the Leeds, Nottingham, Market Harborough and Cumberland building societies are not currently offering tracker mortgages, preferring instead to have discounted variable deals.

This gives lenders greater control over the amount that home owners pay.

Related Articles

Aaron Strutt of Trinity Financial, a mortgage broker, said: “Home owners can be tempted by discounted variable rates because they can be cheaper than a tracker or fix. But many have been caught out recently as SVRs have increased.”

Next month, 4,500 borrowers with ING Direct will see their SVR increase from 3.5pc to 3.99pc. A home owner with a typical £150,000 mortgage will see monthly payments jump from £751 to £791, a rise of £40 a month.

More than a million home owners with Halifax, Co-op, Yorkshire Bank and Bank of Ireland have also seen increases in their SVR in recent months, despite Bank Rate being on hold at 0.5pc for more than three years.

Mortgage brokers said the SVR increases had come about largely because of the crisis in the eurozone, which has pushed up the cost of borrowing for banks. This means that mortgage rates are going up, even though Bank Rate is expected to stay on hold for at least another year.

David Hollingworth of London Country, another broker, said: “Bank Rate now has much less correlation with the cost for lenders to fund mortgages. It is therefore perhaps not surprising that some, especially smaller building societies, are moving away from trackers.

“Lenders want to have control over their mortgage rates and increase them if they need to, especially in this uncertain economic climate.”

Nationwide recently admitted that its old SVR, of only 2.5pc, which was capped at 2 percentage points above Bank Rate, cost the building society £750m last year. In April 2009 Nationwide increased its SVR for new customers to 3.99pc and scrapped the link between the SVR and Bank Rate.

Coventry Building Society has also scrapped the link to Bank Rate on most of its variable deals. Instead of tracker rates, it now mostly has so-called Flexx rates, which are variable and can be changed by the society at any time. Flexx deals come with no early repayment charge, so borrowers can escape without penalty.

Lenders that offer both trackers and discounts often price the latter slightly lower to make them more attractive to borrowers.

Newcastle Building Society, for example, has a two-year discounted variable deal at 3.85pc with a £690 fee. Monthly repayments on a £150,000 mortgage would be £779. But Newcastle’s two-year tracker rate is slightly higher, at 3.95pc, and there is a bigger fee of £995. Monthly repayments would be £788. Both deals are for borrowers with a 20pc deposit.

Figures from the Council of Mortgage Lenders show that 8pc of borrowers took out a discounted deal in April 2012, compared with just 3pc in April 2009. Almost 200,000 borrowers have taken out a discounted mortgage over these three years.

Mr Hollingworth said: “With a discounted rate you may get a slightly lower rate initially, but there is always the threat that it could be altered irrespective of Bank Rate movements. SVR increases are happening right now and, with all the turmoil still happening in the eurozone, other banks could still follow suit.”

Home owners who don’t want to be at the mercy of banks’ variable rate increases have the option of either a fix or a tracker. The choice partly depends on what you think will happen to Bank Rate in the next few years, as well as how much risk you can afford to take with your mortgage payments.

Howard Archer, an economist at IHS Global Insight, thinks Bank Rate will stay at 0.5pc until 2014. The Centre for Economics Business Research, meanwhile, thinks interest rates will remain on hold until 2016.

If you think rates will stay low for the foreseeable future, you could opt for a lifetime tracker. These are pegged at a certain amount above Bank Rate for the entire mortgage term, usually 25 years.

HSBC has a lifetime tracker at 2.99pc (2.49 percentage points above Bank Rate) for those with a 40pc deposit. It has no arrangement fee and there is no exit fee, meaning you can leave the deal at any time and switch, for example, to a fixed rate instead. Monthly repayments on a £150,000 mortgage would currently be £711.

Yesterday HSBC launched the cheapest ever five-year fix at 2.99pc for those with a 40pc deposit, as well as a seven-year fix at 3.99pc. Both mortgages come with a £1,499 fee. Monthly repayments would be £711 or £791 respectively.

Those with a smaller deposit of 25pc can get a lifetime tracker with First Direct at 3.49pc (2.99 percentage points above Bank Rate) with a £499 fee. Monthly repayments would currently be £750.

The same borrower could get a five-year fix with Cumberland Building Society at 3.96pc with a £699 fee. Monthly repayments would be £788.

A spokesman for the Building Societies Association said: “Some mutual lenders do offer trackers, while others offer alternatives such as fixed and discounted variable rates. The mix of these products is a commercial decision which reflects the cost of funding and provides choice to consumers.”


