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Credit Card Myths. Myth #3 this week; #4 next week
The myths and the reality Myth No. 3: Merchants may require identification, such as a driver's license, when you pay with a credit card. Merchants' agreements with Visa, MasterCard, American Express and Discover specifically forbid them from requiring identification. Your signature is supposed to be enough. |
| Mortgage Interest Rates for Fixed Rate Mortgages* |
| Rates as of Friday, 12th February, 2010: |
| | Term | Conforming | APR | Payment per
$1,000 | Jumbo | APR | Payment per
$1,000 | | FHA - 30 yr Fixed | 360 | 5.00% | 5.146% | $5.37 | 5.125% | 5.213% | $5.44 | | FHA - 15 yr Fixed. | 180 | 4.50% | 4.748% | $7.65 | % | 0.000% | $0.00 | | Conv. - 30-Yr Fixed | 360 | 4.97% | 5.115% | $5.35 | 6.42% | 6.515% | $6.27 | | Conv. - 15-Yr Fixed | 180 | 4.29% | 4.537% | $7.54 | % | 0.000% | $0.00 | | 5/1 - Adjustable Rate | 360 | 4.20% | 4.339% | $4.89 | % | 0.000% | $0.00 | | USDA - Fixed 30 yr. | 360 | 5.00% | 5.146% | $5.37 | % | 0.000% | $0.00 | | |
| *Rates are subject to change due to market fluctuations and borrower's eligibility. |
| 2-12-2010 - Interest rates were unchanged. FHA changes in the works. The 'upfront MIP' will be INCREASED from 1.75% of the loan to 2.25% on the loan. This fee is added to the loan amount so the borrower does NOT have to come up with cash. The "Sellers Contribution will be REDUCED from 6% to 3%. There is talk about RAISING the 'down payment' from 3.5% to 5.00%. These changes are thought to be done around April 5th, 2010.
Jim Carney
Loan Officer - American Mortgage Specialists
Phone: (623) 544-3370
JimCarney@amsaz.com |
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