Primerates.com recently surveyed Miami mortgage rates offered by the largest area banks & credit unions in Miami. Wells Fargo (www.wellsfargo.com), Suntrust Bank (www.suntrust.com), and JP Morgan Chase (www.chase.com) all offered rates of 3.88% on 30-year fixed -rate conforming for well-qualified borrowers. Branch Banking and Trust (www.bbt.com) came in with the highest rates of 4.31%. There has been little change in the rates offered in the Miami metro area in the past several weeks.
When the hunt for a new home begins, it is important to line up a lender and get pre-qualified for a loan. This is just the first step in the lending process, and should not be confused with pre-approved for a loan. During the pre-qualification stage you will sit down with your potential lender, go over debt-to-income ratios, and determine how much you are looking to borrow. After crunching the numbers, the lender will give you an amount that they will most likely be willing to loan. However, the lender has yet to take into account your credit score, and a bad score can cause the amount they will lend to be lowered, or cuase you to even be denied a loan.
After you have narrowed down the hunt for a house, it is time to be pre-approved. At this point all the credit checks will be performed, and an actual guaranteed number and interest rate will be provided. This should be done before a house is picked out as being pre-approved will help move everything along. It is also a great bargaining point for the buyer. The seller does not want to falsley get their hopes up; someone who is pre-approved is less likely to back out of the deal. Make sure you understand whether or not your rate is locked, and how long the rate lock will last.
|
Top Miami Area Banks and Credit Unions |
As of |
30-year Fixed |
15-year Fixed |
5/1 ARM |
| Wells Fargo |
01/27/12 |
3.88% |
3.00% |
2.13% |
| Suntrust Bank |
01/27/12 |
3.88% |
3.13% |
2.38% |
| JP Morgan Chase |
01/27/12 |
3.88% |
3.13% |
2.25% |
| Regions Bank |
01/27/12 |
3.99% |
3.31% |
2.96% |
| Bank of America |
01/27/12 |
4.13% |
3.38% |
2.75% |
| Citibank |
01/27/12 |
4.13% |
3.38% |
NA |
| HSBC Bank |
01/27/12 |
4.13% |
3.50% |
3.13% |
| Branch Banking and Trust |
01/27/12 |
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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