Lowest 5/1 ARM Mortgage Rate in Florida: 3.243% APR
This week we were forwarded a fairly decent 5/1 ARM mortgage offer found in Florida. Currently SunTrust Bank’s mortgage division is providing consumers with an “Agency” 5/1 ARM 30 year mortgage with an APR of just 3.243%. The term “agency” really doesn’t exist in the realm of the mortgage industry but is an important part of the real estate process.
SunTrust Bank has a decent variety of mortgage products and rates but their 5/1 adjustable rate mortgage is currently beating the national average by the largest margin. Below is a complete list of their mortgage products with accompanying rates:
Key Lending Statistics from SunTrust Bank:
(accurate as of Sept. 2010)
- Servicing Portfolio: $176.6 billion
- Loans Originated: $15.8 billion
- Total Production: $20.6 billion
- Number of Loans Serviced: 1,002,807
- Number of Investors: 327
- Number of Correspondents: 1,050
- Number of Brokers: 1.809
- Number of Locations: 208
- Number of Permanent Mortgage Employees: 4,120
Top 5/1 ARM Rates in Florida:
Compare SunTrust Bank’s 5/1 ARM mortgage rate with some of the top 5 year adjustable rate mortgages in Florida below.
- Capital City Bank (Willston, Florida) has a 5/1 ARM with an interest rate of 3.625% with 20% down.
- Fifth Third Bank (West Palm Beach, Florida) has a 5/1 ARM with an interest rate of 4.00% with 20% down.
- First Federal Bank of Florida (Sarasota, Florida) has a 5/1 ARM with an interest rate of 4.25% with 20% down.