Best Mortgage Interest Rates – Find Today – s Lowest Variable – Fixed Rates, mortgage


Best Mortgage Rates in Canada

We shop the most competitive brokers, lenders and banks in Canada to bring you today’s lowest interest rates, free of charge! Our Canadian comparison charts list current rates and are updated regularly throughout the day. To compare a certain category, click “Compare all rates” for more details.

If you need any help comparison shopping, read our most frequently asked questions below:

Why should I compare mortgage rates?

Not all mortgage rates are created equal. Mortgages can have vary with the terms and conditions, in addition to the interest rate. Each mortgage caters to an individual’s particular needs. If you want to find the best mortgage for you, you need to compare all of your options.

Should I get an open or closed mortgage?

‘Closed’ mortgages have lower rates when compared to their ‘open’ counter parts, and are more popular. Closed mortgages can come in fixed and variable form, but place a restriction on the amount of principal you can pay down each year. If you pay off the entire principal in a closed mortgage before the set term, you will face a penalty, such as a 3-month interest charge.

‘Open’ mortgages on the other hand, allow you to pay off your entire mortgage balance at any time throughout the term. The drawback is that you pay a premium for that option. People opt for open mortgages if they are planning to move in the short future, or if they are expecting a lump sum of money through an inheritance or bonus, that would allow them to pay off their entire mortgage.

What is the difference between a variable vs. fixed mortgage rate?

Fixed mortgage rates are more popular and represent 66% of all mortgages in Canada. With a fixed mortgage you can “set it and forget it” as you are protected against interest rate fluctuations, so your payment stays constant over the duration of your term.

Variable mortgage rates are typically lower than fixed rates, but can vary over the duration of the term. Variable mortgages are prone to market behaviour (via the prime rate) which affects your payments. That means your payment amounts can change over time. A fixed mortgage offers stability as your mortgage rate and payment will remain the same each month, but that security is the reason why fixed interest rates are greater.

How often are Ratehub.ca mortgage rates updated?

The mortgage rates you see were updated today. Our mortgage rates are sourced through two methods: Mortgage brokers can log into our platform and update their rates instantaneously; and we source rates from Canadian bank websites to ensure the rates are current.

What are prepayment options?

Prepayment options outline the flexibility you have to increase your monthly mortgage payments or pay down your mortgage principal as a whole. The monthly prepayment option is a percentage increase allowance on your original monthly mortgage payment. For example, if your monthly mortgage payment is $1,000 and your prepayment allowance is 25%, then you can increase your monthly payments up to $1,250. The lump sum prepayment option on the other hand, applies to the original mortgage amount. So, if your lump sum prepayment allowance is 25% on a $100,000 mortgage amount, then you can pay $25,000 off the principal every year.

What is the mortgage ratehold?

The rate hold clause refers to how long before your mortgage renewal date you can lock in the prevailing mortgage rate, should that interest rate be a favourable one. The renewal date is the date on which the term of mortgage expires, not to be confused with the amortization period. So, for example, if you have a 5-year term on your mortgage, and a 90-day rate hold, then within 90 days before the expiration of the term, you have the option to lock in the current mortgage rate.


Interest Rate Trends ~ Historical Graphs for Mortgage Rates, mortgage rate charts.#Mortgage #rate #charts


mortgage rate charts

Mortgage rate charts

Mortgage rate charts

Mortgage rate charts

Mortgage rate charts

Interest Rate Trends

Three month, one year, three year and long-term trends of national average mortgage rates

on 30-, 15-year fixed, 1-year (CMT-indexed) and 5/1 combined adjustable rate mortgages;

Mortgage rate charts

Mortgage rate charts

One year trends of mortgage rates: 30-Year FRM, 15-Year FRM, 5/1 ARM

* Fully-Indexed Rate = index (1-year CMT) + margin (assuming a 2.75% margin)

Mortgage rate charts

Mortgage rate charts

Three year trends of mortgage rates: 30-Year FRM, 15-Year FRM, 5/1 ARM

* Fully-Indexed Rate = index (1-year CMT) + margin (assuming a 2.75% margin)

Mortgage rate charts

Mortgage rate charts

Mortgage rate charts

Mortgage rate charts

Mortgage rate charts

Mortgage rate charts

Mortgage rate charts

Mortgage rate charts


The hidden dangers of a cheap mortgage rate, mortgage rate charts.#Mortgage #rate #charts


The hidden dangers of a cheap mortgage rate

Mortgage rate charts

By Lauren Thompson

7:00AM BST 14 Jul 2012

Thousands of home owners lured into taking out cheap variable-rate mortgages could be hit with higher repayments even if Bank Rate stays at its record low, experts have warned.

