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Rates are down today. Today’s rates with no lender fees are 3.375% APR on a 30 year, 2.75% APR on a 15 year and 2.75% APR on a 10 year. (click here for details)

Today I want to talk about the big difference in pricing between the standard 30 year fixed conventional mortgage and the 30 year Fixed FHA mortgage.
Check it out in today’s video:

You should know that there a some big differences in qualify for each loan program. However we are not covering that today.
Today I want to concentrate on the pricing – AKA – interest rates and overages.
Lets do a side by side comparison today on a 250,000 loan amount.
Ok – on a 250k conventional mortgage the best rate today would be 3.375% with a lender credit of $700.
The best rate today on a FHA mortgage would be 3.25% along with a nice lender credit of $4,325.
As you can see there is a big difference between these two programs when it comes to pricing. This is just one example of making sure you are considering all your options before choosing the standard conventional mortgage.
I am not saying the FHA mortgage is going to be your best deal possible. That depends on your situation. What I am saying is have a conversation with your lender to make sure the loan you are going with it the best loan for you.
That is my mortgage shopping tip for the day. Use this information to help get the best deal possible or forward to someone who you think will benefit from it.
If you thought this was good information or worth discussing, help me bring transparency to mortgage lending by sharing today’s episode on Facebook or Twitter.
Let’s change the way people shop for a mortgage…forever!
– Mike
PS. To ask a question, get advice, or find out if you’re getting the best deal possible on your loan, just post a comment below.

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