Low Rate Mortgage

Lower PaymentMake Low Rate Mortgages Work For You

If you are considering buying a home and you haven’t been looking into mortgage rates, you should certainly be doing that. Mortgage rates are tethered to the prime rate and that is a rate which changes every week. In order to know what you are dealing with you should be looking to the prime rate and see if it’s heading up or down.

Low Rate Mortgage Definitions

  • 30 Year Fixed: The most traditional type of mortgage, a 30 year fixed, is generally not going to have the lowest interest rate. You can get a low rate mortgage option on the 30 year fixed when you investigate seasonal fluctuations. The only downside is when the rates are lower, the selection of homes may be a lot leaner.
  • 15 Year Fixed: For those with a bigger down payment and not nearly the overhang, or with bigger financial backing, can go for a 15 year mortgage. This rate will be a little lower than its 30 year cousin.
  • 5/1 ARM: The 5/1 ARM (Adjustable Rate Mortgage) has a rate that may be lower for the first five years. Afterwards, you are going to have a rate that will adjust based on the rate at that time.

There are many types of loans, but you should make sure that whatever type or length of loan you get you go for the lowest rate mortgage possible. The conflation of when you are ready to buy, when you are looking to buy, and when your home finds you does not always add up.

You are in control of when you buy your home and when you enter into your mortgage. If you monitor mortgage rates for some time before you do jump into the market you may see seasonal fluctuations or other discrepancies that you can use to your advantage if you are trying to get yourself into an affordable mortgage. Questions? Contact Paramount Equity® today. We look forward to helping you.

 

 


The Paramount Pledge™ – Triple Protection

The Paramount Pledge. It is our promise to you that we’ll provide the best rates, won’t charge you an application fee to lock in a rate and will ensure we can close and lock in a rate at the terms we provide.

No Application Fee – Other lenders charge hundreds of dollars to start the loan process with you. Paramount Equity Mortgage® will never ask you to pay an application fee just to lock in your rate.
Better Rate Warranty – After you complete a loan with us, we will cover most of the cost to refinance or purchase within the next seven years, for any reason.
Set & Secure Closing Guarantee™* – Once we receive all required borrower information, your signed disclosure and lock your loan, we guarantee we can close your loan at the rate and terms we provided. If we can’t, we will pay you $500.
* The Set & Secure Closing Guarantee is not valid in the event that there is an unforeseen change such as, an appraisal coming in under value, undisclosed debt at the time the loan was pre-qualified, a change in income due to loss of job or change in employment, etc. This guarantee is also not valid in the event that you withdraw your application or request a change to the terms of your loan. A change in terms would consist of, but is not limited to, a change in loan amount, fixed vs. adjustable rate, number of years the loan is amortized, adding/removing a borrower, etc.
On a purchase transaction with a Conventional 15 year fixed loan, a payment of $1559.27 with an LTV of 70%, and a 3.515% % APR. For all information a loan amount of $220,000 is assumed and a rate of 3.375% is being used. Terms available to qualified applicants only; payment does not include taxes or insurance which, if applicable, will increase your total monthly payment. Rates are subject to change without notice. Mortgage insurance is required for all FHA loans and conforming loans with a Loan To Value ratio above 80%. Mortgage insurance is not included in the payment quoted which, if required on your loan, will increase your actual payment. The APR (3.515%) shown has been calculated assuming a 740 credit score. Additional costs to obtain this loan include but are not limited to: payment for taxes and insurance due, payment for an appraisal, any amount necessary to establish your escrow account, if applicable, and title fees.
On a purchase transaction with a Conventional 30 year fixed loan, a payment of $1066.23 with an LTV of 70%, and a 4.210% % APR. For all information a loan amount of $220,000 is assumed and a rate of 4.125% is being used. Terms available to qualified applicants only; payment does not include taxes or insurance which, if applicable, will increase your total monthly payment. Rates are subject to change without notice. Mortgage insurance is required for all FHA loans and conforming loans with a Loan To Value ratio above 80%. Mortgage insurance is not included in the payment quoted which, if required on your loan, will increase your actual payment. The APR (4.210%) shown has been calculated assuming a 740 credit score. Additional costs to obtain this loan include but are not limited to: payment for taxes and insurance due, payment for an appraisal, any amount necessary to establish your escrow account, if applicable, and title fees.