http://www.bainmortgage.com/RateSheet
Mortgage Rates - Refinance - Purchase Mortgage - Massachusetts & New Hampshire
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Complete an <!-- Loan App Start -->online application<!-- Loan App End --> today!
<!-- RateTime Start --><!-- RateTime End -->Rates are subject to change without notice.
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Program |
Rate |
Points |
APR |
Max Loan |
Payment per $1,000.00 |
<!--~T25:30-->10 Year Fixed Rate <!--~--> |
<!--~T6:10-->
2.750% <!--~--> |
<!--~T6:10-->
0 |
<!--~T6:10-->
2.876% <!--~--> |
<!--~T6:10-->
417,000 <!--~--> |
<!--~T6:10-->
$9.54 |
<!--~T25:30-->15 Year Fixed Rate <!--~--> |
<!--~T6:10-->
2.875% |
<!--~T6:10-->
0 |
<!--~T6:10-->
2.942% <!--~--> |
<!--~T6:10-->
417,000 <!--~--> |
<!--~T6:10-->
$6.85 <!--~--> |
<!--~T25:30-->20 Year Fixed Rate <!--~--> |
<!--~T6:10-->
3.250% <!--~--> |
<!--~T6:10-->
0 |
<!--~T6:10-->
3.318% <!--~--> |
<!--~T6:10-->
417,000 <!--~--> |
<!--~T6:10-->
$5.67 |
<!--~T25:30-->30 Year Fixed Rate <!--~--> |
<!--~T6:10-->
3.375% <!--~--> |
<!--~T6:10-->
0 |
<!--~T6:10-->
3.415% |
<!--~T6:10-->
417,000 |
<!--~T6:10-->
$4.42 |
A Median FICO score of 760 or greater is required for the above mortgage rates without adjustments along with an LTV <=60%.* The minimum loan amount for the noted rates above is $175,000.00 -- Once the mortgage rate is locked there is no float down unless the rate drops by at least .5%.
**Other adjustments may apply** See:https://www.efanniemae.com/sf/refmaterials/llpa/pdf/llpamatrix.pdf
Many other mortgage programs available including 0 points & 0 closing cost. |
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Rates as of 8/12/2012 and are subject to change. |
Conforming rates shown assume purchasing an owner-occupied, one-unit, single family dwelling up to a loan of $417,000 that is to be made to a consumer with proof of employment & income with a credit guide score of 740+. The loan is based on a 20% down payment, a 30 day lock (that begins no later than the approval of the loan) and 0 to 2 cumulative discount points. Annual Percentage Rates (APR) include all prepaid finance charges that can be amortized over the life of the loan under the Truth-in-Lending Act. All quotes are for conforming products or loans that can be sold on the secondary market with no prepayment penalties nor negative amortization. Rates are good as of the survey date, but may change without notice. The rate, terms, pre-paid finance charges and APR may vary based on a number of factors including, but not limited to, the creditworthiness of the applicant(s), self employment status of the applicant(s), condo or townhouse structure, loan amount and geographic location of the property. Interest rates shown are subject to change without notice. Certain geographic or loan restrictions may apply. JUMBO rates are based on a purchase loan amount of >$417,000, assuming a 20% down payment & a +740 credit score.
Loan Rates also subject to Fannie Mae new Loan Level Pricing Adjustments (LLPA)
https://www.efanniemae.com/sf/refmaterials/llpa/pdf/llpamatrix.pdf
How to Shop for a Mortgage Loan.
&
Annual Percentage Rate, what is APR?
The annual percentage rate (APR) is an interest rate that is different from the note rate. It is commonly used to compare loan programs from different lenders. The Federal Truth in Lending law requires that mortgage companies disclose the APR when they advertise a rate. Typically the APR is found next to the rate.
Example:
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The APR does NOT affect your monthly payments. Your monthly payments are a function of the interest rate and the length of the loan.
The APR is a very confusing number. Even Loan Officers admit it is confusing. The APR is designed to measure the "true cost of a loan" and is supposed to create a level playing field. The intention of the law to mandate disclosure of APR is to help prevent lenders from advertising a low rate and hiding fees. If you do have the rate and fees to compare your lenders, you don't need the calculated APR % they give you.
If life were easy, all you would have to do is compare APRs from the lenders/brokers you are working with, then pick the lowest one and you would have the right loan. Lenders have different names for their fees, which can make comparing even more confusing. What you have as a result are different lenders who calculate APRs differently. A loan with a lower APR is not necessarily a better rate.
