Note: I was contacted by DFI earlier this week regarding pricing my rates with “1 point”. For clarification, unless otherwise noted, when I say the rate is priced with 1 point, I’m disclosing the 1 point (one percent of the loan amount) on line 801 since odds are, I am not brokering the mortgage. (I work for a correspondent lender and I tend not to broker if possible. Right now, I am brokering my first mortgage since August 2007). In the rare event the loan is brokered, the 1 point would be reflected on line 808 of the Good Faith Estimate. With my rate quotes below there are zero discount points (which would be shown on line 802).
Conforming Mortgage Rates (loan amounts up to $417,000 for 1-unit properties). The conforming rate quote below is based on owner occupied with a mid-low credit score of 740 or higher, “full doc” purchase with a sales price of $500,000 and a loan amount of $400,000 single family dwelling (non condo). This scenario includes reserves (taxes & insurance) not being waived. Rates quoted are priced based on a 30-40 day closing with no prepayment penalties on any of the rates quoted below.
30 Year Fixed @ 1 Pt: 5.250% (APR 5.397%). Same rate posted last week (the rate has been higher over this week so this is actually an improved rate). If there are no arrows indicated a change to rate, then the rate “happens” to be the same as what I posted here last week.
15 Year Fixed @ 1 Pt: 4.750% (APR 4.995%).
Conforming High Balance Rates. Pricing is based on the same criteria above except where the loan amount is $417,001 – $567,500for properties in King, Snohomish or Pierce Counties; specifically priced for a sales price of $625,000 and a $500,000 loan amount.
30 Year Fixed @ 1 Pt: 5.375% (APR 5.515%).
Jumbo/Non-Conforming. Loan amounts up to 1 million for ARMs and 1.5 million for the 30 year fixed. The quotes below are based on 740 or higher credit scores with 80% loan to value with a loan amount of $650,000. 30 day locks.
30 Year Fixed at 1 point: 6.125% (APR 6.268).
5/1 ARM @ 1 Pt: 5.500% (APR 6.997%). 0.25% to rate.
FHA. Pricing based on credit score of 620 or better and loan amounts up to $417,000 for FHA in King, Snohomish and Pierce Counties.
FHA-Jumbo/High Balance. Pricing based on loan amounts from $417,001 – $567,500 for King, Snohomish and Pierce Counties.
FHA 203 (k) Rehab-Streamline. Pricing criteria same as FHA above with loan amounts up to $417,000.
30 Year Fixed @ 1 Pt: 5.500% (APR 6.346%).
VA. Pricing based on credit scores of 620 or better based on loan amounts up to $417,000. VA loan amounts over $417,000 are also available.
USDA Rural Housing. 100% financing with income limits and properties must be located within a specific area (this program is generally available in rural towns with populations of 10,000 or less). For eligibility, click here.
Prime Rate (what HELOCs are based on): 3.25%
This is just a small sample available of rates and products. This is not a guarantee nor is it a commitment of interest rate. Rates are as of Friday, June 12, 2009 at 1:00 p.m. and may change at any time. Available programs may change at anytime as well. Check out RCG’s Mortgage Info page for live rate quotes via my Twitter feed.