With an adjustable-rate mortgage (ARM), your loan will have an initial fixed-rate period. After the fixed-rate period, your interest rate will adjust up or down according to market rates at the time of reset.
Investment property mortgages require a 1.00% loan origination fee. The origination fee may be waived for a 0.25% increase in the interest rate. 11 Freedom Lock is available for new applications on purchase loans at no additional fee, with a maximum interest rate reduction of up to 0.25%. You will have the opportunity to relock one time if.
Conventional 15 Year Mortgage Rates Rates on this page are based on the purchase of a single-family, single-unit, detached, primary residence located in Richmond, VA (home of SunTrust Mortgage, A Division of SunTrust Bank). Rates also assume a 30 day lock and are subject to change without prior written notice.
When you’re ready to buy a second home, then, it’s important to know whether you’re purchasing a second home or an investment property. Higher rates, down payments. Joe Parsons, senior loan officer with PFS Funding in Dublin, California, said that the interest rates charged on second and investment properties can vary widely.
How To Compare Mortgage Rates If I were to tell you that trying to find and compare the best mortgage rates is a difficult task, you might say that’s hard to believe. Your argument might be that all you have to do is go to a popular website like bankrate.com and all of the mortgage rates are right there for you to see. One of the things you don’t see, however, is the cost to obtain the loan.