Course 10 – Unit 4: Which Fixed Rate Mortgage Can You Lock?

lockWhich Fixed-Rate Mortgage Rates Can You Lock?

The 30-year mortgage rates are available for nearly all of today’s popular loan programs. 15-year mortgage rates are almost as widely available. Conventional loans, backed by Fannie Mae and Freddie Mac, offer a full suite of fixed rate mortgage rates. 30-year fixed mortgage rates are the most common request, followed by 15-year fixed rate mortgage rates. 10-year mortgage rates and 20-year mortgage rates are also available.
FHA loans are commonly used by home buyers in search of a low-down payment mortgage — the FHA’s minimum down payment requirement is just 3.5 percent. Via the FHA, borrowers can use 30-year fixed mortgage rates and 15-year fixed rate mortgage rates. 10-year and 20-year loans are not available. The VA program also offer a limited set of fixed-rate home loans. Available to veterans and members of the military, VA loans can be used with accompanying 30-year mortgage rates or 15-year mortgage rates. There are no 10-year mortgage rates or 20-year mortgage rates available for VA borrowers. Lastly, home buyers opting for the USDA LOANS are limited to 30-year AND 15 year term loans.

SEE ALL Add a note
YOU
Add your Comment

Turbo Mortgage

Turbo Mortgage LLC is a mortgage broker, performing licensed loan origination services in Texas.

Sam Trantham- President/ Broker of Record
NMLS license number: 1752863

Turbo Mortgage LLC
1202 Lakeway Drive, Suite 5B
Lakeway, Texas 78734

top
Copyright © 2016 Turbo Mortgage. All rights reserved.

CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIALMORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV