Steve Shea
Mortgage Planner
First Horizon Home Loans
Phone: (425) 210-3235
Fax: (425) 984-0163
seshea@firsthorizon.com
www.SteveShea.com

Shopping for a Mortgage

In theory, finding the right mortgage should be a fairly simple process. After all, there are literally hundreds of options to choose from, including Fixed Rate, Adjustable Rate, Hybrids, and Interest Only loans, to name just a few. Mortgages are available with interest rates ranging from an introductory rate of 1.00% to well over 10.00%. Borrowers can even finance up to 100% of their home's value and, in some cases, their closing costs as well.

In reality, however, this vast selection of mortgage products has made choosing the right one a challenging endeavor, to say the least. Without sound advice from an experienced mortgage professional, consumers are at the mercy of a complex financial decision that could impact their lives for years to come. At a minimum, home buyers should consider the following questions before putting any mortgage into place:

  • How long do you anticipate living in your new home?
  • Do you foresee any changes over the next few years, such as expanding your family or having children go off to college?
  • Do you anticipate any adjustments in income due to promotions, relocations, retirement, inheritance, or pensions?
  • Are you expecting a change with regard to your investments?
  • When it comes to investment strategies, are you conservative, aggressive, or somewhere in between?

As a mortgage professional, it's my job to match clients with the mortgage product that best serves their changing goals and needs. I take pride in helping each and every client succeed.

Mortgage Interest Rates*
Rates as of 01/22/2008:
  Conforming APR Payment per
$1,000		 Jumbo APR Payment per
$1,000
5/1 Fixed Arm 4.375% 4.501% $4.99 5.50% 5.590% $5.68
5/1 Fixed Arm Interest Only 4.50% 4.627% $3.75 5.625% 5.716% $4.69
7/1 Fixed Arm 4.75% 4.879% $5.22 5.75% 5.842% $5.84
10/1 Fixed Arm Interest Only 5.25% 5.383% $4.38 6.375% 6.470% $5.31
30 Year Fixed 10/20 Interest Only 5.75% 5.887% $4.79 6.75% 6.847% $5.63
15 Year Fixed 4.75% 4.879% $5.22 5.875% 5.967% $5.92
20 Year Fixed 5.25% 5.383% $5.52 6.00% 6.093% $6.00
30 Year Fixed 5.25% 5.383% $5.52 6.125% 6.219% $6.08
*Rates are subject to change due to market fluctuations and borrower's eligibility