Lowest Mortgage Rates in Nevada (2012) Local Institutions Onlys

In our recent 2012 survey of mortgage rates found in locally based banks and credit unions in Nevada, we found that in most instances you’d be better off (from an APR standpoint) in going with direct or online lenders. The lowest rates offered in Nevada from our mortgage rate database sits at roughly 3.71% APR assuming a 30 year fixed rate loan of a value no more than $165k (rate survey based out of Carson City, NV). Keep in mind that this product, from Mortgage Capital Associates, also comes with $950 in closing costs is based on the same assumptions above.

Below are the top two offers from locally based institutions only

(The rates and APRs featured below are accurate as of January 2012.)

1) Operating Engineers Local Union 3 FCU, based out of Reno, Nevada, is featuring a 30 year fixed rate mortgage with an interest rate of 4.0% and an APR of 4.023% assuming 20% down. Operating Engineers Local Union was originally established in 1964 to support the town’s engineers and their families with affordable banking products. Today they have 74,000 members and 22 locations throughout most of the southwest. As of 2010 they had assets totaling $754 million.

2) SCE Federal Credit Union, based out of Las Vegas, Nevada, is featuring a 30 year fixed rate mortgage with an interest rate of 3.875% and an APR of 4.056% assuming 20% down and 1% origination fees. SCE Federal Credit Union is an easy credit union to join no matter where you live. You simply need to open a checking and savings account with a minimum of $10 in the checking and $5 in the savings. SCE Federal Credit Union has its roots in Europe over 160 years ago but has been operating in the US for just 60 years.

If you live in Nevada and have obtained a more competitive 30 year fixed rate mortgage, please share by leaving a comment!

Should you Rent or Buy in 2012?

Despite what your traditional business intuition may be telling you, renting a home is generally more profitable than buying one under regular economic conditions. However ‘regular economic conditions’ don’t exist currently (and haven’t for a while now) leading some analysts to suggest that 2012 could be a highly profitable year to purchase a home.

Why is renting normally more profitable than purchasing a home?

The myth that owning a home is a worthwhile investment has been largely exposed through the financial meltdown of 2008, however, housing market analysts have known for quite some time that owning a home isn’t nearly as profitable as the public generally thinks.

The primary factor leading to this misconception is that owning a home forces you to save money. When you take out a mortgage and purchase a home you have essentially required yourself to stash a substantial portion of your income away into an asset. This in and of itself gives off the illusion that you’ve made a smart move, however, when looking at actual home price gains you’ll see that they barely beat inflation. This isn’t even taking into consideration the money you lose on mortgage interest, property taxes and maintenance. So in other words, you could have done much more productive things with your money other than purchasing that home.

If those who rented a home took the difference of their would-be mortgage payment and what they spend on rent and stashed that away into a diverse array of assets such as stocks, bonds, etc., they would more often than not be realizing more in returns on their assets then they would if they simply purchased the property.

Keep in mind, this is assuming ‘normal’ economic conditions.

2012, on the other hand, opens new doors for potential home buyers that in some cases have never been seen before. For one, interest rates on mortgages are at all-time lows in records going back to 1971. Combine this with another record – number of foreclosures on the market – and you’ve got a very unique buying opportunity.

One kicker…

The big “if” on whether you should buy or rent your home in 2012, depends largely on whether or not you plan on staying put for a long enough time. According to this recent study conducted by two financial professors at Florida International University, the magic number in weighing your decision will likely be around eight years. If you’re purchasing a home that you plan on staying in for eight years of longer, then 2012 could prove to be an unrivaled time to jump into the market, however, if there’s a chance you may need to sell before the eight year mark, you may not have allowed for enough time to offset the major up-front expenditures of buying and selling a home – such as tax transfers, home loan application fees, appraisal and realtor’s commission – with the inevitable rebounding of the housing market.

