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Current rates, as of November 11, 2009 on the HECM (Home Equity Conversion Mortgage) are as follows:
Fixed Rate: 5.56% plus 0.50 for monthly mortgage insurance.
Adjustable rate with a 2.5% margin: 2.742% plus 0.50 for monthly mortgage insurance.
Adjustable rates are based on the LIBOR plus a margin. Lenders offer different margins. Margins can range from 2.25% - 3.25% depending on the lender.
For more daily rate updates: http://mlsreversemortgage.com/reverse_mortgage_programs.html
- Josh Borba
MLS Reverse Mortgage
What else can I help you with?
What are the current interest rates for mortgages in Greece?
As of now, the current interest rates for mortgages in Greece are around 2 to 3 for fixed-rate loans.
Where online can one find comparisons of interest rates on mortgages?
You can find comparisons of interest rates for mortgages online at the Bankrate website. Once on the page, hover over "Find Rates" and click on "Mortgages" to bring up the comparison tool.
Do interest rates on ARM mortgages change?
ARM stands for Adjustable Rate Mortgage. Adjustable means the interest rate may be changed. Interest rates on ARM mortgages may change.
How can one shop around for the best interest rates for mortgages?
The best way to shop for the best interest rates for mortgages is to visit local banks and talk to people who work there. This way the rates can be compared.
What are the current interest rates for mortgages in the market?
The current interest rates for mortgages in the market vary, but as of now, they are generally around 3 to 4 for a 30-year fixed-rate mortgage.
How do commercial mortgage interest rates compare to those for residential mortgages?
Commercial mortgages interest rates are different from residential mortgages, commercial mortgages are taxed a little different and these taxes affect the interest rates to increase.
What are the current interest rates for mortgages in Greece?
As of now, the current interest rates for mortgages in Greece are around 2 to 3 for fixed-rate loans.
Where online can one find comparisons of interest rates on mortgages?
You can find comparisons of interest rates for mortgages online at the Bankrate website. Once on the page, hover over "Find Rates" and click on "Mortgages" to bring up the comparison tool.
Do interest rates on ARM mortgages change?
ARM stands for Adjustable Rate Mortgage. Adjustable means the interest rate may be changed. Interest rates on ARM mortgages may change.
How can one shop around for the best interest rates for mortgages?
The best way to shop for the best interest rates for mortgages is to visit local banks and talk to people who work there. This way the rates can be compared.
What are the current interest rates for mortgages in the market?
The current interest rates for mortgages in the market vary, but as of now, they are generally around 3 to 4 for a 30-year fixed-rate mortgage.
Where can one compare interest rates for mortgages?
Interest rates for mortgages can be compared on many consumer led websites, such as Martin's Money Saver Expert, which compares multiple companies and offers consumer feedback.
Which companies provide mortgages at the most competitive interest rates?
The companies which provide mortgages at the most competitive interest rates with other companies include the following companies: Chase, Capital One, and Independent Bank.
What is the main reason for bad credit mortgages?
Bad Credit mortgages are for people who do not qualify for traditional mortgages. These tipically have shorter terms with higher interest rates.
Where can one find more information about interest rates for mortgages?
One can find information about interest rates for mortgages on various websites like Realtor and Bankrate. Both websites offer a great amount of information regarding this subject.
How much have the interest rates on mortgages changed in the last five years?
Five years ago, the interest rates on mortgages was only at 0.5 percent. As of today, interest rate on mortgage soared to 2.5 percent. That is 500 percent increase for the past five years.
Are reverse mortgages backed by the government?
Reverse mortgages come in different styles, however most are insured by FHA through the HECM reverse mortgage program. These programs are under FHA's oversight, who is part of the department of HUD. There are some private reverse mortgage loans available as well, however they have significantly higher interest rates in most cases and offer smaller loan to value's. the private reverse mortgages are typically used for jumbo loan sizes where the FHA lending limited is not sufficient for the borrowers needs.
