Category Archives: miami mortgage rates

Miami Mortgage Rates Survey – Week of April 23, 2012

Posted on April 27, 2012 by admin

According to a recent Primerates.com survey of Miami mortgage rates offered by the largest area banks & credit unions, six Miami institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the Miami area for well-qualified borrowers. Wells Fargo ( www.wellsfargo.com ) and Branch Banking Continue reading →

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Miami Mortgage Rates Survey – Week of March 26, 2012

Posted on March 30, 2012 by admin

According to a recent Primerates.com survey of Miami mortgage rates offered by the largest area banks & credit unions, only one Miami institution offered rates below 4.00% on 30-year fixed-rate conforming loans in the Miami area for well-qualified borrowers. Regions Bank ( www.regions.com ) offered the lowest rates in the city with 3.99%. Six other institutions offered rates above 4.00% with the Citibank ( www.citibank.com ) offering one of the highest rates in the United States with 4.50%. While most lenders will push one of the three products on the list below, there are other options for the borrower.  The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment.  The trade-off is paying a higher interest rate.  For those who have a better cash flow, the 15-year product may be more suitable.  The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower.  While many people steer clear of the 5/1 ARM it is beneficial to some borrowers.  For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less.  This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan. Top Miami Area Banks and Credit Unions As of 30 Yr-Rate 30 Yr- APR 15 Yr- Rate 15 Yr- APR 5/1 ARM-IR 5/1 ARM-APR Wells Fargo 03/26/2012 4.00% 4.17% 3.38% 3.67% 2.25% 3.06% Citibank 03/26/2012 4.50% 4.66% 3.88% 4.15% NA NA Suntrust Bank 03/23/2012 4.13% 4.14% 3.63% 3.58% 2.88% 2.45% JPMorgan Chase 03/26/2012 4.13% 4.19% 3.38% 3.48% 2.75% 3.19% Regions Bank 03/26/2012 3.99% NA 3.31% NA 2.96% NA HSBC Bank 03/23/2012 4.25% 4.39% 3.50% 3.73% 3.13% 3.33% Branch Banking & Trust 03/26/2012 4.31% NA 3.35% NA NA NA   Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates. Continue reading →

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Miami Mortgage Rates Survey – Week of March 19, 2012

Posted on March 23, 2012 by admin

According to a recent Primerates.com survey of Miami mortgage rates offered by the largest area banks & credit unions, only one Miami institution offered rates below 4.00% on 30-year fixed-rate conforming loans in the Miami area for well-qualified borrowers. Regions Bank ( www.regions.com ) offered the one of the lowest rates in the country with 3.99%. Seven other institutions offered rates above 4.00% with The Citibank ( www.citibank.com ) offering the highest rates in the United States with 4.50%. While most lenders will push one of the three products on the list below, there are other options for the borrower.  The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment.  The trade-off is paying a higher interest rate.  For those who have a better cash flow, the 15-year product may be more suitable.  The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower.  While many people steer clear of the 5/1 ARM it is beneficial to some borrowers.  For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less.  This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan. Top Miami Area Banks and Credit Unions As of 30 Yr-Rate 30 Yr- APR 15 Yr- Rate 15 Yr- APR 5/1 ARM-IR 5/1 ARM-APR Wells Fargo 03/17/2012 4.00% 4.17% 3.38% 3.67% 2.25% 3.06% Bank of America 03/16/2012 4.13% 4.27% 3.38% 3.64% 2.75% 3.24% Citibank 03/19/2012 4.50% 4.64% 3.88% 4.11% NA NA Suntrust Bank 03/16/2012 4.13% 4.01% 3.63% 3.42% 2.88% 2.45% JPMorgan Chase 03/19/2012 4.00% 4.12% 3.25% 3.39% 2.75% 3.19% Regions Bank 03/16/2012 3.99% NA 3.31% NA 2.96% NA HSBC Bank 03/16/2012 4.25% 4.39% 3.50% 3.73% 3.13% 3.33% Branch Banking & Trust 03/16/2012 4.31% NA 3.35% NA NA NA   Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates. Continue reading →

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Miami Mortgage Rates Survey – Week of March 12, 2012