Mortgage Rates in Louisville, KY – Local Bank APR’s Lagging Online Offers

If you’re thinking of refinancing your mortgage this year and live in or around the greater Louisville, KY area you may want to shop around for online discount brokers if you’re strictly trying to lower your monthly mortgage payments. We’ve surveyed hundreds of banks and credit unions serving residents of Louisville and surrounding counties in Kentucky and have found that for the most part, online institutions can offer slightly better APR’s.

This trend is consistent with what we’ve been seeing around the country. Generally speaking online discount brokers with no or very few physical branches can offer slightly better deals on mortgage rates due to their lack of overhead expenditures. Fees associated with these brokers, however, may be larger than those associated with local banks and credit unions, so you’ll want to consider that before applying as well.

Lowest Mortgage Rates in Louisville, KY (December 2011):

1. CapWest Mortgage featuring 30 year fixed rate mortgages with APR of 3.883% and $997 in fees assuming a loan amount of $165k. (Available Nationally)
2. GreenLight Mortgage featuring 30 year fixed rate mortgages with APR of 3.975% and $1,995 in fees assuming a loan amount of $165k. (Available Nationally)
3. Fifth Third Bank Mortgage featuring 30 year fixed rate mortgages with an interest rate of 3.750%. They have locations in Flatwood, Louisville and Ashland, Kentucky. (Local Only)
4. Branch Banking and Trust Company featuring a 30 year fixed rate mortgages with an interest rate of 4.00%. They have several locations throughout the state. (Local Only)
5. Citizens National Bank of Paintsville featuring 30 year fixed rate mortgages with an interest rate of 4.00%. They have several locations throughout the state as well. (Local Only)

Mortgage Rate Trends

Mortgage rates are continuing to trend downward this week. The average 30 year fixed rate mortgage is down to 4.0% this week from 4.05% the previous week. 15 year fixed rate mortgages are down as well to 3.30% from 3.37% last week. Mortgage rates are geographically sensitive with Kentucky’s APR’s averaging slightly higher rates than other states.

Attractive 30 Year Fixed Mortgage Rates in Ohio (December 2011)

If you happen to live in Ohio or even the greater Midwest, you have plenty of banks and credit unions ready and willing to provide you with some respectable mortgage rates. During this week’s survey of local banking institutions’ 30 year fixed rate mortgages in Ohio we found a few APR’s sitting below the 4.0% mark.

The lowest rate goes to Fifth Third Bank who’s featuring a 30 year fixed rate mortgage (from their Wilmington, Ohio branch) of just 3.87% assuming a down payment of 20%. If you’re thinking of refinancing your Ohio home, you can also lock in this low rate with Fifth Third Bank with zero origination fees and no points. You can read a review of Fifth Third Bank’s Mortgage services to get consumer feedback on their product(s).

Below are additional 30 year fixed rate mortgages in Ohio with sub 4.0% rates:

(Rates accurate as of December 2011. Visit our mortgage rate center for updated rates and loan specials in Ohio.)

1) State Bank and Trust Company (West Unity, OH) has a 30 year fixed rate mortgage comes with an interest rate of 3.875% assuming 20% down.

2) PNC Bank (Zanesville, OH) has a 30 year fixed rate mortgage comes with an interest rate of 3.875% assuming 20% down.

3) Fearon Financial “Smarter Mortgages” provides an APR of 3.991% on their 30 year fixed rate mortgages.

4) StoneGate Mortgage provides an APR of 3.957% on their 30 year fixed rate mortgages.

Today’s Mortgage Rate Averages

To put the offers above in perspective, average 30 year fixed rate mortgages sit at roughly 4.0% APR this week – down roughly 0.05% from last week.

The average 15 year fixed rate mortgage sits at roughly 3.35% APR this week – down 0.02-0.04% from last week.

30 Year Fixed Rate Mortgages in Maryland: Local Banks vs. Discount Brokers

If you’re a regular here, you know we are always pitting online banks and nationally available banks against local geographically specific credit unions or community banks to see who offers better rates and overall products. In many instances on the savings side of banking, local institutions (especially credit unions) can get the best of the nationwide ones, however, on the loan side of banking, especially when dealing with mortgages, discount online brokers can usually deliver the lowest rates.

