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Joe Metzler

Dealing with an Underwater Mortgage

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Nearly 11 million Homeowners are Underwater, which means they owe more on their mortgage than their property is worth. Below are some of your options for dealing with an underwater mortgage.

Wait It Out:  If you are just depressed at the thought of owing more than it is worth today, but really don’t have any intentions of moving. Stop worrying about it. You have to live somewhere. Although short sales and foreclosures have brought down values, the housing market is slowly recovering, especially here in the Minneapolis, St Paul metro area. If you are able to continue to make payments – do it. It will save your credit score and keep your morale intact.

Refinance: If your loan is owned by Fannie Mae or Freddie Mac, and that loan was taken out before June2009, you have no late payments in the past six months and no more than one late payment in the past 12 months, you may qualify for the HARP – Home Affordable Refinance Program. If you have an FHA loan, or a VA loan

, you may qualify for a FHA streamline refinance, or a VA IRRRL streamline refinance. Both of these program may not need an appraisal.

Short Sale: If you truly cannot pay your bills, or need to move, you may need to consider a short sale in order to avoid foreclosure. Work with an experienced short-sale Realtor to get the best offer.

Become a landlord: A popular option is to turn the property into a rental. Being a landlord isn’t overly difficult. If you don’t want to deal with it, there are plenty of reliable rental companies that will take care of everything for you. There are special requirements for getting a new home mortgage loan when turning your existing home into a rental, so be sure to discuss this with a licensed mortgage professional, not just a bank application clerk,

 

Mortgage closing costs up because of government rules

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Closing costs have NOT gone down!

St Paul, MN:  Recent news releases from the government have been claiming that mortgage closing costs have gone down 7% due to new mandated government procedures that make it necessary for lenders to be more accurate when making estimates for borrower’s closing costs.

The spin masters are wrong on two fronts.

First, most lenders were already accurate in their initial closing cost disclosures, and the items that caused them to re-adjust their estimate later on are still there.  The only significant difference is the incredible burden of new paperwork, and disclosures that make absolutely no difference to the customer, or their bottom line.  For example, the old easy to read and understand one page Good Faith Estimate has been replaced with an incredible confusing three page Good Faith Estimate. The new form has been so badly received, that the Consumer Financial Protection Bureau is already working on a new form to replace the new form! Furthermore, re-disclosing forms for minor changes with mandatory wait times before a client can close on their loan has done more harm than good, and has significantly increased lender costs, turn times, and client frustration.

Secondly, due to the new rules, industry insiders have proven that closing costs have actually risen about $1200 per client.  Where the government spins it is that under the new rules, lenders are now forced to give home owners more “lender credits towards closing costs”. This sounds great, and it does actually lower the OUT-OF-POCKET average closing cost for many people. But, what is actually happening is that the client now has reduced options, and is being forced to pay more over time with a higher interest rate in exchange for those lender credit.

The bottom line?  Don’t be fooled by the spin. The government has mandated more rules, more paperwork, and less consumer choice all while claiming victory in reduced costs. The reality is it cost consumers significantly more in a higher mortgage interest rate over the length of the loan than they ever saved in initial closing costs.

USDA Loan Eligibility Map Changes effective Oct 1, 2012

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USDA is changing the property eligibility map effective Oct. 1, 2012.

Cities and towns that formally qualified for the Zero Down USDA Rural Development Loans may no longer qualify.

This change is due to a number of reason, including larger populations, elimination of special consideration zones, or they no longer meet the definition of rural.

The effected cities in MN are listed here.

Click this link to view the full list of cities across the county that are losing their ability to get a USDA Rural Development loan.

 USDA INCOME Eligibility Check
USDA Property Eligibility Check

 

 

CEO’s to Washington – LISTEN!

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America’s companies have a message for Washington. It’s just not being heard. That’s why they’ve resorted to a new method: Shouting.

