Check today’s USBank mortgage rates online at www.usbank.com.
USBank is a major bank with more than 3000 branches located in 24 states in the United States. They offer a large variety of services to their customers, such as checking and savings accounts, credit cards, auto loans, personal lines of credit, home equity loans, and mortgages. If you are currently looking to buy a house, you should get mortgage quotes from 3-5 banks in order to find out about the current market rates for mortgages, and to find the cheapest loan available.
As a guide for potential customers, USBank publishes their daily mortgage rates on their website: www.usbank.com. Several different interest rates are quoted.
The most basic rate is the conforming fixed rate. Conforming mortgages are mortgages for amounts below the Fannie Mae/Freddie Mac 2011 limits. The 2011 limit is $417000 for most areas, and $625000 in AK and HI, which are high cost areas. Most homes will fall below the limit. However, if your home purchase exceeds the limit, you would have to take a jumbo loan. Jumbo loan rates are also listed on the website, and they are usually slightly higher than conforming loans. If you are a veteran, you can also find Veteran Affairs (VA) guaranteed home loan rates on the same site.
The above quoted rates assume a 20% down-payment on the home purchase. If you are unable to pay the 20% down-payment, there are two choices. Firstly, you can pay a lower down-payment if you purchase mortgage insurance, which will increase your mortgage rate and monthly payments. Secondly, you can also apply for a Federal Housing Administration (FHA) loan, which comes with a lower 3.5% down-payment requirement. However, FHA loans are generally meant for low income individuals and meant for the purchase of modest homes, and have a maximum limit that varies depending on the county of the home. In addition, FHA loans are conditioned on an existing income and no recent foreclosures or bankruptcy in the recent past.
Finally, if you intend to sell the home in the near future, you may want to get an adjustable rate mortgage (ARM). An ARM has the advantage of having a guaranteed interest rate for the first 3 to 5 years, but the interest rate may then rise after the guaranteed period depending on the prevailing rates at that time. An ARM is an appropriate rate if you intend to sell the house soon, or if you believe that the interest rate will decline further thereby allowing you to lock in a lower rate later.
Regardless of the mortgage loan type that you choose, you will have to email a USBank loan officer or call 800-365-8544 in order to get your finalized mortgage rate for your particular situation, since the rate offered depends on your credit score, credit history, and income level. Once the rate has been offered, it is usually guaranteed for 3 months.
To learn more information about the mortgage loans offered by US Bank or to view today’s USbank mortgage rates, go to the following web address:
http://www.usbank.com/cgi_w…