I have prepared a brief summary of mortgage rates for the most common loan programs. As you know, rates can vary greatly based on credit scores and loan to value but, for this weekend, the rates below are realistic.

Conv 30 Year Fixed

RateDisc. PointsAPRPaymentClosing Cost
4.250% 1.500%4.418% $1,230$5,515Details
4.375% 0.625%4.471% $1,248$3,328Details
4.500% 0.000%4.542% $1,267$1,765Details

FHA 30 Year Fixed

RateDisc. PointsAPRPaymentClosing Cost
4.375% 0.968%4.743% $999$3,616Details
4.500% 0.224%4.813% $1,013$2,128Details
4.625% 0.133%4.933% $1,028$1,946Details
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Loan Modification, or more specifically, Mortgage Modification is a tool that you may be able to use to stay in your home rather than loose it to Foreclosure. It differs from a Refinance in that Modification programs are designed to modify the terms of your existing Mortgage. A Refinance replaces your existing mortgage with an entirely new one. Since 5% of all Adjustable Rate Mortgages are going to “Reset” in the next 10 months, you could be in real trouble if you have one of those ARM loans. Ideally, you want to refinance into a low, Fixed Rate Mortgage before your current mortgage resets and before Rates on Fixed Mortgage Loans start to rise!

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