Nationwide Mortgage Rates

Nationwide Mortgage Rates are available for both purchase and refinance loans in fixed, adjustable and jumbo mortgage loans of varying term lengths. Should you trust nationwide mortgage rates for your next home loan and how do their fees and closing costs compare to the best mortgage lenders? Here is my unbiased review of Nationwide mortgage rates, services and fees to help you make an informed decision for your next home loan.

Nationwide Bank

Nationwide Bank offers purchase and refinance rates for both conforming and jumbo mortgage loans.

Should you trust Nationwide with your next home loan? Is Nationwide really on your side when it comes to fees and points?

Rating by Robert Regehr: 2.0 stars
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Nationwide Mortgage Profile

Purchase and refinance Mortgage Rates are offered through Nationwide Bank, part of the Nationwide Mutual Insurance Company. Their jingle of “Nationwide is on your side” has been driven into every household in America thanks to a lavish advertising budget.

According to the website they offer affordable rates, flexible home loan terms, and helpful mortgage choices. They claim to help first-time homebuyers and existing homeowners alike with purchasing and mortgage refinancing, offering help every step of the way.

Nationwide Bank Contact Information

Online:

www.nationwide.com

By Phone:

(877) 636-0598
(800) 243-0924
(800) 882-2822

By Mail:

Nationwide World Headquarters
One Nationwide Plaza
Columbus, OH 43215–2220

Nationwide Mortgage Rates Review

Is Nationwide really on your side when it comes to mortgage rates and fees? Remember, if you’re in the market for mortgage refinancing, the fees you pay make or break the deal you’re getting. Paying too much for the loan origination fee or unnecessary discount points can quickly turn those low refinance rates into a lousy deal.

How do their mortgage rates stack up against the top mortgage companies? Nationwide publishes purchase and refinance rates on the website. Mortgage rates are quoted for both conforming and jumbo mortgage loans with the Annual Percentage Rate and discount points.

The lowest purchase and refinance mortgage rates on the website have the highest out-of-pocket expenses thanks to discount points. Mortgage rates are at historically low levels and paying discount points is an unnecessary expense in nearly every situation.

The FAQ offers some insight into Nationwide’s mortgage fees including a $450 “commitment fee” to lock your mortgage rates. Rate lock fees are widely considered junk fees as it costs the lender nothing to lock an interest rate. The website also discloses a loan origination fee of $795 for a $150,000 home loan which works out to .5%. Most lenders charge a full percent for loan origination so despite the junk rate lock fee Nationwide’s loan origination fee is very competitive. The website discloses an additional $442 in “prepaid finance charges” in addition to any discount points.

Should you purchase or refinance with Nationwide Bank? While the fees were competitive I have reviewed community based credit unions with better deals. You can find the best deal for your next home loan by shopping from several lenders comparing mortgage rates AND closing costs like the origination fee while avoiding discount points.

You can learn more about shopping from today’s best mortgage companies while avoiding junk fees and points by checking out my free Underground Mortgage Videos.

Discover Mortgage Review

There’s a new lender hanging out their shingle in the marketplace, Discover Mortgage Loans. Should you trust Discover Mortgage Rates for your next home loan and how do their purchase and refinance rates stack up against the best mortgage lenders like Amerisave? Here is my unbiased review of Discover Mortgage services, interest rates and fees to help you make an informed decision without walking away from cash on the table.

Discover Mortgage Rates

Does it pay to Discover when it comes to your home loan?

Discover recently entered the mortgage marketplace. How do they stack up to other lenders when it comes to mortgage rates and fees?

Rating by Robert Regehr: 1.0 stars
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Discover Mortgage Profile

Discover Mortgage got into the game by purchasing Lending Tree. Their trademark “When Banks Compete, You Win” is a familiar selling proposition from TV and internet. Discover mortgages is currently offering purchase and refinance mortgage loans with fixed and adjustable interest rates and FHA home loans. For mortgage refinancing their loans are both rate and term refinancing as well as cash-out.

At the time of this review the Adjustable Rate Mortgage (ARM) options included 3/1, 5/1, and 7/1 ARMs, but no 10-year ARM. FHA home loans included a 15 and 30-year term length. Discover Mortgage seems to only offer conforming home loans at this time so if you’re in need of a Jumbo Mortgage you’ll need a different lender. They claim that their streamlined application process makes approval easier than with the top mortgage lenders online.

Discover Mortgage offers an on-time closing commitment, meaning if your mortgage isn’t funded on schedule you get a $1000 credit towards your closing costs. If you continue to refinance with Discover Mortgage you will earn their “Welcome Back” bonus of up to $2000 paid towards lender fees.