Banks and building societies are increasingly pushing so-called discounted variable mortgages. These are pegged at a certain amount below the lender’s standard variable rate (SVR).

Unlike tracker mortgages, which go up and down in line with the Bank of England’s official interest rate, lenders can increase mortgage rates linked to an SVR at any time.

Yorkshire Bank and the Leeds, Nottingham, Market Harborough and Cumberland building societies are not currently offering tracker mortgages, preferring instead to have discounted variable deals.

This gives lenders greater control over the amount that home owners pay.

Related Articles

Aaron Strutt of Trinity Financial, a mortgage broker, said: “Home owners can be tempted by discounted variable rates because they can be cheaper than a tracker or fix. But many have been caught out recently as SVRs have increased.”

Next month, 4,500 borrowers with ING Direct will see their SVR increase from 3.5pc to 3.99pc. A home owner with a typical £150,000 mortgage will see monthly payments jump from £751 to £791, a rise of £40 a month.

More than a million home owners with Halifax, Co-op, Yorkshire Bank and Bank of Ireland have also seen increases in their SVR in recent months, despite Bank Rate being on hold at 0.5pc for more than three years.

Mortgage brokers said the SVR increases had come about largely because of the crisis in the eurozone, which has pushed up the cost of borrowing for banks. This means that mortgage rates are going up, even though Bank Rate is expected to stay on hold for at least another year.

David Hollingworth of London Country, another broker, said: “Bank Rate now has much less correlation with the cost for lenders to fund mortgages. It is therefore perhaps not surprising that some, especially smaller building societies, are moving away from trackers.

“Lenders want to have control over their mortgage rates and increase them if they need to, especially in this uncertain economic climate.”

Nationwide recently admitted that its old SVR, of only 2.5pc, which was capped at 2 percentage points above Bank Rate, cost the building society £750m last year. In April 2009 Nationwide increased its SVR for new customers to 3.99pc and scrapped the link between the SVR and Bank Rate.

Coventry Building Society has also scrapped the link to Bank Rate on most of its variable deals. Instead of tracker rates, it now mostly has so-called Flexx rates, which are variable and can be changed by the society at any time. Flexx deals come with no early repayment charge, so borrowers can escape without penalty.

Lenders that offer both trackers and discounts often price the latter slightly lower to make them more attractive to borrowers.

Newcastle Building Society, for example, has a two-year discounted variable deal at 3.85pc with a £690 fee. Monthly repayments on a £150,000 mortgage would be £779. But Newcastle’s two-year tracker rate is slightly higher, at 3.95pc, and there is a bigger fee of £995. Monthly repayments would be £788. Both deals are for borrowers with a 20pc deposit.

Figures from the Council of Mortgage Lenders show that 8pc of borrowers took out a discounted deal in April 2012, compared with just 3pc in April 2009. Almost 200,000 borrowers have taken out a discounted mortgage over these three years.

Mr Hollingworth said: “With a discounted rate you may get a slightly lower rate initially, but there is always the threat that it could be altered irrespective of Bank Rate movements. SVR increases are happening right now and, with all the turmoil still happening in the eurozone, other banks could still follow suit.”

Home owners who don’t want to be at the mercy of banks’ variable rate increases have the option of either a fix or a tracker. The choice partly depends on what you think will happen to Bank Rate in the next few years, as well as how much risk you can afford to take with your mortgage payments.

Howard Archer, an economist at IHS Global Insight, thinks Bank Rate will stay at 0.5pc until 2014. The Centre for Economics Business Research, meanwhile, thinks interest rates will remain on hold until 2016.

If you think rates will stay low for the foreseeable future, you could opt for a lifetime tracker. These are pegged at a certain amount above Bank Rate for the entire mortgage term, usually 25 years.

HSBC has a lifetime tracker at 2.99pc (2.49 percentage points above Bank Rate) for those with a 40pc deposit. It has no arrangement fee and there is no exit fee, meaning you can leave the deal at any time and switch, for example, to a fixed rate instead. Monthly repayments on a £150,000 mortgage would currently be £711.