In our most recent survey we dug into the top 30 year fixed rate mortgages in Maryland and compared them against the online discount mortgage brokers.

Below are the best 30 year mortgage rates offered by local banks in Maryland (December 2011):

1) National Penn Bank (Rising Sun, MD) offering 30 year fixed rate mortgages at 3.875% assuming 20% down.

2) SunTrust Bank (Wheaton, MD) offering 30 year fixed rate mortgages at 3.875% assuming 20% down.

3) Hancock Community Bank (Hancock, MD) offering 30 year fixed rate mortgages at 4.00% assuming 20% down.

4) Standard Bank (Westminster, MD) offering 30 year fixed rate mortgages at 4.00% assuming 20% down.

5) Centra Bank (Hagerstown, MD) offering 30 year fixed rate mortgages at 4.125% assuming 20% down.

Top Online Mortgage Rates Available to Maryland Residents (December 2011):

1) Total Mortgage Services offering 30 year fixed rate mortgage at 3.983% in MD. Read Review.

2) RoundPoint Mortgage Company offering 30 year fixed rate mortgages at 3.99% in MD. Read Review.

3) CapWest Mortgage offering 30 year fixed rate mortgages at 4.008% in MD. Read Review.

If you live in Maryland and have refinanced your mortgage at or below these rates for 30 year terms, please share by leaving a comment!

Respectable 30 Year Mortgage Rates From Local Colorado Credit Unions

Over the holiday weekend we were tipped off on some noteworthy 30 year fixed rate mortgages in Colorado by two credit unions that were featuring APR’s under 4.0%.

If you live in Colorado and you’ve been on the fence over whether or not to refinance your mortgage, these low rates may be the tipping point.

We’ve listed the five best APR’s on 30 year fixed rate mortgages currently available in Colorado below. Four of the five come from credit unions and one comes from US Bank’s National Association (Colorado branch). Credit Unions are usually able to offer you slightly lower loan rates however they are typically exclusive institutions with strict eligibility requirements.

Lowest 30 Year Fixed Rate Mortgage APRs Colorado (December 2011):

1) Addison Avenue Federal Credit Union (Englewood, CO) featuring a 30 year fixed rate mortgage with an APR of 3.98% assuming 20% down. 0.625% points and 0.50% in origination fees are included in this loan package.

2) First Technology Federal Credit Union (Loveland, CO) featuring a 30 year fixed rate mortgage with an APR of 3.98% assuming 20% down. 0.625% points and 0.50% in origination fees are included in this loan package.

3) Navy Federal Credit Union (Colorado Springs, CO) featuring a 30 year fixed rate mortgage with an APR of 4.031% assuming 20% down. 0.875% points are included in this loan package.

4) Indiana Members Credit Union (Boulder, CO) featuring a 30 year fixed rate mortgage with an APR of 4.076% assuming 20% down.

5) US Bank (Wheat Ridge, CO) featuring a 30 year fixed rate mortgage with an APR of 4.188% assuming 20% down.

Greenlight Financial Services Mortgage Review(s) and Rates

Greenlight Financial Services, a direct-to-consumer mortgage lender based out of Irvine, California has been a BBB accredited business since 2001. Because they are an online operation with no physical branches they have the ability to offer slightly better mortgage rates than larger brick and mortar institutions. They attribute their success of weathering the financial collapse to three elements – excellent customer service, competitive rates, and efficient loan processing.

Types of Mortgage Loans and Refinance Products Available at Greenlight Financial Services:

- Fixed Rate Mortgages including: 30 year fixed rate mortgages, 20 year fixed rate mortgages, 15 year fixed rate mortgages and 10 year fixed rate mortgages.

- Adjustable Rate Mortgages including: 10/1 ARM, 7/1 ARM, 5/1 ARM, and 3/1 ARM.