Posted on March 15, 2012 by admin

According to a recent Primerates.com survey of Miami mortgage rates offered by the largest area banks & credit unions, four Miami institutions offered rates below 4.00% on 30-year fixed-rate conforming loans in the Miami area for well-qualified borrowers. The SunTrust Bank ( www.suntrust.com ) and Regions Bank ( www.regions.com ) offered rates at 3.99% while Wells Fargo ( www.wellsfargo.com ) and JP Morgan Chase ( www.jpmorganchase.com ) offered the lowest rates in the city with 3.88%. Four other institutions offered rates above 4.00% with the Citibank ( www.citibank.com ) offering the highest rates in the city with 4.38%. While most lenders will push one of the three products on the list below, there are other options for the borrower.  The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment.  The trade-off is paying a higher interest rate.  For those who have a better cash flow, the 15-year product may be more suitable.  The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower.  While many people steer clear of the 5/1 ARM it is beneficial to some borrowers.  For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less.  This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan. Top Miami Area Banks and Credit Unions As of 30 Yr-Rate 30 Yr- APR 15 Yr- Rate 15 Yr- APR 5/1 ARM-IR 5/1 ARM-APR Wells Fargo 03/09/2012 3.88% 4.04% 3.25% 3.54% 2.13% 3.02% Bank of America 03/09/2012 4.13% 4.27% 3.38% 3.69% 2.75% 3.23% Citibank 03/12/2012 4.38% 4.58% 3.75% 4.02% NA NA Suntrust Bank 03/08/2012 3.99% 4.01% 3.38% 3.42% 2.63% 2.45% JPMorgan Chase 03/09/2012 3.88% 3.98% 3.13% 3.25% 2.50% 3.10% Regions Bank 03/09/2012 3.99% NA 3.31% NA 2.96% NA HSBC Bank 03/09/2012 4.00% 4.13% 3.38% 3.60% 3.13% 3.41% Branch Banking & Trust 03/09/2012 4.31% NA 3.35% NA NA NA   Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates. Continue reading →

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Miami Mortgage Rates Survey – Week of February 20, 2012

Posted on February 23, 2012 by admin

According to a recent Primerates.com survey of Miami mortgage rates offered by the largest area banks & credit unions, four Miami institutions offered rates below 4.000% on 30-year fixed-rate conforming loans in the Miami area for well-qualified borrowers. Wells Fargo ( www.wellsfargo.com ) offered the lowest rates with 3.75%, JP Morgan Chase ( www.chase.com ) offered 3.88% while SunTrust bank ( www.suntrust.com ) and Regions Bank ( www.regions.com ) and offered 3.99%. Three other institutions offered rates at around 4.25% with the Bank of America ( www.bankofamerica.com ) offered one of the highest rates on the market with 4.38%. Four other Miami institutions offered rates higher than 4.00% with Citibank offering one of the highest rates with 4.38%. While most lenders will push one of the three products on the list below, there are other options for the borrower.  The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment.  The trade-off is paying a higher interest rate.  For those who have a better cash flow, the 15-year product may be more suitable.  The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower.  While many people steer clear of the 5/1 ARM it is beneficial to some borrowers.  For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less.  This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan. Top Miami Area Banks and Credit Unions As of 30 Yr-Rate 30 Yr- APR 15 Yr- Rate 15 Yr- APR 5/1 ARM-IR 5/1 ARM-APR Wells Fargo 02/17/2012 3.75% 3.92% 3.13% 3.42% 2.38% 3.19% Bank of America 02/17/2012 4.25% 4.42% 3.50% 3.79% 2.75% 3.33% Citibank 02/17/2012 4.38% 4.58% 3.75% 3.98% NA NA Suntrust Bank 02/17/2012 3.99% 4.01% 3.38% 3.42% 2.75% 2.45% JPMorgan Chase 02/17/2012 3.88% 3.98% 3.13% 3.25% 2.50% 3.10% Regions Bank 02/17/2012 3.99% NA 3.31% NA 2.96% NA HSBC Bank 02/17/2012 4.00% 4.13% 3.38% 3.60% 3.13% 3.41% Branch Banking & Trust 02/17/2012 4.31% NA 3.35% NA NA NA   Listed rates from banks, thrifts, and credit unions were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates. Continue reading →

