4.25% 30 Year Fixed Mortgage Rate with Everbank

Everbank is offering an extremely low 30 year fixed interest rate of 4.25% with a 4.374% APR.

Everbank is offering other great rates which are all falling below the national average.

  • 30-year fixed      4.250% with a 4.374% APR
  • 15-year fixed       3.750% with a 3.939% APR
  • 5/1 ARM                3.500% with a 3.397% APR

See the national mortgage rates here.

Everbank, which is headquartered in Jacksonville Florida, boasts consistent asset growth over the last 3 decades. With nearly 12 billion in assets and almost 2,000 employees Everbank prides itself on exceptional service and proven expertise in particular financial arenas.

Everbank is one of the industries fastest growing and high performing bank holding companies.

Now they can benefit you with tremendous mortgage rates which are hitting record lows.

To check out the Everbank information and fine print go here.

The 30 year fixed rate at 4.25% and APR of 4.374% is…

  • Based on a $250,000 price with 20% down payment equaling a mortgage amount of $200,000.
  • Based on a credit score of 720 or greater.
  • If 20% down payment can not be provided mortgage insurance will need to be added.

Mortgage Rates Reach Another All Time Low

Mortgage Rates have steadily declined, setting new record lows since mid June.

According to the Freddy Mac Primary Market Mortgage Survey rates are now at there lowest in the history of this survey.

*TermAugust 16thAugust 6th
30yr fixed4.19%4.31%
15 yr fixed3.43%3.48%
5/1 ARM2.92%2.86%

The average 30 year fixed mortgage just above 4.5%.  Just 6 months ago it was over .50% higher, sitting at 5.09% on January 7th.

The 15 year mortgage is just about to break below the 4% average.  At the beginning of 2010 the 15 year rate was 4.50%

The story is no different for the 5/1 ARM.  Dropping from 4.44% on January 7th to 3.76% now.

For 6 straight weeks mortgage rates continue to dip into record lows.

Are you planning on purchasing a new house or refinancing your current mortgage?  Now is a great time, and remember to checkout our mortgage help page for all the help you need.

*The Graph on this page updates regularly with current rates. It may or may not reflect information congruent with this article.

How to Choose the Right Loan Officer

Are you planning on purchasing a home or refinancing your home soon?  If so then you will need an educated, hard working, competent loan officer.  But how do you find a loan officer with the right qualifications?

Getting the Wrong Loan Officer

First off let me explain to you the headache it can cause if you get a poor loan officer.  You are putting all your eggs into one basket when you pick a loan officer.  If you are using a broker the LO will select a bank, issue the paper work, follow up on conditions and pretty much has a hand in every aspect of the loan.  Not to mention they will have access to all your personal information.  If you use a bank the LO may or may not be as involved, but will have access and most the responsibilities as a broker.

If the LO is slow, a poor communicator, unorganized, doesn’t enjoy what they do, these things will make your experience terrible and frustrating.

I have worked along side some Loan Officers that I wouldn’t even trust to make me a sandwich, so choose wisely.

Where to start?

The absolute best place to start looking for a loan officer is with trusted friends and family.  Referrals are the safest way to go.  If you know someone that has had a bad or good experience talk to them.  If you think you don’t know of anyone that can refer you to someone ask around, you may be surprised.

If referrals from friends and family don’t pan out check with a real estate agent.  A real estate agent does a lot of work with loan officers and typically want to work with the best.  Now you need to be sure the real estate agent isn’t a dud themselves, but otherwise they could be a great source.


It is okay to ask your prospective loan officer some questions before working with them.  Here are a few questions you could ask…

  • How long have you been a loan officer? – Experience can be a big factor.
  • How many loans are currently in your pipe? – You want to ask this because you want someone who is moderately busy working on your loan.  If you get someone who has 0 or 1 loan in their pipe the danger is that they don’t have enough to keep them busy and may have distractions elsewhere.  Too many loans may mean they are too busy and won’t have time for you.  A good loan officer typically has about 2 -12 loans going.  Within that range is doable.
  • How will you disclose Yield Spread Premium to me? – This is a question that will separate the best from the average.  If you don’t know what yield spread premium is jump over and read our mortgage help post.  Look for a loan officer that will fully disclose the details of the loan and give you a straight answer.
  • What is your origination? – A good loan officer deserves 2% – 2.5% on the loan.  Typically that is divided between 1% on the front (origination) and 1% – 1.5% on the back (yield spread premium).
  • What has been the average amount of days to close your last 10 loans? – Now this could vary greatly because of the many different scenarios and condition of banks which are lending the money.  30 days used to be pretty standard, but 45 days has become more normal.  This is due to more guidelines and regulations that the lenders are requiring.   On normal purchases and refinance it should be in the 25 – 45 day range.  Short sales and other types of loans may take longer.
  • How often will you contact me? – The best answer you could hear is, “How often do you want me to contact you?”
    • Now the big test is asking them to follow up with you once or twice by email and once by phone after the meeting is over.  You have not agreed to anything yet, you just want to see if they will indeed follow up.  Give them precise times to contact you.  Something like, “Can you follow up and email me Tomorrow Morning around 10am, and can you give me a call in 2 days at 3:30pm?”
    • This will test their organization and ability to contact you when you ask.

