The Mortgage Statement

Happy Thanksgiving week! While you're preparing the turkey and revving up for Black Friday, check out these recently lowered rates. The 30-year fixed rate has dropped from 3.125 percent to just 3 percent with a 3.1511 percent APR and the 20-year fixed rate has dropped from 3.125 to 2.875 percent with a 3.0881 percent APR, while the 15-year fixed rate has remained the same at 2.500 percent. 

Thinking about switching from a 30- or 20-year fixed rate to a 15-year fixed rate? With a shorter term, you get your mortgage paid off sooner. And with today's lower rates, you can save a whole lot more money than simply refinancing to the same term. Check out this article from FreeRateUpdate.com for more tips and information on refinancing to a 15-year rate.  

Bank of Little Rock Mortgage is also rolling out a new blog to provide our experience and expertise on mortgage finance, written in plain English for you to follow easily. We call itThe Mortgage Statement.  

Are you interested in seeing if you prequalify for a home loan? We have a quick-and-easy online prequalification process you can access below. 

If you have any questions, comments or concerns, we would love to hear from you. Just contact us and let us know what you need. For more information on Arkansas mortgage rates, check out our website. 

Happy Monday,

Scott McElmurry

President & CEO of Bank of Little Rock Mortgage

NOTE: Your mortgage rate can be affected by a number of factors, including your credit score, loan-to-value ratio, your down payment and the loan program you choose. No matter what, we'll always find you the best mortgage loan at the best rate, guaranteed. For more information, visit our Today's Rates page.  

Tags: mortgage rates, Get preapproved online

After you spend a great deal of money on a house, the last thing want to think about having is paying even more for insurance. One insurance bill you will be paying is homeowner’s insurance, which helps pay for large-scale home repairs after damages to your property. However, there is also mortgage insurance, which has less to do with your property and more to do with your actual mortgage payments. There are generally two types of mortgage insurance: Private Mortgage Insurance and Mortgage Life Insurance.

Tags: mortgage insurance, Mortgage payment, first-time home buyer

Tags: How do I refinance, first-time home buyer, choose a mortgage

Tags: How to buy a home, first-time home buyer, choose a mortgage

For the majority of first-time homebuyers, getting a mortgage is a must. A mortgage, however, can be a complex process for those who don’t do their research. It’s important to know exactly what will be required of you during the mortgage application process, because preparation is one major key to success.

Tags: Get pre-qualified online, first-time home buying, choose a mortgage

When looking for the right mortgage, the most important question to answer is, “Which mortgage type is right for my financial situation?” This means a few things:

Tags: Get prequalified online, first-time home buyer, choose a mortgage

The final step in buying a home is the closing. When you close on a home, you are finally making the home yours.

Tags: Closing, first-time home buying

                                                                                                        
So before you apply for a mortgage and settle on a property, make sure you are capable of paying back more than what you have borrowed. During the approval process, your mortgage bank will assist you in helping you plan out your payment process and understand exactly what you can afford.

Tags: what is involved in buying a home, Mortgage payment

Looking for a home can be a daunting process that involves several different details and substantial amount of money. You have to be concerned about what mortgage you can afford, whether or not you should apply for a fixed rate or an adjustable rate and what your closing cost fees will be.

Tags: preapproval, prequalification

With mortgage rates at an all-time low, now may be a great time for a mortgage refinance. By refinancing your home, you might find a better interest rate or get out of an upwardly adjustable rate loan. And mortgage rates may stay low, because the Federal government wants to keep money flowing to try to stimulate the economy.  How long is, of course, not guaranteed.

Tags: How do I refinance, what is exactly is a mortgage refinance