State Heroes : Discount Mortgage Program

With the stock market losing ground, the bond market is improving which means interest rates should go lower. FHA and VA rates have been stable even after yesterday’s pounding suffered by conventional interest rates. For good faith estimates in Florida and Tennessee call 866 8485911. Rates change every day and sometimes a few times during the day so it is important to be sure you are getting the most accurate quotes available at any given time.  As always we recommend everything in writing.

Mortgage Architects continues to offer reduced closing costs to law enforcement, firefighters and EMT personnel. The State Heroes program has existed for over 5 years and we will continue to recognize the importance of the individuals who serve us daily by offering these reduced costs.  The lower costs apply to purchase transactions and also refinances.

For more information on this reduced cost Heroes loan please visit www.stateheroes.com.

Today interest rates dropped one half percent on the news that the Federal Government is taking control of FNMA and FHLMC. Along with the reduced closing costs we offer on the heroes mortgage program, this makes home financing much more affordable.  These interest rate reductions include FHA, VA and conventional loans.  Law enforcement personnel, firefighters and EMT staff along with Health Care Professionals now qualify for the State Heroes proram.  For more information call 866 848 5911.

Once again I have encountered mortgage companies offering great below average mortgage rates that are short term buy downs. That means they advertise rates lower than everyone else but they usually adjust after 2 or 3 years. These are known as 2-1 buydowns or 3-2-1 buydowns. The end result is although these are fixed interest rates and can be advertised as such, they are artificial rates because they are increasing. When they finally fix the rate it is usually higher than the market rate for the remaining term of the loan. They also have higher closing costs because there are buydown points to pay. If the rate sounds too good to be true it is probably some sort of buydown. 

Our reduced cost loans for law enforcement, firefighters and EMT personnel are now available in all 48 contiguous States. This includes conventional loans and VA mortgages. There are no discount points and no origination fees on these loans.  FHA mortgages are also included in Florida, Texas, New Mexico and Lousiana - still with no origination fees. We have been closing lower cost loans for law enforcement and firefighters since 2003. As always we will send a good faith estimate of costs for comparison to others before you apply. We do not have an application fee. For more information on this program and to review the closing cost savings please visit www.stateheroes.com. We are available by phone at 866-848-5911.