You can hear the bafflement, the anger, on the just-completed run of company earnings calls. Typically scripted and banal, the calls have become an unexpected public platform for chastising Democrat and Republican alike for what’s become of our way of governing. A “fiscal cliff” that will reset tax rates looms on Dec. 31, while a presidential election has only sharpened the divide on virtually every major policy issue.

READ THE FULL STORY

 

 

Fixed Rates Move Higher for 2nd week in a row

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Fixed Mortgage Rates Move Higher for Second Consecutive Week

St Paul, MN: Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgage rates moving higher following stronger-than-expected employment reports. The 30-year fixed averaged 3.59 percent, and the 15-year fixed averaged, 2.84 percent, still near the historic low.

News Facts

  • 30-year fixed rate mortgage (FRM) averaged 3.59 percent with an average 0.6 point for the week ending August 9, 2012, up from last week when it averaged 3.55 percent. Last year at this time, the 30-year FRM averaged 4.32 percent.
  • 15-year mortgage rates this week averaged 2.84 percent with an average 0.6 point, up from last week when it averaged 2.83 percent. A year ago at this time, the 15-year FRM averaged 3.50 percent.
  • 5-year adjustable-rate mortgage (ARM) averaged 2.77 percent this week with an average 0.6 point, up from last week when it averaged 2.75 percent. A year ago, the 5-year ARM averaged 3.13 percent.
  • 1-year ARM averaged 2.65 percent this week with an average 0.4 point, down from last week when it averaged 2.70 percent. At this time last year, the 1-year ARM averaged 2.89 percent.

Quotes

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

  • “Fixed mortgage rates inched up again this week following stronger-than-expected employment reports. The economy added 163,000 jobs in July, well above the market consensus forecast of 100,000, and the largest increase since February. In addition, the number of announced corporate layoffs fell 45 percent in July compared to last July and was the third time this year that announced layoffs were less than the same month in 2011 according to The Challenger Report. This suggests further net gains in employment are likely in the near future.”

Freddie Mac’s survey is the average of loans bought from lenders last week, including discount points. Follow this link to view today’s MN and WI mortgage interest rates.

 

Ways to pay off your mortgage debt faster

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St Paul, MN: If you surf the cable TV channels, listen to talk radio, or search online, you will find numerous financial and debt management experts offering tips and tricks on managing debt such as mortgage, credit card debt, student loan and so on.

However, it is important to evaluate one’s own personal financial situation before implementing any such debt relief tips. This is to ensure that you benefit from such advice and not further pile up debts that you become responsible for. So, here are 5 strategies to repay your Minnesota  mortgage faster.

Make Extra Payments: If there is no pre-payment penalty, you can make extra payments on the mortgage loan. The extra amount of money is taken off from the principal mortgage amount. For example, a $400,000 loan at 4% rate for 30 year fixed will pay off in only 25 years if you make $200 extra payment every month.

Make Bi-Weekly Payments: Bi-weekly payments on Minnesota mortgage loans are better than a monthly payment. In doing so, at the end of the financial year, you are paying one month extra payment. Therefore, the extra month’s payment will shorten the term of the mortgage. Every penny counts when you’re repaying any sort of debt. For example – Using the same numbers as above, by making bi-weekly payment you would pay off the loan is 25.8 years instead of a regular 30 years.

Get a shorter-term refinance loan: This financial strategy has gained in popularity among the borrowers in Minnesota. The rate of interest has nose-dived and it is much simpler for the homeowners to repay their mortgage debts. The advantage of this refinance loan is that by paying high monthly payments you pay off the loan in considerably shorter period of time. For example – Instead of taking a regular 30 Year Fixed mortgage, consider taking a 20, 15 or a 10 year mortgage. If you can afford the payment, you save on interest cost and also pay off the loan much quicker. A few mortgage lenders even let you pick whatever mortgage amortization term you want, from 8 – 30-years. For example, if you have only 12-years left, you can get a new 12-year mortgage loan.

