According to a recent Primerates.com survey of Miami mortgage rates offered by the largest area banks & credit unions, four Miami institutions offered rates below 4.000% on 30-year fixed-rate conforming loans in the Miami area for well-qualified borrowers. Wells Fargo (www.wellsfargo.com) offered the lowest rates with 3.75%, JP Morgan Chase (www.chase.com) offered 3.88% while SunTrust bank (www.suntrust.com) and Regions Bank (www.regions.com) and offered 3.99%. Three other institutions offered rates at around 4.25% with the Bank of America (www.bankofamerica.com) offered one of the highest rates on the market with 4.38%. Four other Miami institutions offered rates higher than 4.00% with Citibank offering one of the highest rates with 4.38%.
While most lenders will push one of the three products on the list below, there are other options for the borrower. The 30-year fixed rate loan is the most popular since it offers the lowest monthly payment. The trade-off is paying a higher interest rate. For those who have a better cash flow, the 15-year product may be more suitable. The 15-year fixed rate loan will allow the borrower to pay more toward principal with each payment, and since it has a lower interest rate the overall amount of money that is paid in interest will be much lower. While many people steer clear of the 5/1 ARM it is beneficial to some borrowers. For instance, a person with a smaller loan (usually due to refinancing) may have the cash flow to pay off their ARM in 5 years or less. This person could save an extra 1% in interest payments over the 15-year product and never worry about the rate adjusting later in the life of the loan.
| Top Miami Area Banks and Credit Unions |
As of |
30 Yr-Rate |
30 Yr- APR |
15 Yr- Rate |
15 Yr- APR |
5/1 ARM-IR
|
5/1 ARM-APR |
| Wells Fargo |
02/17/2012 |
3.75% | 3.92% | 3.13% | 3.42% | 2.38% | 3.19% |
| Bank of America |
02/17/2012 |
4.25% | 4.42% | 3.50% | 3.79% | 2.75% | 3.33% |
| Citibank |
02/17/2012 |
4.38% | 4.58% | 3.75% | 3.98% | NA | NA |
| Suntrust Bank |
02/17/2012 |
3.99% | 4.01% | 3.38% | 3.42% | 2.75% | 2.45% |
| JPMorgan Chase |
02/17/2012 |
3.88% | 3.98% | 3.13% | 3.25% | 2.50% | 3.10% |
| Regions Bank |
02/17/2012 |
3.99% | NA | 3.31% | NA | 2.96% | NA |
| HSBC Bank |
02/17/2012 |
4.00% | 4.13% | 3.38% | 3.60% | 3.13% | 3.41% |
| Branch Banking & Trust |
02/17/2012 |
4.31% | NA | 3.35% | NA | NA | NA |
Listed rates from banks, thrifts, and credit unions 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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