Low Mortgage Rates

3.79% Rate -- this is NOT a rate special - simply the lowest current rate available as of today -- February 2, 2010

 

Details

• 3.79% 5 Year Rate
• Min Credit Score 650 Beacon
• Get your rate holds via Pre-Approval today while this rate lasts!
• 20/20 Pre-payment options
• No Transfers or Switches - purchases and refinances only

Private Mortgage Rates

If you do not qualify in the traditional way, but have equity or substantial amounts of cash to put down on a purchase, contact Nikki. Nikki's years of industry experience has enabled her to team up with many private lenders that are willing to lend short term money or up to a year based on the situation.

If you think you need a second mortgage up to 75% loan to value or less, but will not be able to qualify traditionally, get in touch with Nikki right away.

Typical rates are 10 - 12% depending on the deal and fees are between 4 - 6% again, depending on the deal.

Some typical uses for private money include:

• Interim or bridge financing
• Developers loans
• Temporary financing while waiting for a settlement
  

 

Fixed Rate Mortgages Vs. Variable Rate Mortgages

Fixed Rate Mortgages: Fixed rates are great for people on a fixed income, when they are buying their first or second home and their income does not change. A fixed rate mortgage allows you to keep the same payment for the entire term of your mortgage.

Variable Rate Mortgages: Variable rate mortgages can be wonderful for people who have variable INCOME. If your income increases all the time or if you have a good solid investment portfolio, this is the product for you. If prime goes UP, you can easily ride out the higher rate without it drastically affecting your life. Over the long term, variable rate mortgages will normally save you more money in interest, however it really depends on your level of risk.

Keep in mind that if you choose to lock into a fixed rate once you see Prime going higher (click here to see how Prime gets raised or lowered), you normally will be locking into a rate that is higher than you would have had access to when you first negotiated your mortgage.

Make sure you specifically ask your Mortgage Professional to explain the difference, if you want a pre-approval and don't stipulate rate, your mortgage professional will always pre-approve or approve you into the safest, fixed rate available.