Make a One Time Big Payment: If you get inheritance, gift or a big bonus, you can make one large lumpsum payment. That will reduce your principal balance substantially and thus pay off the loan quicker. You can also ask the lender to “recast” the loan and reduce the monthly payment without refinancing. Don’t just make the extra payment. Talk to your lender first.

The ideas mentioned here are not meant to be a tax advice. You are encouraged to contact your CPA/Financial Adviser before making any significant money decision.

 

How soon after a short-sale can I get a new mortgage?

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How Soon Can You Get A Mortgage After a Short-Sale or Foreclosure

Depending on which lending institution you ask you will receive different time-frames allowed to purchase again after a short sale or foreclosure. The reason is most lenders have credit overlays, which translates into stricter underwriting guidelines than Fannie Mae and FHA have published.

There are lesser time-frames allowed if there are documented Extenuating Circumstances involved beyond the control of the borrower, such as serious illness or death of a wage earner, and the borrower has re-established good credit since the foreclosure.

Divorce, loss of employment, inability to sell the property and job transfer or relocation does not qualify for extenuating circumstances. All other events are known as Financial Mismanagement.

  • Conventional – Foreclosure – 7 years
  • FHA – Foreclosure: 3 years.  Exception: No waiting Period if the borrower was current on their mortgage and all other installment debt for the 12 months preceding the short sale, the new subject property is not in the same geographical area as the short sale, and the short sale lender accepted the short sale as payment in full.
  • USDA – 3 years. You may read of significantly less time, but the rules are so tough, it will never happen.
  • VA – 2 years minimum. Score over 640, otherwise 3-years
  • Conventional Short-sale 2-7 years: 2 years with 20% down, 4 years with 10% down (2 years with 10% with  extenuating Circumstance) and 7 years with less than 10% down or financial mismanagement.

I am using the current Fannie Mae conventional guidelines to close loans for Short Sale as of 6/20/2012.

 

30-year Fixed-rate Mortgage Moves Up, Averages 3.55 Percent

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30-year Fixed-rate Mortgage Moves Up, Averages 3.55 Percent

For the week ending Aug. 2, 2012

Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgages rates breaking their streak of record-breaking lows and moving higher on mixed Eurozone and domestic economic data. Before this week, the average rate on the 30-year fixed had fallen to or matched record-low levels in 13 of the past 14 weeks.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.55 percent with an average 0.7 point for the week ending August 2, 2012, up from last week when it averaged 3.49 percent. Last year at this time, the 30-year FRM averaged 4.39 percent.
  • 15-year FRM this week averaged 2.83 percent with an average 0.6 point, up from last week when it averaged 2.80 percent. A year ago at this time, the 15-year FRM averaged 3.54 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.75 percent this week with an average 0.6 point, up from last week when it averaged 2.74 percent. A year ago, the 5-year ARM averaged 3.18 percent.
  • 1-year Treasury-indexed ARM averaged 2.70 percent this week with an average 0.4 point, down from last week when it averaged 2.71 percent. At this time last year, the 1-year ARM averaged 3.02 percent.

Freddie Mac’s survey is the average of loans bought from lenders last week, including discount points. Follow this link to view today’s MN and WI mortgage interest rates.

How to pick an expert Mortgage Loan Officer

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With today’s super low mortgage rates, many people are looking to refinance or buy a home.  Everyday, they call lenders and ask “What is your rate.”  A seeming logical question to ask – but the reality is, the #1 most important aspect of a successful mortgage transaction is the quality of the Loan Officer.

When selecting a Mortgage Loan Officer, most people mistakenly call their local bank first and assume the banks have hired qualified people.  The reality is, most banks hire relatively new, and have low paid people as mortgage loan officers. Bank Loan Officers are NOT required to have any education, nor do they have to pass any sort of mandatory state or federal tests to be labeled a loan officer. Many of the big banks staff their 1-800 phone numbers with temps.  Yes, you heard me – temps!

The secret to selecting an expert is a combination of experience and training.

