Miami Mortgage Rates Survey – Week of January 13, 2012

Written by: Scott Sery

According to a recent Primerates.com survey of Miami mortgage rates offered by the largest area banks & credit unions in Miami, interest rates ranged from 3.88% at Wells Fargo (www.wellsfargo.com) and Suntrust Bank (www.suntrust.com) to 4.31% at Branch Banking and Trust (www.bbt.com) on 30-year fixed -rate conforming loans in the metro area for well-qualified borrowers. The rates have basically remained unchanged in the last several weeks.

When applying for a loan, make sure you understand exactly what is needed and what the process will be.  The lender is there to help you, so do not be afraid to ask the hard questions.  Each institution is different in how they handle the steps, so make sure to ask how long the process will take.  A general rule is to expect the process to take as long as 60 days, and rarely will it be faster than 30 days.  By contacting the lender and getting all paper work in order, the process can be hastened.  In order to guarantee the best rate possible you need to have everything in place, so the lender can lock in the rate as soon as he or she knows that you are ready.  Lenders deal with first time borrowers on a daily basis, so do not be afraid to ask any question that comes to mind; a good lender will be prepared to answer and explain.

 

Top Miami Area Banks and Credit Unions

As of

30-year Fixed

15-year Fixed

5/1 ARM

Wells Fargo

01/16/12

3.88%

3.13%

2.13%

Suntrust Bank

01/16/12

3.88%

3.13%

2.50%

Regions Bank

01/16/12

3.99%

3.31%

2.96%

Bank of America

01/13/12

4.00%

3.38%

2.75%

Citibank

01/16/12

4.00%

3.38%

NA

JP Morgan Chase

01/16/12

4.00%

3.25%

2.50%

HSBC Bank

01/13/12

4.13%

3.38%

3.25%

Branch Banking and Trust

01/13/12

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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Miami Mortgage Rates Survey – Week of January...

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