Discover Mortgage Contact Information

Online:

www.discover.com

By Phone:

800-347-7000

By Mail:

Discover Bank
PO Box 30416
Salt Lake City, UT 84130

Discover Mortgage Rates Review

Most people focus solely on getting the lowest purchase and refinance rates, often at the expense of fees. How does Discover Mortgage stack up when compared to other lenders? I looked at the rates published on the website and they’re currently advertising a 30-year fixed rate mortgage for 3.75 percent.

The problem is when you check the fine print you have to pay 1.125 discount points AND qualify based on single family, owner-occupied with a loan-to-value of 70% or better and a credit score of 720 or better. Paying that amount at closing for discount points is simply ridiculous. Some of the most common mortgage mistakes are paying unnecessary discount points and overpaying the loan origination fee. Based on these requirements it seems that this lender is only interested in borrowers with above average financials.

The website gives an Annual Percentage Rate but does not disclose details about their loan origination fee. Paying one percent for loan origination is standard; however, many lenders charge more BUT you can find loan origination fees as low as a flat $700 by shopping local, community based credit unions.

Discover mortgage rates, like their credit card come with a slick package and celebrity voice overs; however, if you want the best deal for your next home loan you might want to give Discover mortgage rates a wide berth.

You can learn more about paying less for your next mortgage by checking out my free Underground Mortgage Videos.

Fifth Third Mortgage Rates

Are you considering Fifth Third Mortgage Rates for your next home loan? Are Fifth Third Mortgage Rates competitive compared to the top mortgage lenders or do they include unnecessary markup and junk fees? Here’s my unbiased review of Fifth Third Mortgage Rates, services and fees to help you make an informed decision for your next home loan without leaving cash on the table.

Fifth Third Mortgage Rates

Fifth Third Bank is a full-service mortgage lender offering home loans in 12 States.

Should you trust Fifth Third Mortgage Rates for your next home loan? How do their fees and services compare to the top mortgage lenders online?

Rating by Robert Regehr: 2.0 stars
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Fifth Third Mortgage Rates Profile

Fifth Third Mortgage is subsidiary of Fifth Third Bank. Calling themselves the “Curious Bank” Fifth Third operates in 12 States including Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Missouri, North Carolina, Pennsylvania, Tennessee, and West Virginia. If you’re wondering where Fifth Third comes from, my understanding is the bank was originally located at the intersection of Fifth & Third Street. (A somewhat uninspired name..)

Fifth Third Bank offers a full range of mortgage products including Fixed Rate, Adjustable Rate, Jumbo Mortgage loans, FHA, VA, construction and Interest only home loans. Term lengths offered range from 10 to 30 years. Adjustable Rate Mortgage loans include 3/1, 5/1 and 7/1 for conforming home loans. (Below the $415,000 conforming loan limit)

Fifth Third Mortgage Contact Information

By Phone:

(866) 351-5353

Monday – Thursday: 8 am to 8 pm
Friday: 8 am to 6pm
Saturday: 9 am to 3pm

Online:

www.53.com

By Mail:

Fifth Third Bank
38 Fountain Square Plaza
Cincinnati, OH 45263

Fifth Third Mortgage Rates Review

Fifth Third Mortgage Rates are published on the website along with the APR and various options for discount points. The purchase and refinance rates published assume a minimum FICO score of 740 so your results will vary based on your credit score. Interestingly the website states there is a .5 point discount for enrolling in automatic payments deducted from an eligible Fifth Third Bank account.

There is a payment amount based on a loan amount of $140,000 which quotes closing costs of $1,347 but does not disclose Fifth Third Bank’s loan origination fee. The amount quoted is .9% which is reasonable; however, does not factor in other closing costs. Several community based credit unions that I’ve reviewed seem to offer the best deals when it comes to fees. Banks tend to charge the highest fees compared to the best mortgage lenders, which is why it pays to shop around.

Fifth Third Mortgage rates were competitive, but nothing to write home about. The fees you pay at closing make or break the deal you’re getting so you’ll want to shop around comparing both refinance rates AND fees to get the best deal.

You can learn more about getting the best purchase and refinance rates from today’s best mortgage companies without paying junk fees or unnecessary points by checking out my free Underground Mortgage Videos.

40 Year Mortgage Rates

If you’re considering refinancing you might be tempted by the payment that comes with 40 year mortgage rates. Spreading your home loan payments out over 40 years instead of 30 will get you lower payments; however, is it worth paying the lender for an extra ten years of interest? Here are the pros and cons of 40 year mortgage rates to help you make an informed decision for your next home loan.

40 Year Mortgage Rates

Are there any advantages to choosing 40 year mortgage rates for your next home loan?

Many lenders are offering longer term lengths as an alternative to the traditional 30-year mortgage. Are these home loans a good idea or is choosing too long of a term length a mistake?