- Conforming Jumbo Mortgages including: 30 year fixed rate jumbo mortgages, 20 year fixed rate jumbo mortgages, 15 year fixed rate jumbo mortgages and 10 year fixed rate jumbo mortgages.

- Government Mortgage Loans including: FHA 30 year fixed rate mortgages, and FHA 15 year fixed rate mortgages.

BBB Business Review and Rating for Greenlight Financial Services:

On a scale of A+ to F, the BBB has given Greenlight Financial Services a rating of A+.

Within the last 3 years there have been 18 complaints against Greenlight Financial Services. Of these 18 complaints all 18 have been closed and 17 were closed within the last year. The majority of the complaints (9) came from advertising and/or sales issues. 6 complaints were derived from problems with the product and/or service. 2 complaints came from billing and/or collection issues and 1 complaint came from guarantee and/or warranty issues.

Mortgage Rates provided by Greenlight Financial Services:

(Mortgage and refinance rates listed below accurate as of October 11, 2011. Visit our mortgage center for updated rates, closing costs and fees from lenders throughout the country.)

- 30 year fixed rate mortgage on loan up to $417k featuring an APR of 3.935 and 4.299 depending on points.

- 15 year fixed rate mortgage on loan up to $417k featuring an APR of 3.421 and 3.84 depending on points.

- 20 year fixed rate mortgage on loan up to $417k featuring an APR of 3.811 and 4.066 depending on points.

- 10 year fixed rate mortgage on loan up to $417k featuring an APR of 3.371 and 3.729 depending on points.

- 10/1 ARM on loan up to $417k featuring an APR of 3.446 and 3.923 depending on points.

- 7/1 ARM on loan up to $417k featuring an APR of 3.421 and 2.928 depending on points.

- 5/1 ARM on loan up to $417k featuring an APR of 3.171 and 2.826 depending on points.

- 3/1 ARM on loan up to $417k featuring an APR of 2.920 and 2.791 depending on points.

- FHA 30 year fixed rate mortgage featuring APR of 3.922%

- FHA 15 year fixed rate mortgage featuring APR of 3.332%

Greenlight Financial Services is included in our database of mortgage and refinance rates available to consumers throughout the country. To view updated rates scroll through out mortgage tables. Rates on these tables are updated daily.

Company and Contact Info for Greenlight Financial Services:

Number of Employees: 185

License Number: 6038216

Joann Pham – Owner/CEO

Justin Helwig (Production Supervisor)

Rolando Pena (Controller)

Bac Pham (Broker)

Alyce Sumita (Compliance Manager)

Marie Reich (Contact)

If you have experience in obtaining a home loan or refinancing your mortgage through Greenlight Financial Services, please share your experience in the comment section below.

Record Setting Day for Mortgage Rates

Mortgage rates fell today for the first time ever below 4.0%.

And thanks to the Fed and their new plan to sell off short term securities in exchange for purchasing longer term ones – a move that effectively lowers both long term mortgage rates and savings rates – mortgage rates could fall even further.

So if you happen to be in the market for a new home loan or are contemplating refinancing your existing loan, you’ll currently be met with spectacularly low rates. According to our database of 30 year fixed rate mortgages, today’s APR’s are as low as 3.83% in Los Angeles as well as 3.87% in New York.

However, even though rates hit a record low today, it has been no secret that they’ve been free-falling for a few years now. Most mortgage shoppers that have been sitting on the fence, reluctant to pull the trigger on a loan, have undoubtedly been weary of jumping into the market because each week has seemed to have featured a new all time low.

Contrary to the low rates though is the overall affect on home sales. In general home sales have been sluggish since the housing market collapse of ’07 and ’08, but 2011 is actually turning out to be the worst year in well over a decade.

This move by the Fed to indirectly lower rates across the board could turn out to be a stimulating one for the economy as a whole, but more home owners are going to need to be approved for refinancing. It does little good to have record low mortgage rates when only the most immaculate of credit scores can take advantage of them.

