E-Trade Mortgage Review(s) and Rates
Like many online banks in 2008, E-Trade got hit pretty hard by the industry collapse. You may even recall that earlier this year E-Trade sold its online savings accounts to Discover Bank to narrow it’s focus back to their basics – investing. However, according to an E-Trade spokesman, they are getting back into the mortgage game (kind of). TheStreet.com reported in March of 2009, that E*Trades re-emergence in the mortgage business is simply an outsource to PHH. They then cited the following:
“PHH Corp. of Mount Laurel, N.J. will take care of most aspects of the loan, including the processing, underwriting and servicing, while E*Trade will market the loans and help collect the necessary borrower information, E*Trade spokeswoman Pam Erickson said. ”
It also appears that E-Trade’s new mortgage center doesn’t really accommodate new home buyers as their products primarily consist of refinancing existing home loans.
Current Mortgage Rates provided by E-Trade:
(Rates as of 8/31/2010)
- 30 year fixed rate mortgage with APR of 4.419%.
- 15 year fixed rate mortgage with APR of 4.020%.
- 7 year ARM (adjustable rate mortgage) with APR of 3.396%
- 5 year ARM (adjustable rate mortgage) with APR of 3.268%.
- 7 year interest only mortgage with APR of 3.415%.
- 5 year interest only mortgage with APR of 3.270%.
5/1 ARM P&I 30yr Conf- Monthly Payment for the first 359 months will be $856.76 with a corresponding simple interest rate of 3.125%.Monthly Payment for the remaining 1 months will be $851.38 with a corresponding simple interest rate of 3.125%
10/1 ARM P&I 30yr Conf- The first 120 months will be at a payment of $926.24 with a corresponding simple interest rate of 3.75%, the next 239 months will be at a payment of $876.22 with a corresponding simple interest rate of 3.125% and the remaining 1 months will be at a payment of $874.11 with a corresponding simple interest rate of 3.125%
5/1 ARM IO(10) 30yr Conf- The first 120 months will be at a payment of $520.83 with a corresponding simple interest rate of 3.125%, the next 239 months will be at a payment of $1,121.76 with a corresponding simple interest rate of 3.125% and the remaining 1 months will be at a payment of $1,119.01 with a corresponding simple interest rate of 3.125%
10/1 ARM IO(10) 30yr Conf- The first 120 months will be at a payment of $645.83 with a corresponding simple interest rate of 3.875%, the next 239 months will be at a payment of $1,121.76 with a corresponding simple interest rate of 3.125% and the remaining 1 months will be at a payment of $1,119.01 with a corresponding simple interest rate of 3.125%
7/1 ARM P&I 30yr Conf- The first 84 months will be at a payment of $879.22 with a corresponding simple interest rate of 3.33%, the next 275 months will be at a payment of $861.19 with a corresponding simple interest rate of 3.125% and the remaining 1 months will be at a payment of $860.70 with a corresponding simple interest rate of 3.125%
7/1 ARM IO(10) 30yr Conf- The first 84 months will be at a payment of $576.67 with a corresponding simple interest rate of 3.46%, the next 36 months will be at a payment of $520.83 with a corresponding simple interest rate of 3.125%, the next 239 months will be at a payment of $1,121.76 with a corresponding simple interest rate of 3.125%, the remaining 1 months will be at a payment of $1,119.01 with a corresponding simple interest rate of 3.125%
3/1 ARM P&I 30yr Conf- The first 36 months will be at a payment of $933.06 with a corresponding simple interest rate of 3.81%, the next 323 months will be at a payment of $862.76 with a corresponding simple interest rate of 3.125% and the remaining 1 months will be at a payment of $859.07 with a corresponding simple interest rate of 3.125%
3/1 ARM IO(10) 30yr Conf- The first 36 months will be at a payment of $666.67 with a corresponding simple interest rate of 4%, the next 84 months will be at a payment of $520.83 with a corresponding simple interest rate of 3.125%, the next 239 months will be at a payment of $1,121.76 with a corresponding simple interest rate of 3.125%, the remaining 1 months will be at a payment of $1,119.01 with a corresponding simple interest rate of 3.125%
Visit Etrade’s Banking Center for more information and current rates.
September 2nd, 2010 at 3:47 am
Good luck getting a mortgage with ETrade if its your first mortgage or if your credit is anything less than perfect
June 3rd, 2011 at 10:50 am
Beware their matching guarantee. I had a GFE for a mortgage @ 4.375 with no lender fees. When I applied with eTrade, they said they can’t match it. So I forwarded the GFE to the rep and asked to be placed on whatever list it is for the guarantee ($500 if they can’t match). I never heard back so I emailed this rep’s boss. Even though I filled out the application and called in to apply, he replied:
In order to qualify for Best Price Guarantee you will need to complete a full application with us. As of now, I do not see a completed application so you would not qualify for the best price guarantee.