The best way to compare loans is to ask lenders to provide you with a good-faith estimate of their costs or an itemization of all fees on the same type of program (30-year fixed, 5 year ARM, etc.) at the same interest rate. Then delete all fees that are independent of the loan such as homeowners insurance, taxes, etc. Now add up all the loan fees. The lender that has lower loan fees has a cheaper loan than the lender with higher loan fees.
The APR is a result of a complex calculation and not clearly defined. There is no substitute to getting a good-faith estimate from each lender to compare costs. More importantly if the lender will not supply an itemization of all fees upfront before you disclose all your personal information then find another lender. Most important, use a Loan Officer you trust & is Licensed with The Nationwide Mortgage Licensing System & Registry. http://www.nmlsconsumeraccess.org/
Ask for references. There is no better way determine how your transaction will be handled, then to see how a Loan Officer has handled their **past clients. **http://www.merchantcircle.com/business/PREMIERE.MORTGAGE.SERVICES.INC..978-422-2311/review/list & **http://premieremortgageservicesinc.mortgagexsites.com/xSites/Mortgage/PREMIEREMORTGAGESERVICESINC/Content/UploadedFiles/letter.pdf
The reason why APRs are confusing is that the rules to compute APR are not clearly defined.
What fees are included in the APR?
The following fees ARE generally included in the APR:
- Points- both discount points and origination points. 1 point equals 1% of the loan amount.*
- Pre-paid interest- The interest paid from the date the loan closes to the end of the month. If you close on August 10th, you will pay 21 days of pre-paid interest.
- Loan-processing fee- generally $495 to $695*
- Underwriting fee- $395 to $695*
- Document-preparation fee- $195 to $295*
- Private mortgage-insurance
- *These are amounts that are typically charged. No cost loans are also an option. If your costs are zero or very low costs, you will be paying a higher rate instead.
The following fees are SOMETIMES included in the APR:
- Loan-application fee (Premiere Mortgage does not charge this fee)
- Credit life insurance (insurance that pays off the mortgage in the event of a borrowers death)
The following fees are normally NOT included in the APR:
- Title or abstract fee
- Escrow fee
- Attorney fee
- Notary fee
- Document preparation (charged by the closing agent)
- Home-inspection fees
- Recording fee
- Transfer taxes
- Credit repot
- Appraisal fee
Calculating APRs on adjustable rate mortgages is even more complex because future rates are unknown. The result is even more confusion about how lenders calculate APRs. You will see with some lenders that their APR on an ARM is actually lower than the note rate!
A lender who offers you a 15-day rate lock may have a lower APR than a lender who offers you a 60-day rate lock. APR does not tell you how long your rate is locked for.
A 15-year loan may have a lower interest rate, but could have a higher APR, since the loan fees are amortized over a shorter period of time. It is not wise to compare a 30-year loan with a 15-year loan using their respective APRs.
Many lenders do not even know what they include in their APR because they use an automated software program to compute their APR. It is quite possible that the same lender with the same fees using two different software programs may arrive at two different APRs.
Conclusion:
The APR is a result of a complex calculation and not clearly defined. There is no substitute to getting a good-faith estimate from each lender to compare costs.
Other helpful information on this subject see below.
http://www.federalreserve.gov/pubs/mortgage/mortb_1.htm
http://www.federalreserve.gov/pubs/refinancings/default.htm
Dana K. Bain
President
MLO 18693
Robin Dunbar Bain
MLO 18699
www.PremiereMortgageServicesInc.com
1 Malvern Hill Road
Sterling, MA 01564
Phone: (978) 422-2311
Toll Free: (800) 480-0545
Fax: (978) 422-2313
MA Lic. No. MB1205
Licensed by the State of NH
Banking Dept. Lic. No. 5430-MBR
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Massachusetts License Number Broker MB1498
Licensed by the State of New Hampshire Banking Department- License Number 5430-MBR
Premiere Mortgage Services Inc. NMLS #1498 is a licensed broker and not a lender.
We arrange but do not make loans.
Dana Bain NMLS #18693
Robin Dunbar Bain NMLS #18699
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PREMIERE MORTGAGE SERVICES INC. 11 Malvern Hill Rd Sterling, MA 01564-2829
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