According to a recent Primerates.com survey of mortgage rates offered by the largest area banks & credit unions, three of the Atlanta area banks offered Atlanta mortgage rates under 4%. The three institutions offering rates under 4% on 30-year fixed -rate conforming loans in the Atlanta metro area for well-qualified borrowers were: SunTrust Bank (www.suntrust.com) and Wells Fargo (www.wellsfargo.com) both weighing in at 3.88%. Regions Bank (www.regions.com) was just slightly higher at 3.99%. Branch Banking and Trust (www.bbt.com) came in at the other end of the spectrum with a rate of 4.31%.
When obtaining a loan for a home, it is always best to make a down payment of at least 20% in order to avoid paying for Private Mortgage Insurance (PMI). Many lenders will not even loan a borrower the full amount in a single loan; instead they will offer one loan for 80% of the value of the home, accompanied by another for 20% of the value. The smaller loan will often charge at least one percentage point higher interest. To pay off the loan the fastest, and save as much as possible in interest charges, any extra principal payments should go toward the loan with the highest interest rate, while paying the minimum on the other.
|
Top Atlanta Area Banks and Credit Unions |
As of |
30-year Fixed |
15-year Fixed |
5/1 ARM |
| SunTrust Bank |
12/15/11 |
3.88% |
3.13% |
2.63% |
| Wells Fargo |
12/16/11 |
3.88% |
3.25% |
2.38% |
| Regions Bank |
12/15/11 |
3.99% |
3.31% |
3.03% |
| Bank of America |
12/15/11 |
4.00% |
3.25% |
2.75% |
| JP Morgan Bank |
12/18/11 |
4.00% |
3.25% |
2.63% |
| Synovus Bank |
12/15/11 |
4.22% |
6.91% |
NA |
| Branch Banking and Trust |
12/15/11 |
4.31% |
3.35% |
NA |
Listed rates from banks, thrifts and credit union were listed on their websites on the date indicated for conforming loans with 0 points. Data is believed accurate at time of collection, can change without notice, and will vary based on an individual’s credit history. Contact a specific institution for current rates.
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