Rating by Robert Regehr: 1.0 stars
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40 Year Mortgage Rates Review

The majority of homeowners in the United States choose 30 year mortgage rates without giving a second thought. That includes adjustable rate mortgages like the popular 5/1 and 7/1 hybrid ARMs. You might be asking yourself “why would anyone drag out their home loan for 40 years?” By choosing 40 year mortgage rates for your next home loan your amortization schedule is based on 40 years instead of 30 resulting in lower payments.

Here’s an example to illustrate how lengthening the term gets you a lower payment amount:

Suppose you’re refinancing your home for $300,000. Based on your financial details you qualify for 30 year mortgage rates at 3.9 percent which gets you a payment of $1,410 per month. If you were to choose 40 year mortgage rates you’d qualify for 4.3 percent and a monthly payment of $1,300.

That’s a (perceived) savings of $110 per month. It’s worth noting that interest rates of this type are slightly higher than traditional 30 year refinance rates. Longer term lengths pose higher risk for lenders and therefor come with higher interest rates. Some borrowers might find they qualify for this type of home loan and not 30 year based on their debt-to-income ratio.

Disadvantages of 40 Year Mortgage Rates

Having a lower payment is all fine and dandy but what’s the down side of choosing this type of home loan? Your monthly payment might be lower ($110 per month in our example), the amount of interest you’re paying over the duration of your home loan is astronomical.

Another downside is that because your amortization schedule is spread out over 40 years instead of 30, you’re building equity in your home at a much slower rate. In an economy that’s seeing declining home values you could find yourself underwater. (Meaning you owe more than your home is worth which could make it very difficult to refinance later.)

Should you choose 40 year mortgage rates for your next home loan? I would recommend this type of loan only as a last resort if no other options are available for you. If you’re considering mortgage refinancing with 40 year mortgage rates you’ll never recoup your out-of-pocket expenses paid at closing making this type of home loan a losing proposition from day one.

You can learn more about avoiding common mortgage mistakes and getting the best deal on your next home loan by checking out my free Underground Mortgage Videos.

SunTrust Mortgage Rates

suntrust mortgage1 SunTrust Mortgage Rates

Are you considering SunTrust Mortgage Rates for your next home loan? How does SunTrust compare to the best mortgage lenders like Amerisave? Remember that the fees you pay are the single most important aspect of your home loan regardless of the interest rate. Here is my unbiased review of SunTrust Mortgage Rates and closing costs to help you make an informed decision for your next home loan.

SunTrust Mortgage Rates

SunTrust offers competitive interest rates but what about fees?

Should you trust SunTrust Mortgage Rates for your next home loan or do they charge too much for lender fees?

Rating by Robert Regehr: 1.0 stars
starfull SunTrust Mortgage Rates

SunTrust Bank Profile

SunTrust bank is one of the largest banks serving the Southern States with nearly 1,700 branches across Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia, and Washington, D.C. Tracing its roots to the Trust company of Georgia founded in 1891, SunTrust oversees $172 billion in assets.

The bank’s mission statement is to help homeowners prosper with financial services that meet needs and exceed expectations to enhance the lives of the customer, community, and shareholders. SunTrust has broker relationships to originate home loans in 49 states, servicing mortgages in 49 states and the District of Columbia.

SunTrust Mortgage Contact Information

By Phone:

800-634-7928

Online:

www.suntrustmortgage.com

By Mail:

SunTrust Mortgage
Mail Code RVW 3003
PO Box 26149
Richmond, VA 23260

SunTrust Mortgage Rates Review

The problem I have with bank originated mortgage loans is that because of a loophole in the Real Estate Settlement Procedures Act the bank is required to give you little more than a truth-in-lending disclosure with a fictitious Annual Percentage Rate (APR). With that being said SunTrust Mortgage Rates were very upfront with closing costs like the loan origination fee.

On a $250,000 mortgage refinance, the loan origination fee was $4,000 or 1.6 percent. One percent for loan origination is reasonable; however, 1.6 percent is simply too much. I’ve seen community based credit unions with loan origination fees as low as $300 on a $250,000 home loan.

The mortgage refinancing quote I received included a $300 appraisal fee, $150 tax service fee (garbage), and a free credit report.

Do you have an opinion or an experience with SunTrust Mortgage Rates that you’d like to share? Please leave a comment below!

The fees you pay when refinancing your home are the most important aspect of the transaction. The more you pay at closing including unnecessary discount points, the more difficult it’s going to be to break even recouping your out-of-pocket expenses. If you’re unable to break even before you sell your home or refinance again you’re losing money, no matter how low your interest rate.

With that being said the origination fee charged with SunTrust Mortgage Rates is simply too high for me to recommended with a favorable review. There are so many better offers out there if you invest a little time comparing refinance mortgage rates and fees.

You can learn more about getting the best deal on your next home loan while avoiding unnecessary discount points and fees by checking out my free Underground Mortgage Videos.