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TODAY'S RATE 9/7/23
Conforming rates based on loan amount of $150,000+ and credit score of 740+, 30 day lock
CONFORMING
30 YR. FIXED @ 6.990%
15 YR. FIXED @ 6.25%
FHA 30 Yr. Fixed @ 6.125%
USDA 30 Yr. Fixed @ 6.125%
VA 30 Yr. Fixed @ 6.125%
SHOP AROUND!
I WILL MEET OR BEAT ANY LOCAL COMPETITORS WRITTEN QUOTE ON REFINANCES AND PURCHASES OF EXISTING HOMES. SAME DAY QUOTES ONLY. Dorothy Reid
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| 30 Year Fixed Conventional |
| 15 Year Fixed Conventional |
| FHA 30 yr. fixed |
| USDA Rural Housing |
| VA |
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30 Year Fixed Conventional
Your rate is fixed for 30 years. The loan is underwritten according to Fannie Mae or Freddie Mac guidelines. Loan amounts are from $100,000 to $726,200. There is never a prepayment penalty.
A minimum down payment of 3% is required and it must be your own "seasoned" money or gift money.
A down payment less than 20% will require the loan to have Private Mortgage Insurance (PMI). Your PMI rate is determined by your down payment and credit score. PMI is paid monthly with your mortgage payment. You may choose a higher interest rate and opt out of paying monthly PMI.
The interest rate is determine by 1) credit score; 2) loan amount; 3) loan to value; 4) closing date; 5) type of property; 6) closing costs; 7) whether there is subordinate financing; 8) if a purchase or refinance; 9) and if a refinance, whether it is a cash out refinance or rate term refinance.
This is your most popular loan.
Term: 30 years
Maximum Amount: $726,200
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| Rates | APR | Points |
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| 6.99% | 7.191% | 1% |
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| | Please remember that an APR (Annual Percentage Rate) is not your interest rate. It is the cost of the loan over the life of the loan. The higher your lender closing costs, the higher your APR. *Exception: if your loan has PMI, your APR will be higher.
Your APR is calculated by taking your interest rate and adding to it the prepaid finance charges paid at closing which can be found on your Loan Estimate. |
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15 Year Fixed Conventional
Same as a 30 yr. fixed conventional mortgage. Rates are generally much lower than a 30 yr. fixed rate.
Term: 15 years
Maximum Amount: $726,200
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| Rates | APR | Points |
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| 6.25% | 6.569% | 1% |
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FHA 30 yr. fixed
FHA has a loan limit (with upfront mortgage insurance financed in) of $472,030.
Interest rate is fixed for 30 years. Credit score of 620 required. Rate is quoted based on a credit score of at least 640.
Term: 30 years
Maximum Amount: $472,030
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| Rates | APR | Points |
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| 6.125% | 6.22% | 0% |
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USDA Rural Housing
The address must be eligible for USDA financing. Minimum middle credit score of 660. There are maximum income limits on USDA.
Term: 30 years
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VA
Rate quoted is based on a credit score of at least 660 and a loan amount of at least $100,000. A VA Funding Fee is charged upfront and rolled into the new loan amount. The Funding Fee depends upon eligibility.
No down payment is required and there is no mortgage insurance.
Term: 30 years
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| Rates | APR | Points |
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| 6.125% | 6.22% | 0% |
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $726,200 with closing costs of $7,262. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $10,000. Your actual APR may be different depending upon these factors.
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