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I want to purchase my first home and i want to know if there’s any bank or broker out there that can give a rate of btw 4.25% and 5 percent for 30 year fixed or 30 FHA. I’m located in MD and I have down payment with excellent credit.
I keep coming across this website. www.amerisave.com. Do they really have that rate of 4.37% like they claim?
Do you know any other way to shop around to get a good and the lowest rate?
I don’t have access to good broker.
Also, do you know any online broker that will rigorously shop your application around and get many good offers.

Your polite and good advise is appreciated. Kindly assist.

thanks

5 Thoughts on Where can i get mortgage with btw 4.25% and 5 percent right now?
  1. Reply
    RanaBanana
    February 1, 2014 at 1:58 pm
  2. Reply
    golferwhoworks
    February 1, 2014 at 2:35 pm

    that is a temporary buy down rate and a come on then they slam you with the truth once you are in the door so to speak. That rate is not real at all. Get with a mortgage professional in your area for good service and good honest rates as they vary by institution and change sometimes 3 times a day
    I am a mortgage banker in TN & KY

  3. Reply
    loanmasterone
    February 1, 2014 at 3:19 pm

    In order to find out the type of loan programs you are qualified for you will have to fill out a loan application, with a mortgage broker, which you can find one in your local telephone book.

    Make sure this mortgage broker or mortgage banker is able to do government loans such as FHA and VA loans if you qualify for one.

    He will fill out this application, which takes awhile so grab your favorite beverage and sit down. Once you have completed the application, he will run your credit report which will have your credit scores. These credit scores will determine your interest rate.

    The amount of your monthly debt payments you are required to pay as per your credit report and the amount of mortgage you can take on based on your income will determine the amount of house you will be able to purchase.

    When you speak with the mortgage broker you will need the following documents to complete the loan application, there will be others, but this will get you started.

    #1 One month of pay stubs for each person that will be on the mortgage.

    #2 Six months bank statements from each bank in which you bank as well as statements from any 401K from you place of employment.

    #3 Two years of federal income tax along with the W-2 that match.

    Once he has all that he need to do he can then issue you a pre-approval letter so you can purchase a home. In this pre-approval letter will be the amount of house you are qualified to purchased.

    Once he gives you this pre-approval you may now find a real estate agent to find yourself a home or he might have a referral.

    Now make sure before you get your pre-approval you and your mortgage broker go over all your options as to the mortgage programs you qualify for, the interest rate, monthly payments.

    If you are getting a FHA, fixed rate, two loans to eliminate PMI like an 80/20 or one loan, if you are qualified for and approved for a 100% loan.

    You should select the loan that best suit your financial condition at the time. That could be an adjustable rate loan. It could be a fixed rate loan for 5 or 10 years and then adjust. Some adjustable rate mortgages only adjust once.

    Make sure your mortgage broker explain all your options so you may make an intelligent decision.

    What might be good for one person might not be good for you, in other words just because your friends and all your real estate buddies are telling you about the great fixed rate they got, your financial situation might call for something else.

    So select the best option for you and your financial situation.

    You should also get a Good Faith Estimate (GFE) which will indicate the cost you will have to pay for getting this loan. It will also indicate the amount of your down payment.

    Once you have found a home the real estate agent will then prepare a contract for you and the seller to sign.

    Your mortgage broker will now order an appraisal to show proof of the property value.

    The mortgage broker might ask for additional information or documentation, don’t get all up tight this is normal, just supply the information or find the documents needed.

    After the appraisal has been completed you will be called by your mortgage broker to sign your loan docs so you can take possession of your new home.

    Before signing any loan docs make sure they say exactly what you and your mortgage broker went over when you decided on what mortgage program was best for you.

    I hope this has been of some use to you, good luck

    “FIGHT ON”

  4. Reply
    src50
    February 1, 2014 at 4:04 pm

    The only way you’ll get one that low right now is if you pay points up front. Beware of internet claims.

  5. Reply
    itsmetibbs
    February 1, 2014 at 5:03 pm

    Today par interest rates with most lenders are about 5.125% on a conventional loan and 5.375% on an FHA loan. I’ve heard rumors that we may see mid to low 4% rates soon. Rates change every day, here’s a good website to watch the daily movement: http://www.moving.com/mortgage/mortgage-market-commentary.asp

    The best company I know of is a wholesale lender called Provident Funding. You may need to use a broker to get a loan through them, but their rates are fantastic. It’s hard to get a deal done with them a lot of times. I wouldn’t use them, unless you are a squeaky clean borrower.

    I always tell my clients to get 3 quotes on similar loan programs from a mortgage broker, a bank or credit union, and their current lender. Each mortgage professional will have their own niches, and you’ll always get the best deal possible.

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