Amerisave 30-year Mortgage Rate 4.00%

amerisave-30-year-mortgage-rate-400-percentAmerisave is offering a 30-year mortgage rate of 4.00%. We were quoted the 4.00% mortgage rate for a 30-year fixed rate mortgage of $400,000 on a home purchase of $500,000 ( 20 percent down payment) in the state of Florida. The annual percent rate (APR) on this loan is 4.394%. The monthly mortgage payments on this loan is $1,910.

To receive this low rate we had to buy down the rate with discount points. Points can be used to buy down a mortgage rate, each point is equal to one percent of the value of the loan. When you buy down the mortgage rate you have to pay more upfront, but the cost can be rolled into the loan. Keep in mind you might pay a higher interest rate on a mortgage or private mortgage insurance (PMI) if you exceed the 20% loan-to-value (LTV) ratio.

With this quote we would have paid $18,392 in closing costs, this amount also includes the discount points we paid to buy down the loan rate. We also received 30-year mortgage quotes for 20 different discount point options. You can also receive money at closing if you're willing to have a higher mortgage rate. If you plan to stay in your home a long time it would be better to buy down the mortgage rate to the lowest level possible, you would save a ton of money over the life of the loan.

When you receive a mortgage quote on-line from Amerisave you are given a bunch of options to chose from on a loan. In addition to 30-year mortgage rates we also received mortgage quotes for 30-year fixed FHA mortgages, 30-year interest only mortgages, 40-year fixed mortgages, 25-year fixed mortgages, 25-year fixed FHA mortgages, 20-year fixed mortgages, 15-year fixed mortgages, 15-year fixed FHA mortgages, 10-year fixed mortgages, 10-year fixed FHA mortgages and rates on all types of adjustable rate mortgages.

Another good feature of Amerisave's mortgage quotes is their "Sure Fee" feature. They lay all the closing cost fees out for you and let you know if a fee is guaranteed or just an estimate.

Personal Finance Tip: All banks and lending institutions are required to give you an estimate of the closing costs, ask your lender for a HUD-1 statement before closing on a mortgage.

Author: Brian McKay
May 4th, 2009

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