An experienced Loan Officer can help you understand the entire mortgage process and will be able to determine the best loan for you based on your individual goals. The right loan for someone who plans to stay in a home for three years and who has increasing income, may not be the right loan for someone who wants to have the loan paid off within 15 years and can afford a higher payment. The first borrower may find a five year adjustable rate mortgage the best option, while the second borrower may realize a 15 year low fixed rate mortgage matches her needs best.

Many borrowers find the mortgage process very frustrating. They feel they are kept in the dark about the process and problems that arise which cause delays. An experienced Loan Officer does not over promise, but rather explains the type of problems you may experience and the solutions to those problems. By keeping you informed and protected, an experienced loan consultant reduces your stress.

A poor inexperienced application clerk (loan officer) may suggest you fudge information on your loan application, or may not get a complete application out of laziness. The more complete and accurate your loan application is from the beginning, the faster and smoother your loan underwriting will be. The industry has evolved to the extent that fraudulent or misleading information is almost always uncovered by fraud alert systems that scrutinize employment and residency information. You are required to be honest in completing a loan application. Do not do business with any loan officer who tells you otherwise.

Lastly, an experienced loan officer can explain how closing costs and interest rates are dependent on one another. The more fees you are willing to pay, the lower your rate. The less fees you are willing to pay, the higher the rate. Many loan officers will tell you they have the best rate only to surprise you with unreasonable closing costs. It is best to work with a loan officer who explains all of your rate options with you, and who will suggest a rate and fee combination that works best to meet your long term goals. The right loan officer will always get an exact title fee quote so that the Good Faith Estimate provided to you is accurate.

Once you’ve started talking with a Loan Officer – verify their credentials.  All Loan Officers are required to have and display an NMLS number (Nationwide Mortgage Licensing System and Registry). Go to www.NMLSConsumerAccess.org, and type in your Loan Officers name or number.

You can see their employers, and work history – but more importantly, you can see if they are simply a registered but unlicensed Loan Application Clerk, or an actual Licensed, and Tested Loan Officer.  It is a bit trick to tell, but at the very bottom of their NMLS information page, it will say one of two things:

1) Federal Registration – then Federal Mortgage Loan Originator. This person is a unlicensed application clerk

2)  State Licenses / Registrations – They list one or more individual state licenses. This person is licensed and tested both Federally, and in each state listed.

For the largest financial transaction of your life, it is smart to NEVER WORK WITH JUST AN APPLICATION CLERK

 

Mortgage Rates break record low

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30-Year Fixed-Rate Mortgage Averages a Record-Breaking 3.49 Percent

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing fixed mortgages rates continuing their streak of record-breaking lows. The 30-year fixed rate mortgage averaged 3.49 percent, more than a full percentage point lower than a year ago when it averaged 4.55 percent. Meanwhile, the 15-year fixed-rate mortgage, a popular choice for those looking to refinance, also set another record low at 2.80 percent.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.49 percent with an average 0.7 point for the week ending July 26, 2012, down from last week when it averaged 3.53 percent. Last year at this time, the 30-year FRM averaged 4.55 percent.
  • 15-year FRM this week averaged 2.80 percent with an average 0.7 point, down from last week when it averaged 2.83 percent. A year ago at this time, the 15-year FRM averaged 3.66 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent this week with an average 0.6 point, up from last week when it averaged 2.69 percent. A year ago, the 5-year ARM averaged 3.25 percent.
  • 1-year Treasury-indexed ARM averaged 2.71 percent this week with an average 0.5 point, up from last week when it averaged 2.69 percent. At this time last year, the 1-year ARM averaged 2.95 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage.

Freddie Mac’s survey is the average of loans bought from lenders last week, including discount points. Follow this link to view today’s MN and WI mortgage interest rates.

What is Homepath and Homesteps?

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You’ve seen the logo’s, but what is HomePath and HomeSteps?