Affinity Plus Federal Credit Union Mortgage Promotional Offer

After covering two mortgage promotions earlier this week, we were yet again notified of another noteworthy offer this time from Affinity Plus Federal Credit Union of Minnesota (thanks to BankVibe.com reader Alesky for submitting this one!).

Before we dive into the features, terms and conditions of the new home loan and mortgage promotion though, we want to first reveal their membership eligibility checklist as it’s fairly exclusive.

Who Can Join?

Anyone employed by the state of Minnesota, the University of Minnesota, or anyone involved in organizations that receive funding from the State of Minnesota – including most schools, community colleges, private and public universities, nursing homes and hospitals, counties, cities, municipalities and nonprofit groups. You may also join if you happen to live, work or attend church in the following cities: Roseville, Arden Hills, Mounds View, Shoreview, St. Anthony, and New Brighton.

Affinity Plus Federal Credit Union Mortgage Promotion:

(Rates and bonus available as of October 2011. Visit our mortgage center for updated mortgage rates and products from around the country.)

For any APFCU member looking to either refinance their current mortgage or obtain a mortgage for a new home, they can do so with APFCU waiving all closing costs (equivalent to several thousands in savings). The only catch with this option is that your APR will increase by 0.25%. If you’d rather not have the APR increase on your mortgage rate then you can still receive a discounted closing cost by $1,499 with absolutely no rate hike.

This offer is valid through the Fall with an undetermined official end date.

Terms and Conditions:

- Offer valid on 1st mortgage products only.

- All loans subject to approval.

- Rate adjustments may apply.

- $1,499 closing costs include the use of Affinity Plus Title.

- Price subject to change with outside title company.

- Payment example:$150,000 loan at 5.00% APR, with closing cost paid by the member on a 360 month term, principle and interest payments are $805.34 monthly. Escrow, taxes and insurance will increase your payments.

Visit a local Affinity Plus Federal Credit Union branch to apply.

Pentagon Federal Credit Union Mortgage Rates and Bonus Offer

After we covered the closing cost bonus and mortgage rate “matching” promotion by NFCU yesterday, we were tipped off by BankVibe.com reader Jaimie on a similar (and equally valuable) promotion by Pentagon Federal Credit Union.

The only downside to PFCU’s mortgage rate promotion is that it applies solely to 5/5 adjustable rate mortgages and they’re a tad exclusive on who can qualify. Below are the details.

Details of Pentagon Federal Credit Union Mortgage Promotion:

- Pentagon Federal Credit Union will pay up to $100k in closing costs!

- The $100,000 closing credit includes: appraisal fee, tax service fee, CLO access fee, title fees, transfer tax fees, credit report fee, flood cert fee, recording fee, survey if required and work verification fee. It does not include: escrows, interest, home owner’s insurance or owner’s title insurance.

- Closing cost offer only good for 5/5 Adjustable Rate Mortgages (ARMs).

- You must use one of their “preferred title companies” to get closing cost credits.

- Closing cost offer is limited to $100,000 per loan.

- If application is withdrawn or does not close, the borrower pays all applicable fees.

- For New York properties borrowers are required to pay title insurance premiums and may use any title company to obtain the closing cost credit of up to $100,000.

Pentagon Federal Credit Union Mortgage Rates:

(Below are the NFCU’s 5/5 adjustable rate mortgages that can combined with their promotion. Visit penfed.org for complete list of mortgage products and APRs. Mortgage rates accurate as of October 2011. Visit our mortgage rate center for the lowest rates on home loans from around the country.)

- 5/5 ARM mortgage featuring APR of 3.135% for first 60 months.

About NFCU:

Pentagon Federal Credit Union has well over 1 million members and can service members in all 50 states. Anyone who has served in the military (or is related to someone who has) is eligible for membership. Originally federally chartered in 1935, NFCU now controls over $15 billion in assets. And although they only have physical branches in the Washington, D.C. area, Hawaii, New York, Texas, and North Carolina (as well as a few branches overseas) they can conduct business online and over the phone.