Dorothy Reid, Your Mortgage Specialist
 

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TODAY'S RATE 03/23/2018

Conforming rates based on loan amount of $175,000+ and credit score of 740+, 40 day lock

CONFORMING

30 YR. FIXED @ 4.25%

15 YR. FIXED @ 3.75%

FHA 30 Yr. Fixed @ 4%

USDA 30 Yr. Fixed @ 3.75%

VA 30 Yr. Fixed @ 4%

ARMS - Conventional

5/1 @ 3.375%

7/1 @ 3.5%

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

 

The Hutson Company offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide the best deals on conventional and Jumbo loans.  The Hutson Company also originates USDA Rural Housing loans, FHA and VA.
 
30 Year Fixed Conventional
30 Year Fixed, Conforming, No PMI (Lender Paid Mortgage Insurance)
20 Year Fixed Conventional
15 Year Fixed Conventional
10 Year Fixed Conventional
FHA 30 yr. fixed
FHA 15 Yr. Fixed
5/1 LIBOR ARM - Conforming
7/1 LIBOR ARM - Conforming
USDA Rural Housing
VA
JUMBO - 5/1 ARM - loans over $424,100
JUMBO - 7/1 ARM - loans over $424,100

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 $50,000 to $424,100.  There is never a prepayment penalty.

A minimum down payment of 3% is required and it must be your own "seasoned" 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.

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: $424,100
RatesAPRPoints
4.25%4.464%0.5%
4.5%4.673%0%
 

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 Good Faith Estimate.


30 Year Fixed, Conforming, No PMI (Lender Paid Mortgage Insurance)

Same 30 yr. fixed conventional mortgage with Fannie Mae or Freddie Mac but you have the option of putting less than 20% down and having no mortgage insurance.  The rate quoted assumes just 5% down.  A down payment of 10% would result in a lower interest rate.

 

Term: 30 years   Maximum Amount: $424,100
RatesAPRPoints
4.75%5.016%1%
 

NO PMI!


20 Year Fixed Conventional

Same as 30 yr. fixed conventional loan only for 240 months.  Your rate is generally 1/8th higher than on a 30 yr. fixed.

Term: 20 years   Maximum Amount: $424,100
RatesAPRPoints
4.125%4.479%1%

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: $424,100
RatesAPRPoints
3.75%4.199%1%

10 Year Fixed Conventional

Same description as a 30 yr. fixed except a much shorter term.  10 yr. fixed rates are usually the same or 1/8th higher than rates for a 15 yr. fixed.

Term: 10 years   Maximum Amount: $424,100
RatesAPRPoints
3.75%4.4%1%

FHA 30 yr. fixed

FHA has a loan limit (with upfront mortgage insurance financed in) of $275,665.

Interest rate is fixed for 30 years.  Credit score of 620 required.  Rate is quoted based on a credit score of at least 620.

Term: 30 years   Maximum Amount: $275,665
RatesAPRPoints
4%4.168%0%

FHA 15 Yr. Fixed
Term: 15 years   Maximum Amount: $275,665
RatesAPRPoints
4%4.299%0%

5/1 LIBOR ARM - Conforming

The rate is fixed for the full 5 years.  In the 6th year and every year thereafter, the rate will adjust by adding the One Year LIBOR Index at that time to your margin of 2.25%.  Your caps are 5/2/5%.

 

Term: 30 years   Maximum Amount: $424,100
RatesAPRPoints
3.375%4.026%1%

7/1 LIBOR ARM - Conforming

Not as popular as the rate is sometimes the same as a 30 yr. fixed.  You need to check daily on this rate.

The rate is fixed for 7 years before it begins to adjust.  It adjusts just like the 5/1 LIBOR Conforming ARM and also has an interest only option.

Term: 30 years   Maximum Amount: $424,100
RatesAPRPoints
3.5%4.071%1%

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  
RatesAPRPoints
3.75%3.916%0%
 

 


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  
RatesAPRPoints
4%4.168%0%
 

 


JUMBO - 5/1 ARM - loans over $424,100

 Same requirement as the 30 yr. fixed JUMBO loan.

Caps are 5/2/5

Margin 2.25

Based on one year LIBOR Index

Term: 30 years   Maximum Amount: $2,000,000
RatesAPRPoints
3.5%4.071%1%

JUMBO - 7/1 ARM - loans over $424,100

 Same requirements as the 30 yr. fixed JUMBO

Based on LIBOR Index

Margin 2.25

Caps 2/5/2

Term: 30 years   Maximum Amount: $2,000,000
RatesAPRPoints
3.75%4.147%1%


Rates quoted are based on a middle credit score of 740 or higher.  If there are more than one borrower, it is the lowest of the middle scores.  Rates are also based on a purchase with at least a 5% down payment or a no cash out refinance.  Rates are based on only one loan with no subordinate financing.  These rates are for a primary residence that is not a condo or manufactured home.  Rates are base on a loan amount of $175,000 or higher.  Any variation from the above may result in a higher rate or higher closing costs.


Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $424,100 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 $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $424,100 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 $20,000. Your actual APR may be different depending upon these factors.