Current Mortgage Rates

Saturday, September 06, 2008



After you have located your property, you are now at the point where you need the services of your broker. What information will your broker need to know?
  • A current rent roll and copies or abstracts of the leases.
  • Enough information to create a brief executive summary describing the loan request.
  • Digital images of the property.
  • A signed fee agreement between you and the broker (more about fees below)
Your broker may need additional information prior to closing but this is enough to submit to the lenders. At this point your broker should ask you questions regarding your desires for your loan request, such as term, amortization, etc. Be honest in your loan applications - Don't let a mortgage broker misrepresent your financial circumstances or any other information to lenders. Tell your mortgage broker that you will pay 1-1.5% origination and processing fees. Inform the mortgage broker that you will not pay Yield Spread Premium in any form. Tell the mortgage broker you will pay the closing costs including third party charges but zero markup by the mortgage broker's company. Carefully comparing mortgage loans using the Good Faith Estimate and HUD-1 statement will help you find the most competitive loan offer. By watching your mortgage broker like a hawk and standing firm on the fees you pay, you will have out-witted your mortgage broker.



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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed6.38%
30-yr. fixed jumbo7.00%
15-yr. fixed5.88%
15-yr. fixed jumbo6.50%
7/1 ARM6.25%
5/1 ARM6.00%
3/1 ARM5.88%
1-yr. ARM6.00%
1-yr. LIBOR ARM5.50%
10/1 ARM7.88%
*Mortgage Rates Updated: 09/04/2008