Today’s Lowest FHA Mortgage Rates – Bank Rates from Bank of America, Chase, Citi and Wachovia on June 30
Posted on | June 30, 2010 | Comments Off
Today’s lowest FHA mortgage rates are very close to all-time lows as many major mortgage lenders and banks are quoting interest rates as low as 4.5% for the 30 year fixed mortgage. Some of the major banks in the country including Bank of America, Chase, Citi and Wachovia are reporting very low rates.
It is very important to understand that an FHA mortgage comes with insurance obligations. While these insurance costs are not extremely high they can add up each and every month. With this being the case it is sometimes wise to take out a slightly higher interest rate conventional mortgage.
There are many mortgage calculators available online that can help you to better understand what type of mortgage is right for you. To avoid these insurance obligations it may be wise to consider seeking a conventional mortgage even though the interest rate might be a little bit higher.
Most mortgage lenders will be more than willing to help you better understand how this process works. By simply calling your local mortgage lenders you will be able to better understand just how much money your monthly mortgage payment will be.
Author: Alan Lake
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