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Miami Mortgage Rates – Week of January 27, 2012

Posted on February 1, 2012 by admin

Primerates.com recently surveyed Miami mortgage rates offered by the largest area banks & credit unions in Miami.  Wells Fargo ( www.wellsfargo.com ), Suntrust Bank ( www.suntrust.com ), and JP Morgan Chase ( www.chase.com ) all offered rates of 3.88% on 30-year fixed -rate conforming for well-qualified borrowers. Branch Banking and Trust ( www.bbt.com ) came in with the highest rates of 4.31%.  There has been little change in the rates offered in the Miami metro area in the past several weeks. When the hunt for a new home begins, it is important to line up a lender and get pre-qualified for a loan.  This is just the first step in the lending process, and should not be confused with pre-approved for a loan.  During the pre-qualification stage you will sit down with your potential lender, go over debt-to-income ratios, and determine how much you are looking to borrow.  After crunching the numbers, the lender will give you an amount that they will most likely be willing to loan.  However, the lender has yet to take into account your credit score, and a bad score can cause the amount they will lend to be lowered, or cuase you to even be denied a loan. After you have narrowed down the hunt for a house, it is time to be pre-approved.  At this point all the credit checks will be performed, and an actual guaranteed number and interest rate will be provided.  This should be done before a house is picked out as being pre-approved will help move everything along.  It is also a great bargaining point for the buyer.  The seller does not want to falsley get their hopes up; someone who is pre-approved is less likely to back out of the deal.  Make sure you understand whether or not your rate is locked, and how long the rate lock will last. Top Miami Area Banks and Credit Unions As of 30-year Fixed 15-year Fixed 5/1 ARM Wells Fargo 01/27/12 3.88% 3.00% 2.13% Suntrust Bank 01/27/12 3.88% 3.13% 2.38% JP Morgan Chase 01/27/12 3.88% 3.13% 2.25% Regions Bank 01/27/12 3.99% 3.31% 2.96% Bank of America 01/27/12 4.13% 3.38% 2.75% Citibank 01/27/12 4.13% 3.38% NA HSBC Bank 01/27/12 4.13% 3.50% 3.13% Branch Banking and Trust 01/27/12 4.31% 3.35% NA   Listed rates from banks, thrifts and credit union were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates. Continue reading →

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Miami Mortgage Rates Survey – Week of January 13, 2012

Posted on January 18, 2012 by admin

According to a recent Primerates.com survey of Miami mortgage rates offered by the largest area banks & credit unions in Miami, interest rates ranged from 3.88% at Wells Fargo ( www.wellsfargo.com ) and Suntrust Bank ( www.suntrust.com ) to 4.31% at Branch Banking and Trust ( www.bbt.com ) on 30-year fixed -rate conforming loans in the metro area for well-qualified borrowers. The rates have basically remained unchanged in the last several weeks. When applying for a loan, make sure you understand exactly what is needed and what the process will be.  The lender is there to help you, so do not be afraid to ask the hard questions.  Each institution is different in how they handle the steps, so make sure to ask how long the process will take.  A general rule is to expect the process to take as long as 60 days, and rarely will it be faster than 30 days.  By contacting the lender and getting all paper work in order, the process can be hastened.  In order to guarantee the best rate possible you need to have everything in place, so the lender can lock in the rate as soon as he or she knows that you are ready.  Lenders deal with first time borrowers on a daily basis, so do not be afraid to ask any question that comes to mind; a good lender will be prepared to answer and explain.   Top Miami Area Banks and Credit Unions As of 30-year Fixed 15-year Fixed 5/1 ARM Wells Fargo 01/16/12 3.88% 3.13% 2.13% Suntrust Bank 01/16/12 3.88% 3.13% 2.50% Regions Bank 01/16/12 3.99% 3.31% 2.96% Bank of America 01/13/12 4.00% 3.38% 2.75% Citibank 01/16/12 4.00% 3.38% NA JP Morgan Chase 01/16/12 4.00% 3.25% 2.50% HSBC Bank 01/13/12 4.13% 3.38% 3.25% Branch Banking and Trust 01/13/12 4.31% 3.35% NA   Listed rates from banks, thrifts and credit union were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates. Continue reading →

