CitiMortgage Slashes Interest Rates on Jumbo Mortgages

Bank of America set to write down principal on California mortgages Bank of America to Write Off Principal on Some Mortgages Bank of America (BofA) will forgive up to 30 percent of the balance owed on certain at-risk mortgages as part of its loan modification efforts to assist homeowners in avoiding foreclosure, the bank has announced.

You can lower the interest rate on your mortgage when you pay points (or discount points). The cost of 1 point is equal to 1% of your total loan amount, and lowers your interest rate by an amount less than 1% – typically between .250 and .375%. For example: 1 point on a $200,000 mortgage would.

With a fixed rate mortgage, your interest rate will remain the same over the life of mortgage (i.e. 5, 10, 15, 20, 25, 30 or 40 years). The interest rate is usually higher than other types of mortgages because the lender has more risk if the interest rates increase during the term of your mortgage.

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A fixed-rate mortgage provides a reliable and fixed monthly payment for the life of the loan. Because your total mortgage payment remains stable from month to month, homeowners can easily budget their monthly expenses. Financial institutions offer various fixed-rate mortgages including the more common fixed-rate mortgages: 15, 20, and 30-year.

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That contributes to making Jumbo loans riskier for your lender, and as a result they typically carry higher mortgage interest rates, require higher down payments and have stricter qualifying criteria.

Citibank Home Mortgage Rates Citi to Exit Mortgage Servicing, Sell $97 Billion Portfolio – "The strategic action is intended to simplify CitiMortgage’s operations. Interest rates: Interest rates on jumbo reverse mortgages tend to be quite a bit higher than rates on FHA guaranteed reverse mortgages.

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A jumbo loan is a mortgage for higher loan amounts. Get information about jumbo mortgages and view loan rates in your area.

Citi Mortgage Homerun Program  · Loans Above $417,000 May Have Different Loan Terms: If you are seeking a loan for more than $417,000, lenders in certain locations may be able to provide terms that are different from those.

CitiMortgage, the mortgage arm of CitiBank, is advertising mortgage rates that are very competitive. Today’s mortgage rates on 30 year conforming loans are being offered at 3.75 percent with 1.125 points. CitiMortgage’s 30 year advertised rate is just above the average mortgage rates today.

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CitiMortgage Slashes Interest Rates on Jumbo Mortgages – As of today, Citi will offer 30-year fixed-rate jumbo mortgages at 5.625%. It will also offer five-year adjustable-rate mortgages at 4.875%. Recent jumbo rates regularly top 6 %. SelectCDrates.com the leading industry tool to help.