It is completely okay for you to interview prospective loan officers.  If you had $100,000 to invest you would want someone who knew what they were doing.  Well getting a good loan officer who can get you the best deal can save you thousands and thousands of dollars over the life of your loan.

If you have any tips, stories, or great loan officers in your area please leave us a comment. And if you are from Washington State we recommend Clark Davis from Mortgage Master.

Mortgage Rates Update – July 19th

Mortgage Rates dipped slightly after a week of raising rates.  Rates are still sitting at some of the lowest rates we have seen in a long time.  Due to the recession and fears of a double dip recession rates continue to remain in the low to mid fours.

Last week rates were on the rise due to high corporate earnings reports.  This week they are dipping back down.  Do not hesitate to lock in your loan.  These are historically low rates and now is a wonderful time to lock in on your purchase or refinance.

This Week:

  • 30 year fixed – 4.59%
  • 15 year fixed – 4.10%
  • 5/1 ARM – 3.70%
  • 30 year fixed refi – 4.48%

Compared to Last Week:

  • 30 year fixed – 4.63%
  • 15 year fixed – 4.13%
  • 5/1 ARM – 3.72%
  • 30 year fixed refi – 4.53%

Is this an old Article? Check out Mortgage Rates to see the up to date national mortgage rates.


Paying Points on a Mortgage

What are Points on a Mortgage Loan?

Mortgage points are fees paid on a loan to reduce the interest rate of your mortgage.  If you add an extra 1% to the fees on your loan your interest rate will be lower. Paying for points on a mortgage is essentially a trade of upfront money for a lower interest rate.

Why buy down your interest rate with  points?

Buying down your interest rate means that your monthly payment will be lower.  To determine whether this makes since to do simply divide the points dollar amount by how much money you save each month.  This will tell you how many months it will take to pay back the points amount.  Determine if you will be in the house that many months to start saving money.

No Point Loans

There are such things as no points and no fees loans.  Here are some reasons why someone would choose one of these options.

  1. No money for down payment and fees on a purchase. When you purchasing a new home and do not have the money for the down payment, a  mortgage with no closing costs can make up the difference of the down payment.
  2. If the estimated time you will be staying in the home is less than it takes to make up the money you spent on the points. Typically this can take anywhere from 3-5 years to recoup the difference.
  3. No equity in the house to pay closing cost when refinancing. No closing cost may allow you to complete the refinance, but your rate will be higher.

So ask your Loan officer about the possibilities of paying points and no fee loans.

Why Lock Your Mortgage Rate Now?

Interest rates are at historic lows, and have been for several years.  Why would anyone need to worry about them changing?

The current word from the Fed is that they are only going to be keeping the interest rates ‘under market’ for a little while longer.  You see, they have been forcing interest rates to stay at this low to help boost the economy and encourage first time home buyers to jump in.  This coupled with the first time home buyer credit has really helped out the mortgage and real estate industries over the course of the last year.

What do we expect to happen?

If banks had their way, we would likely already be back in the 6% range somewhere. Rates are not going to remain this low forever.

What does this mean for you?

If you, or someone you know, is considering buying or refinancing, do it sooner than later.   Act now if you are considering buying/selling/refinancing check out your options now, you don’t want to be upset with yourself later for delaying.

Is everything else staying the same?

The word from the Federal Housing Authority (FHA) is that they are changing their program some too.  Right now this is the primary program we are using to finance first time home buyers.  This program has the most flexibility for credit score and the lowest down payment requirement.  FHA is saying that they are going to increase the cost of Mortgage Insurance and the Funding Fee associated with an FHA loan, and the minimum credit score.  This means that qualifying will become a little harder, not a lot, just a little.

Thank you to Clark Davis for this Article.

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