Conventional Loan Rates Back to 4% Ranges

Right now as of July 23,2009, you can get a Conventional 30 Year Fixed Rate loan as low as 4.875% on a purchase of a new home  if you qualify. In order to qualify for this promotion, your credit score must be 720 or higher and you must put down a 10% downpayment on the loan. If you would prefer a 15 year fixed rate loan, your rate could be as low as 4.5% with the same qualifications needed as mentioned above. A 10 Year Adjustable Rate Mortgage (ARM) is available as low as 4.25% and is fixed for the first 10 years. This ARM loan is available as an interest-only and rate may vary. Just remember, some restrictions do apply to all types of loans and the rates can vary depending on your credit score, your down payment, the amount of the loan and the type of home (single family, condo, etc) you buy. So consult with your real estate agent and / or loan officer for more information specifically to you and your loan.

 In order to help understand the type of loans out there, we’ve included a glossary of terms pulled from LoanSouth Mortgage to better understand the differences.

Adjustable Rate Mortgage (ARM)

Conventional Mortgage

FHA Mortgage

 Fixed Rate Mortgage (FRM)

For more information on loans and definitions, visit LoanSouth Mortgage at: www.loansouthmtg.com or contact Keith Spain of LoanSouth directly at: 404-434-6185.