Current Mortgage Rates

Friday, November 20, 2009





A highly competitive commercial mortgage broker should have in-depth experience in the field and advanced counseling, administrative, analytical and processing abilities, vital traits in commercial mortgage brokerage. As a borrower, you should look for a commercial mortgage broker who collaborates with a large number of reliable lenders; this way the chances of closing the perfect deal are substantially increased.

There are two different types of mortgage brokers: the tied mortgage broker and the independent mortgage broker. The tied mortgage broker does not charge any upfront fee and is paid via commission by the lender if you opt for the mortgage he or she recommends. Although these brokers have access to a wide range of deals and lenders, they are limited to lenders with whom they have a business attachment, which could limit your options. Independent brokers, on the other hand, will access various deals and lenders from across the market with no obligation to stick to any particular group of lenders, which means a better choice for you. However, these brokers tend to charge high broker fees upfront, which is usually a one off fee but can be a big expense at an already expensive time. The following checklist can help you find a broker:
  • Make sure your broker isn't recommending a particular loan based on the commission it will receive from the lender.
  • Ask your broker how the loans they offer are researched and rated. A good broker should be able to clearly outline its criteria.
  • Check the qualifications of your broker, even ask for references from previous borrowers.
  • Check what service is offered by the broker on an ongoing basis after the loan is negotiated.
Will the broker be available for subsequent enquiries or bow out once the contract is signed. What happens if there is a dispute between you and the lender? Remember, a loan can have a lifetime of 25 years or more.



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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed4.75%
30-yr. fixed jumbo5.25%
15-yr. fixed4.25%
15-yr. fixed jumbo4.75%
7/1 ARM4.38%
5/1 ARM4.00%
3/1 ARM4.00%
1-yr. ARM3.62%
1-yr. LIBOR ARM4.38%
10/1 ARM4.62%
*Mortgage Rates Updated: 11/20/2009