OC Homes - Mortgage Agent

The Intelligent Mortgage Agent

Which mortgage loan is the best for you? Fixed rate? Adjustable? Balloon?

Below is a list of interest rates from Premium Home Financing. If your browser supports JavaScript, The Intelligent Mortgage Agent can recommend a mortgage for you.
If your browser doesen't support Javascript, then you can use our other Mortgage Payment Calculator

You need to answer 2 questions so that the Agent can eliminate programs for which you are not eligible.

1. Is the loan amount you require over $207,000?
yes no

2. What percent down payment do you plan to make?
20 percent or more 10 - 20 percent 5-10 percent

Before you ask for a recommendation: You will not get any answer unless your browser supports JavaScript. Currently, Netscape 2.0 or higher and Microsoft Internet Explorer 3.0 beta work with this calculator.

Press , and the Agent will recommend a mortgage program.

The agent recommends
,
assuming that you will stay in your house for years and that interest rates change by percent.
To eliminate the 15-year mortgage from consideration (the monthly payment is higher for this mortgage, so many people cannot afford it), check here:
Rule out 15-year

(If nothing happens when you push the button, your browser probably does not support JavaScript.)

Interest Rates from Premium Home Financing

For loans over $250,000, we will reduce closing costs by $500.

Program Name	Rate	Points	APR	Avg Rate

Notes

These rate quotes are from Premium Home Financing, a nationwide mortgage broker that works with us at the Center for Mobility Resources. They choose the best rates from a variety of mortgage lenders for whom we have arrangements to originate loans. We are confident that the programs we offer are highly competitive.

The points listed above are discount points; we do not charge origination fees.

We have more loan programs available than those listed above, including FHA, VA, and other loans suited to first-time homebuyers. We are an equal opportunity lender.

1. This information is not an advertisement to extend consumer credit.
2. For one-year ARM, margin over index is 2.75 percent. Rate cannot adjust more than 2 percent in one year, or more than 6 percent over the life of the loan.
3. Under amount, "Conf." stands for conforming, which means a loan up to $207,000 meeting standards set by secondary market agencies. "Jumbo" stands for a loan above that amount. "Either" means that the rate quoted applies to either loan.
4. The APR does not take into account the cost of mortgage insurance, which depends on the loan/value ratio.
5. A 3/1 ARM is an adjustable-rate mortgage that adjusts after 3 years with a rate tied to the 1-year Treasury index.

The Intelligent Mortgage Agent (tm) rules out programs for which you are not eligible, then picks the program with the lowest average rate for the number of years you plan to be in the house and the interest rate scenario. You can try various scenarios by typing over the default scenario: change the number of years you plan to be in the house and an amount by which interest rates will change, then click "Go Agent!" For example, to see the consequences for an adjustable-rate mortgage if rates increase by 1 percent, you would type in a 1 where it now says that rates change by 0 percent.

The average rate column is computed by the Intelligent Mortgage Agent for the scenario you select. Points are averaged over the number of years in the scenario. When an entry in the average rate column is "- -" that means you are not eligible for the program. If all of the entries in the column are blank, it means that either you did not click on "Go Agent!" or your browser does not support JavaScript.

You can compare other programs, such as a 30-year fixed-rate loan with higher points and a lower rate, by typing over the values in the table, then pressing "Go Agent" to recalculate. However, once you type in new values, you will not be able to reload the old values without first shutting down your browser. Also, keep in mind that programs may not be comparable across lenders because of differences in fees, ARM margins, and other factors.

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