AIG Bank is advertising some of the best mortgage rates available today. The current advertised rate for a 30 year mortgage is 4.625 percent, which is lower than the current National Average Mortgage Rate reported by Monitor Bank Rates of 4.91 percent.

The bank’s 30 year mortgage rate is also lower than the 4.83% mortgage interest rate reported in Freddie Mac’s weekly Primary Mortgage Market Survey. AIG Bank is also advertising a very competitive 15 year mortgage rate of 4.25 percent, lower than the National Average Rate of 4.37 percent.

The bank is also offering a $500 credit towards mortgage closing costs if you apply for a first mortgage (primary mortgage) before December 31, 2009 and close on that mortgage loan by June 30, 2010.

AIG Bank is also offering a Home Equity Line of Credit (HELOC) promotion. You can get up to a $2,000 credit at closing to offset closing costs and the appraisal fee for a HELOC in first lien position, a home loan that is first in line to be repaid if you default. Most home equity loans and HELOCs are second in line over the primary mortgage if a home-owner defaults.

You still can get up to a $1,000 credit towards closing costs for a second lien home equity line of credit loan.

AIG Bank Mortgage Rates and Promotion Closing Costs Offer