Just spoke with them - the rate is currently 3% (not sure why their web site is different) and it applies to FHA & jumbo loans both!
However my point is that there are many lenders around 3% on a 1yr ARM right now. What gives???
holla
Senior Member - 1K
posted: Nov. 30, 2004 @ 5:30p
could someone quickly explain the diff between APR and Rate? I know APR includes fees and other associated costs, but if there are no (or minimal) fees, shouldnt APR and Rate be nearly identical?
a 1 year ARM and a 2/2 ARM are vastly different loans.
There are 1.00% and 2.125% loans out there if you are concerned with lowest current rate. Of course, those rates wont stay that low for more than a few months...you can be a serial refinancier...
Someone should start a thread on HELOCs with ultra low intro promos (I think bankrate.com even lists them). With a little work, and frequent refis, its probably not that hard to find enough lenders to have an effective "interest only" no closing cost home loan below 2% - just keep taking out new HELOCs.
Or find enough credit cards with 0% promo rates to completely eliminate your mortgage.
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