Mortgage Rates

The rates shown below are the base” Fannie Mae” rate, based on an average of bank rates published by several banks. These rates are based on purchase or rate and term refinance, using a credit score of 680+. Cash out refinance rates may be slightly higher as would rates for lower credit scores. All conforming rates in Georgia are under $417,000. Conforming loan amounts in Alaska and one county in Florida are higher. Rates are generally published between 11:00AM and 1:00PM Eastern Time.

Current Mortgage Rates

All arm rates and subprime rates are too numerous to quote. We are providing a link to a national rate service. These rate quotes do not include any subprime offerings for people with credit issues. Please CALL for all rates as they change constantly these days. The right program for you is a matter of choice based on your needs. Please let us assist you in finding the right solution for you. Fannie Mae now imposes an adjustment for lower scores and for declining markets, so it would be very difficult to obtain an accurate quote without speaking to a mortgage specialist.

Please call us at (877) 773-7493 or e-mail us at: Rates@MultilineMortgage.com

We are capable of improving our clients credit scores, through selective paydowns and credit report corrections which can raise a client's score over time. Or we can change your score very quickly, using a rapid rescore. This process results in lower rates and better options for you.

Mortgage Calculators

We have provided 10 different calculators below to assist you in planning which "terms" fits your "needs". Feel free to play and adjust scenarios on your own, or call us to assist you to explore options at (877) 773-7493. This information and the following mortgage calculators are a self-help tool for your independent use and is not intended to provide investment advice. We can not guarantee their applicability or accuracy in regards to your personal situation.

Loan Amortization Calculator and Schedule.
This is the classic Loan Amortization Schedule. It determines monthly payment and interest paid on a month to month basis.

Refinance Analysis Calculator.
This Calculator shows a borrower how long it will take to break even after a refinance to a lower rate.

Refinance Interest Savings Analysis Calculator .
Similar to #2, this calculator computes the money saved in interest by refinancing to a lower rate.

Rent VS Buy Analysis Calculator.
Determine if it is more cost efficient to buy a home or rent.

Mortgage Prepayment Calculator.
This calculator show the interest savings when making extra payments to principal..

Mortgage Prepayment Analysis Calculator.
This calculator compares using extra money to pay down the mortgage balance versus investing the money elsewhere.

Mortgage Tax Savings Analysis Calculator.
Determine how much you can save in taxes when you have a mortgage.

How Much Home Can You Afford Calculator.
Use this calculator to determine how much house you can afford based on your take-home pay, existing debts, and the assumption that a maximum of 25% of your take-home pay will be put towards a mortgage payment

15 VS 30 Year Loan Calculator.
Use this calculator to compare payments and interest on a 15-year and 30-year mortgage.

Buydown Points Calculator.
Use this calculator to figure out if you should buy down your interest rate by buying points.

What are the typical closing costs?

Here are is a list of fees that either the buyer or the seller will have to pay in order to complete a real estate transaction. These fees are in addition to the negotiated price of the property and any real estate broker fees. These fees can be categorized into either one time transaction fees or reoccurring fees. As a general rule of thumb, closing costs can run between 2 and 3 percent of the sale price of the property.

Loan application fees and credit report
Loan origination fee
Points (1% to 3%)
Title search and insurance fees
Lender's attorney
Appraisal
Homeowner's insurance
Homeowner's Association fees
PMI
Inspections
Survey
Recording fees
Transfer taxes
Buyer's attorney
Escrow deposit for taxes
Partial month's interest (depends on closing date)

Title service costs maybe paid by either party according to the contract. The lender requires the ability examine the chain of title to make sure that there are no outstanding leins.

Recording fees can be paid by either party, and are for entering an official record of the change of ownership of the property. Required by the government for recording the deed.

Survey fee for a survey of the lot or land and all structures on it can be paid by either party, to confirm lot size and dimensions and check for encroachments.

Brokerage Commission, paid by the seller to a Real Estate Broker, to compensate the Broker(s) involved in the sale for their services in marketing the property, finding a buyer, and assisting in the negotiations. Brokerage commissions are usually computed as a percentage of the sale price, and are established in a listing agreement between the seller and the listing broker. The listing broker may offer Buyer Agents a portion of their commission as an incentive to find buyers for the property. Payment is required if real estate brokerage service was used. This is often one of the largest closing costs.

Mortgage Application Fees are usually paid by the buyer to the lender to cover the costs of processing their loan application.

Points are usually paid by the buyer to the lender, and points are a form of pre-paid interest charged by the lender as an alternative to charging a higher rate of interest on the mortgage loan. One point equals one percent of the loan principal.

Appraisal Fees are usually paid by the buyer and occasionally by the seller through negotiation. Many lenders will require that an appraisal be performed as a condition of the mortgage loan. The purpose of this appraisal is to verify that the sale price of the property (upon which the underwriting of the loan is based) is equal to or greater than the fair market value of the property.

Inspection Fees is paid by the buyer. Some lenders require inspections such as termite inspections to verify that the property is in good condition. This is necessary to assure that the property will retain the collateral value required to secure the mortgage loan.

Home Warranties can be paid by either the buyer or the seller, and they are available on resale homes insuring major household systems against repair or replacement for the buyer's initial year of ownership. Sellers will sometimes offer these warranties as a marketing strategy, or buyers can elect to purchase them at closing.

Pre-paid Property Insurance is paid by the buyer. Lenders will typically require that a mortgaged property be insured at all times throughout the life of the mortgage, and will usually require that the first full year's property insurance premium be paid in advance by the buyer. If the buyer has not already paid the insurance company directly, this would become another closing cost payable at closing.

Pro-rata property taxes can be paid by both the seller and the buyer. Most taxes on real property are usually payable at a specified date annually. Since all but a tiny fraction of real estate transactions close on a date other than this one specified annual date, most transactions must include an adjustment to assure that both the seller and the buyer end up paying their share of the annual property tax, proportionate to the percentage of the year that each has ownership of the property.

Pro-rata Homeowner Association Dues, paid by the seller, buyer, or both. If the property is covered by a Homeowner Association (HOA), the HOA will normally be funded by dues assessed against each property owner. Again, since the ownership of the seller and buyer are each fractional in the year of the transaction, there must be an adjustment made so that each owner pays their proportional share. Often required by institutional/commercial lenders and by the real estate contract.

Pro-rata Interest, paid by the buyer but may be reimbursed by the seller. The monthly mortgage payment is calculated and payable on a specified day each month. If the closing does not actually fall on that specified date (which is usually the case), then an adjustment must be made to calculate the interest on the loan for the number of extra days until the first payment is due.

Other items in addition to the above may be common in some jurisdictions, and some transactions may include unusual or unique items as closing costs. In the United States, Federal law requires that all residential transactions financed by a mortgage have all closing costs documented in detail upon the standard HUD-1 form. This information must be provided to the principals but does not have to be sent to the government. Instead a Declaration or Statement by Buyer and/or Seller is often required to be provided to the government office recording the deed. Form 1099-S may be required to be sent to the United States Internal Revenue Service, but Federal law does not allow a charge for this.