Current Mortgage Rates
Friday, November 20, 2009
Different programs have different requirements, but most programs:
The REVERSE MORTGAGE has almost no credit qualifications. Poor FICO scores and recent bankruptcy do not stop borrowers from being approved for a reverse mortgage. The only credit items than can disqualify a person from a reverse mortgage are unpaid federal debts.
- require the youngest borrower to be at least 62 years old at the time the loan closes;
- will loan on owner-occupied single-family homes (some programs will also loan on 2-4 unit owner-occupied dwellings, federally approved condominiums, planned unit developments or manufactured homes on foundations);
- will not loan on mobile homes or cooperative apartments;
- require that your home is your principal residence, meaning you must live there more than half of each year;
- require that your home meets minimum FHA property standards;
- require that you pay off any existing mortgage or other liens against your home before getting the Reverse Mortgage, or use an immediate cash advance from the Reverse Mortgage to pay them off. (If you cannot pay off the existing mortgage or don't qualify for a large enough cash advance, you will not be able to get a Reverse Mortgage.)
The REVERSE MORTGAGE has almost no credit qualifications. Poor FICO scores and recent bankruptcy do not stop borrowers from being approved for a reverse mortgage. The only credit items than can disqualify a person from a reverse mortgage are unpaid federal debts.
Do I have any recourse against a bad faith estimate?
Should I Consolidate?
Deciding the Loan Amount
How to calculate the best way to split your mortgage?
Advantages of 2nd Mortgage?
Should I Consolidate?
Deciding the Loan Amount
How to calculate the best way to split your mortgage?
Advantages of 2nd Mortgage?
What is FICO Score?
Banks or Credit Unions for Mortgage Loans
How Do Amortized Mortgages Work?
When Is Early Payoff a Good Investment?
Is There Recourse Against Bad Servicing?
What Should You Do When You Can't Pay?
Are Reverse Mortgages in the Mainstream?
Why Do I take a Reverse Mortgage?
Banks or Credit Unions for Mortgage Loans
How Do Amortized Mortgages Work?
When Is Early Payoff a Good Investment?
Is There Recourse Against Bad Servicing?
What Should You Do When You Can't Pay?
Are Reverse Mortgages in the Mainstream?
Why Do I take a Reverse Mortgage?
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Managing the Mortgage
- When Is Early Payoff a Good Investment
- Is There Recourse Against Bad Servicing
- What Should You Do When You Can't Pay
- Are Reverse Mortgages in the Mainstream
- Why Do I take a Reverse Mortgage
- Do I Need Good Credit for a Reverse Mortgage
- Do I have any recourse against a bad faith estimate
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- Current Mortgage Rates by State
Current Mortgage Rates*
Loan Type National Average |
|
| 30-yr. fixed | 4.75% |
| 30-yr. fixed jumbo | 5.25% |
| 15-yr. fixed | 4.25% |
| 15-yr. fixed jumbo | 4.75% |
| 7/1 ARM | 4.38% |
| 5/1 ARM | 4.00% |
| 3/1 ARM | 4.00% |
| 1-yr. ARM | 3.62% |
| 1-yr. LIBOR ARM | 4.38% |
| 10/1 ARM | 4.62% |
*Mortgage Rates Updated: 11/20/2009