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Current Mortgage Rates

Posted by Veronica On December - 19 - 2012

These days, within the real estate market, mortgage rates are at around a 3% rate. The percentage of mortgage rate depends on a few key factors that firstly include the lending company that is providing the lending. In terms of Optimum First Mortgage, as stated on Zillow, the mortgage rate they are offering is at 3.277%, which falls at just about average or a little below average for what the usual mortgage rate is today. In terms of the Optimum First Mortgage percentage point, it is based on a 30 year fixed rate. The lending is based on a $240,000 lending amount, which means that per month, this percentage rate will yield a cost of $1,044 per month. It is also based on down payment of $60,000 and no pre-payment penalty. Conversely, a 15 year fixed rate can have a lower percentage rate with another lending company. For example, Aurora Financial, which is a direct lender, has a 2.750% rate that yields to $1,629 a month.

The monthly rate is a bit higher than the previous example with Optimum First Mortgage, but instead of taking 30 years to pay off a mortgage, the Aurora Financial example will only take 15 years to pay off the mortgage, giving the buyer a much better price in the long run that equates to the ability to make much more money in the future on the property. With the Aurora Financial example, there is still no pre-penalty fee and the down payment is still $60,000 based on a lending amount of $240,000. In regards to the lowest mortgage rates possible at this time, it seems that if you are able to pay a monthly rate that is higher, you will be able to get a much better percentage rate and save a lot more money in the long run.

Find other information at Bankrate.com, it is a wealth of knowledge about all things personal finance.

About the Author

As a broker specializing in multi-units and single family homes in Southern Maine, Veronica Schneider joined the real estate industry in August of 2004 bringing with her over eight years of experience in real estate management. You can find Veronica and Green Tree Realty on Facebook, Twitter, Google+, Pinterest, and LinkedIn.

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As a Portland Maine real estate agency Green Tree Realty specializes in Residential and Investment real estate for southern Maine buyers, sellers and investors looking in the Androscoggin, Cumberland and York counties residential and investment markets.


We're Located At:
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Portland, ME 04103
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