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Lenders Included in our Nationwide Home Loan Rates Survey: Wells Fargo Mortgage Rates, Chase Mortgage, Citibank Mortgage, Countrywide Home Loans, National City Mortgage, GMAC Mortgage, Downey Savings, PenFed Credit Union, Amerisave, Best Possible Mortgage, Nationwide Mortgage Lending Group, 1st Wholesale Mortgage of Wisconsin, Guaranteed Rate, VirtualBank, Hart West Financial, De Anza Capital, JKS Mortgage, Castlewood Home Loans, RMA Lending, Home Quest Mortgage, United Mortgage Brokers, Regions Mortgage, Hawaii Mortgage Company, Midwest Equity Mortgage, Advantage Mortgage Corp, Madison Financial, The Mortgage Mint, Compare USA Rates, ADL Mortgage, Loans at Wholesale, Itegra Pacific Mortgage, Ability Mortgage Group, Cities Mortgage Group, Fox Valley Mutual, Equity America Mortgage, Acquire Mortgage & Finance LLC, Prime Source Mortgage, Liberty Home Funding of NJ, State Central Credit Union



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Selecting the Best Mortgage Rate

Finding the best mortgage rate may not be as easy as simply identifying the lowest interest rate (30 year mortgage rates) available.   The criteria a mortgage shopper should apply must begin with the question of how long they plan to hold onto the mortgage and retain ownership of the property.  There is no reason to consider the option of paying points and fees to buy down the interest rate when a borrower does not plan to own the property long enough to re-coup (or at least break even) on the closing costs.  The second criteria that should be used in determining whether to buy the interest rate down by paying point and fees, is whether a borrower is refinancing (refinance mortgage rates) or purchasing the property in question.  When refinancing, points and fees have a different tax treatment than if the transaction involves a purchase.  Deducting points and fees typically has a more favorable tax treatment in a purchase transaction rather than in refinancing when the deduction of points is normally amortized over the life of the loan and not deducted in the year they are paid as is typically the case in a purchase.  

Another criteria frequently used to determine the best mortgage rate is APR or the Annual Percentage Rate.  The purpose of the APR is to give the mortgage consumer a basis of comparing several loans by examining the total cost of the loan, including some specific costs, over a period of time by reflecting some of those costs in the interest rate (30 year mortgage rates).  The problem with the APR is that it is not required to be calculated the same way across the board, for instance one area were lenders can differ dramatically when it comes to quoting APR, is the number of days of pro-rated interest they use when arriving at their APR calculation.  Pro-rated interest is the number of days remaining within a month that you will pay interest after your new loan closes, for example if your loan should close on the 15th of the month then you would have 15 days (or 16 if the month has 31 days) interest remaining to pay on the new loan.  The problem with lenders including the pro-rated interest in the APR is that there is no uniform requirement for how it is quoted.  Some lenders use 15 days in their calculation and some may use 30 days, a few may even use zero days of pro-rated interest in their APR calculation so it will appear (somewhat deceptively) to be the lowest among their competitors. (continued)   

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USER PROVIDED LENDERS:
Do you know a mortgage lender whose rates are among the lowest mortgage rates avaiable? Tell us and we can list that lender here. We heard that AimLoan had great rates and they are now at the top of our chart. What lender do you recommend?
low_rates@erate.com

Mortgage Lenders that have been suggested and worth visiting: Mortgage Capital

Hard Money and Commercial Loan lenders to consider:
Avatar Financial , Steelhead Capital

QuickenLoans: Excellent info. Not known for the best home loan rates

California Mortgage Refinance Rates - Jumbo & Conforming

Shopping for the lowest mortgage rates makes sense.
SAVE $1,000's upfront by Comparing Lenders Rates and Costs
One Quick Form - Four of the Lowest Mortgage Rates Offered

Loan Amount: $417,000    30 Year Fixed Rate Mortgage Last Updated: 09/02/10
Lender Rate APR Points (%) Points ($) Lender Fees Total Lender Cost With AimLoan.com You Save
4.250%
4.299%
0.000%
$0
$2,320
$2,320
Bank of America
4.750%
4.894%
1.000%
$4,170
$1,640
$5,810
$3,490
Amerisave
4.250%
4.290%
-0.444%
$-1,852
$1,196
$-656
$-2,976
JP Morgan Chase
4.375%
4.515%
1.250%
$5,213
$1,109
$6,322
$4,002
Wells Fargo Mortgage
4.375%
4.425%
0.000%
$0
$1,010
$1,010
$-1,310
CitiMortgage
4.500%
4.763%
0.750%
$3,128
$1,242
$4,370
$2,050

Total Lender Cost equals Points plus Lender Fees

Mortgage Rates Source - Informa Research Services, Inc.

*Source: Informa Research Services, Inc., Calabasas, CA
Although the rate data has been obtained from the various lending institutions
themselves the accuracy cannot be guaranteed. These rates are for California
properties.
**Subject lender not offering this rate per Informa Research Services
The rate and fees offered from our network of lenders will most likely differ from what is listed by the lenders above. This chart is merely to be used as a mortgage shopping tool not as an offer for a mortgage.




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