Yesterday HSBC launched the cheapest ever five-year fix at 2.99pc for those with a 40pc deposit, as well as a seven-year fix at 3.99pc. Both mortgages come with a £1,499 fee. Monthly repayments would be £711 or £791 respectively.

Those with a smaller deposit of 25pc can get a lifetime tracker with First Direct at 3.49pc (2.99 percentage points above Bank Rate) with a £499 fee. Monthly repayments would currently be £750.

The same borrower could get a five-year fix with Cumberland Building Society at 3.96pc with a £699 fee. Monthly repayments would be £788.

A spokesman for the Building Societies Association said: “Some mutual lenders do offer trackers, while others offer alternatives such as fixed and discounted variable rates. The mix of these products is a commercial decision which reflects the cost of funding and provides choice to consumers.”


Use These Mortgage Payment Charts to Easily Compare Rates, The Truth About, mortgage rate charts.#Mortgage


Use These Mortgage Payment Charts to Easily Compare Rates

Mortgage rate charts

Now that mortgage rates have gone absolutely haywire, I decided it would be prudent (and helpful) to create a “mortgage payment chart” that details the difference in monthly payment across a variety of interest rates.

So if you were quoted a rate of 3.5% on your 30-year fixed mortgage two weeks ago, but have now been told the rate is closer to 4%, you can see what the difference in monthly payment might be, depending on your loan amount.

Mortgage rate charts

Click to enlarge

My first chart highlights monthly payments at different rates for 30-year mortgages, with loan amounts ranging from $100,000 to $1 million.

I went with a bottom of 3.5%, seeing that mortgage rates were around that level about a month ago, and probably won’t return there (EVER).

However, there is the possibility that rates could drift back in that direction. And one might be able to buy their rate down to around that price, assuming they want an even lower rate.

For the high-end, I set interest rates at 6%, which is where 30-year fixed mortgage rates were for many years leading up to the mortgage crisis. With any luck they won’t return there anytime soon…

Of course, they could rise even higher over time, but hopefully rates won’t climb back to the double-digits last seen in February 1990.

That fear aside, this mortgage payment chart should give you a quick idea of the difference in payment across a range of interest rates and loan amounts, which should save some time fooling around with a mortgage calculator.

Below is a mortgage payment chart for 15-year fixed mortgages, which are also quite popular. I used a floor of 3% and a max rate of 5.50%. Again, rates can and will probably climb higher, just hopefully not anytime soon.

Mortgage rate charts

Click to enlarge

For the record, you can obtain mortgage rates at every eighth of a percent, so it’s also possible to get a rate of 3.625%, 3.875%, 4.125%, 4.375%, and so on.

Tip: The lower the interest rate, the smaller the difference in monthly payment. As rates move higher, the difference in payment becomes more substantial.

On a $500,000 loan amount, the monthly payment difference between a rate of 3.5% and 3.75% is $70.36, compared to a difference of $77.93 for a rate of 5.25% vs. 5.5%.

Additionally, higher mortgage rates are more damaging to larger loan amounts. If you look at the 30-year chart, the payment on a $400,000 loan amount at 3.50% is cheaper than the payment on a $300,000 loan at 6%.

Lastly, note that my mortgage payment graphs only list the principal and interest portion of the mortgage payment. You may also be subject to paying mortgage insurance and/or impounds each month. Property taxes and homeowner s insurance are also NOT included.

You ll probably look at this chart and say, Hey, I can get a much bigger mortgage than I thought. But beware, once all the other costs are factored in, your DTI ratio will probably come under attack, so tread cautiously.

Oh, and if you want to nerd out a little bit (a lot), learn how mortgages are calculated.


Lake Mortgage, mortgage rate charts.#Mortgage #rate #charts


mortgage rate charts

  • Mortgage rate charts

Mortgage rate charts

Mortgage rate charts

Mortgage rate charts

  • Mortgage rate charts

    Mortgage rate charts

    Mortgage rate charts

    Mortgage rate charts

  • Mortgage rate charts

    Mortgage rate charts

    Mortgage rate charts

    Mortgage rate charts

    LET US CONTACT YOU!

    STEPS AWAY FROM YOUR HOME

    Lake Mortgage walks you through the final steps in the home buying or refinancing process. Our fast, friendly, and expert staff will help you choose from fixed or adjustable rates and Conventional, FHA or VA loan products.