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Miami Mortgage Rates Survey Week of December 26, 2011

Posted on January 10, 2012 by admin

According to a recent Primerates.com survey of Miami mortgage rates offered by the largest area banks & credit unions in Miami, interest rates ranged from 3.88% at SunTrust Bank ( www.suntrust.com ) and Wells Fargo ( www.wellsfargo.com ) to 4.31% at Branch Banking and Trust ( www.bbt.com ) on 30-year fixed -rate conforming loans in the metro area for well-qualified borrowers. When checking your credit report to make sure there has not been any fraudulent activity, the only website endorsed by the FTC is www.annualcreditreport.com .  When you go to this site you will be asked from which of the three reporting companies you want reports.  Experian, Transunion, and Equifax are the only companies endorsed to provide these reports.   Each person is entitled to one free report from each of the companies in a 12 month period.  Each report, regardless of which company provides it, should be substantially equal.  Instead of getting all three at once, spread them out and retrieve one every four months.  This will allow you to monitor your credit throughout the year instead of just once per year.  If you see anything that asks for credit card, or asks you to make a payment, stop and read the fine print.  While it costs money to retrieve your credit score, the report itself is free. Top Miami Area Banks and Credit Unions As of 30-year Fixed 15-year Fixed 5/1 ARM SunTrust Bank 12/24/11 3.88% 3.25% 2.25% Wells Fargo 12/23/11 3.88% 3.25% 2.63% Regions Bank 12/26/11 3.99% 3.31% 2.96% JP Morgan Chase 12/26/11 4.00% 3.25% 2.63% Bank Of America 12/23/11 4.13% 3.38% 2.75% Citibank 12/24/11 4.25% 3.50% NA HSBC Bank 12/23/11 4.25% 3.50% 3.13% Branch Banking and Trust 12/26/11 4.31% 3.35% NA   Listed rates from banks, thrifts and credit union were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates. Continue reading →

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Miami Area Mortgage Rates Survey – Week of December 9, 2011

Posted on December 16, 2011 by admin

According to a recent Primerates.com survey of mortgage rates offered by the largest area banks & credit unions, Miami’s largest financial institutions offered potential borrowers Miami area mortgage rates as low as 3.875%.  Two institutions offered these rates on 30-year fixed -rate conforming loans in the Miami metro area for well-qualified borrowers.  Suntrust Bank ( www.suntrust.com ) and Wells Fargo ( www.wellsfargo.com ) both came in at this level.  At the same time Branch Banking and Trust ( www.bbt.com ) offered mortgages at the highest rate of 4.309%. Before committing to any loan, borrowers should understand what they can afford.  Taking into account regular living expenses, and making sure they can still save for retirement, set aside money for an emergency fund, and still have enough to pay for recreational activities all are factors in deciding the mortgage amount.  Most experts agree that having at least a year’s worth of living expenses in an emergency fund is necessary.  If the mortgage payments will not allow a person to do this, a smaller mortgage provides more flexibility to the borrower. You can help yourself gain bargaining power , by applying to the banks that offer the lowest interest rate. Top Miami Area Banks and Credit Unions As of 30-year Fixed 15-year Fixed 5/1 ARM Suntrust Bank 12/09/11 3.875% 3.125% 2.625% Wells Fargo 12/11/11 3.875% 3.250% 2.250% Bank of America 12/09/11 4.000% 3.375% 2.650% Regions Bank 12/11/11 4.070% 3.350% 3.030% Citibank 12/11/11 4.125% 3.375% NA JP Morgan Chase 12/11/11 4.125% 3.375% 2.375% HSBC Bank 12/09/11 4.250% 3.500% 3.125% Branch Banking and Trust 12/09/11 4.309% 3.351% NA   Listed rates from banks, thrifts and credit union were listed on their websites on the date indicated for conforming loans with 0 points.  Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history.  Contact a specific institution for current rates. Continue reading →

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