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Virtual Bank Mortgage Rates
 

Virtual Bank Mortgage Rates

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Virtual Bank is advertising some very competitive mortgage rates for both conforming mortgage loans and jumbo mortgage loans. Virtual Bank's closing costs are also very competitive with other banks and are lower than some bank's closing costs on a mortgage loan.

Fixed 30 year mortgage rates are currently at 4.99% with an annual percentage rate (APR) of 5.01 percent. Fixed 20 year mortgage rates are available at 4.874% with an APR of 4.90%. 15 year fixed mortgage rates are even lower at 4.25% with an APR of 4.29%.

These fixed rate mortgages are for either a purchase or a refinance. Not only are these rates available for a primary residence you can also get these rates for a second home or an investment property. Also, you can get a loan of up to 85% of the value of the home, also known as loan-to-value (LTV) ratio. Most lenders these days only allow up to 80% financing.

Virtual Bank's conforming adjustable mortgage rates are available in terms of 3 years, 5 years, 7 years and 10 years. Advertised rates include a 5 year adjustable mortgage rate of 4.125% with an APR of 4.14% and 7 year ARMs at 4.375% with an APR of 4.40%. These rates are available for a purchase or a refinance of a primary residence or a second home. You can only get up to 80% financing for conforming adjustable loans.

Jumbo adjustable mortgage rates are available in terms of 3 years, 5 years or 7 years. Jumbo 5 year adjustable mortgage rates are at 4.125% with an APY of 4.13%. 7 year jumbo mortgage rates are available at 4.375% with an APY of 4.38%. These jumbo rates are available for a purchase or a refinance of a primary residence or a second home. You can only get up to 70% financing for jumbo adjustable loans.
Author: James Martin
April 25th, 2011