    We are the oldest mortgage banking firm in the area. Since 1946, we ve specialized in fast in-house pre-approvals and final loan approvals that help you close your transaction on time. You ll get great interest rates and low closing costs without excessive junk fees. Best of all, our in-house underwriting allows us to close 10-14 days faster than anyone else.

    Your conventional loan is serviced by Lake Mortgage, right in your backyard. Where we ve been for over 70 years.

    Indiana Residential License IN 114042 | Illinois Residential License MB.232

    Mortgage Calculator Help

    You can calculate the mortgage loan amount from the price of the real estate by providing the down payment percentage.

    If you know the mortgage amount you can afford and the cash down payment percentage required, you can calculate the affordable real estate price.

    Or if you know the price of the real estate and the loan amout and enter 0 for the down payment percentage, the calculator will calculate the down payment amount and percentage.

    Points, Annual Property Taxes, Annual Insurance and Private Mortgage Ins. (PMI) are all optional. If you enter values, the periodic portion of each will be calculated and shown on the schedule. Property taxes and insurance are combined under escrow.

    If a borrower does not have cash to cover at least 20% of the purchase price, some lenders will require the borrower to purchase private mortgage insurance (PMI) to cover against a possible default. Premiums are typically 0.5% to 2.0% of the original loan amount. The borrower can drop the insurance coverage once the mortgage balance is less than 80% of the original purchase price. The calculator handles this automatically. (There may be other conditions as well under which the lender will no longer require PMI. One such case might be apprciation of the real estate.)

    Points are charges that are normally due at closing. Borrowers (normally only in USA) may select to pay a lender points up front in exchange for a lower interest rate. Points are expressed in percent and are calculated on the amount borrowed. 3 points on a $200,000 mortgage equals $6,000. If the user enters points, this calculator includes their value in the summary and as part of the total payment at loan origination on the payment schedule.

    The term (duration) of the loan is expressed as a number of months.

    • 60 months = 5 years
    • 120 months = 10 years
    • 180 months = 15 years
    • 240 months = 20 years
    • 360 months = 30 years

  • Mortgage Rate Charts #reverse #mortgage #scam


    #mortgage chart

    #

    Loan Parameters

    The interest rates, payment amounts, Annual Percentage Rates ( APR ), and lender fees points shown above are based upon the following parameters:

    • $260,000 loan amount (Jumbo information based upon $420,000 loan amount)
    • 80% loan-to-value ( LTV ) or less
    • 20% or greater down payment
    • No subordinate financing
    • Purchase transaction
    • Fully documented income, assets and liabilities
    • Single Family residence
    • 740 middle credit score
    • 60-day lock period
    • Property located in Massachusetts

    Adjustable Rate Mortgages

    Adjustable Rate Mortgage ( ARM ) products have an initial fixed rate period of 3, 5, 7, or 10 years, and a full loan term of 30 years (360 months). After the initial fixed period has expired, the interest rate will be adjusted annually based upon an index plus a margin. An interest rate cap limits how high the interest rate may rise at each adjustment. Interest rate caps differ by ARM product.

    Depending on market conditions at the time you lock your Initial Interest Rate, as well as the point option you select, your Initial Interest Rate may not be based on the Index used to make later adjustments. Instead, your Initial Interest Rate may have a discount or premium. A premium occurs when the Initial Interest Rate is more than the sum of the Index plus Margin. A discount occurs when the Initial Interest Rate is less than the sum of the Index plus Margin. Your interest rate may not move in the same direction as the Index. For example, if your loan has a premium, your interest rate may decline on the First Rate Change Date even if the Index remains the same or increases. If you choose a rate lock option that provides for a floating rate, your Initial Interest Rate at closing may be different from the interest rate in effect at the time you apply for your loan. The amount of the premium or discount may change as a result.

    Example: Let’s assume you have an ARM loan that is fixed for the first five years; a loan amount of $250,000; a loan term of 30 years (360 months); an initial interest rate of 3.50%; a margin of 2.25%; an initial interest rate cap of 2.00%; an annual rate cap of 2.00%; and a lifetime cap of 5.00%. Under these assumptions, your initial loan payment for principal and interest will be $1,122.62. At your first adjustment, the interest rate cannot increase above 5.50% or decrease below 2.25% (the margin). If the interest rate reached the lifetime maximum cap of 8.50%, your payment would reach an amount of $1,788.81.

    State and other conditions and restrictions may apply.

    For a more personalized rate quote, please complete the fields under Mortgage Rate Quotes .