Fannie Mae HomePath lender in MN and WIThe HomePath and HomeSteps programs allows a person to buy a specially designated Fannie Mae or Freddie Mac owned foreclosed property with a low down payment, flexible mortgage terms, no lender-requested appraisal and no mortgage insurance. Expanded seller contributions to closing costs are allowed as well making the buyers

Freddie Mac HomeSteps lender in MN and WIHow Does It Work?
Simple. Just follow these steps:

  • Apply with a lender. Get Pre-Approved. Just qualify for a traditional financing with at least 3% down.
  • Meet with a Realtor – Look at homes, buy your dream house.  You MUST select a home to buy from a special list of available foreclosed properties
  • Close and move in!

Where can I see the list of available houses?
Easy. Contact a Real Estate Agent,  and they’ll show you a list of qualified HomePath and HomeStep properties.

What about closing costs?
Closing costs can be rolled into the transaction, up to 6% of the loan amount.

How do I get started?
It all starts with a no obligation application, and a visit to a special lender offering the programs.

Investors Welcome. Investors can participate in the program too!

Buying a home in MN or WI?  Click here for a HomePath, HomeSteps lender in MN and WI, or call (651) 705-6261, where one of their specially trained Loan Officers will assist you.

Crushing Main Street – The Dodd-Frank Act Anniversary

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Chairman Bachus Comments on Dodd-Frank Act Anniversary

Washington, Jul 20 – Financial Services Committee Chairman Spencer Bachus released the following statement on Friday to mark the second anniversary of the Dodd-Frank Act becoming law:

“When President Obama signed Dodd-Frank into law two years ago, he promised it would provide ‘certainty to everyone from bankers to farmers to business owners to consumers.’ 

Today we look at the sad shape of our economy and realize Dodd-Frank has had precisely the opposite effect. 

Supporters of Dodd-Frank sold it as ‘Wall Street reform,’ but as our committee has learned from listening to hundreds of witnesses, it is Main Street that is getting crushed under the law’s 400 new rules and mandates. 

The layers of red tape Dodd-Frank piles on our economy cause more uncertainty for American businesses and hinder their ability to grow and create jobs.

“With tens of millions of Americans still unemployed, there is no more important task we have than to promote an environment that cultivates job creation, and that means thoroughly examining the job-killing provisions of Dodd-Frank.  Our committee has been hard at work conducting oversight and passing legislation to reverse unnecessary Dodd-Frank regulations in order to increase certainty, end taxpayer bailouts, and promote job creation.”

Note:  For more information on the committee’s Dodd-Frank related activities, click here.

Low Mortgage Rates Continue

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Low Mortgage Rates Continue

Minneapolis, MN: Week over week mortgage rates continue to remain at or near historic lows, offering home buyers and mortgage owners interested in refinancing a chance to get amazing interest rates on their home loans.

According to the weekly survey by Freddie Mac, 30-year fixed rate mortgages have reached an average of 3.53% this week, a 0.03% decline under last week’s 3.56% average, and almost a full percent drop from this time last year’s rate, which was 4.52%. Meanwhile, 15-year fixed rate mortgages also dropped, reaching an average of 2.83% under last week’s 2.86% average, and well below last year’s average at this time which was 3.66%.

Treasury-indexed hybrid 5-year adjustable rate mortgages averages 2.69% under last week’s average of 2.74% and below last year’s average at this time which was 3.27%. 1-year treasury-indexed adjustable rate mortgages are at 2.69%, under last year’s average rate of 2.97%.

Vice president and chief economist for Freddie Mac, Frank Nothaft made a statement about the continued drop in mortgage interest rates, indicating a correlation between U.S. Treasury bond yields staying “in check” by the Federal Reserve’s “Operation Twist.”

Freddie Mac’s survey is the average of loans bought from lenders last week, including discount points. Follow this link to  view today’s MN and WI mortgage interest rates.

 

NAIHP continues to fight for all small business housing professionals.

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National Association of Independent Housing Professionals
July 12, 2012
Breaking News 

As many of you know, NAIHP has been trying to obtain the approximately 45,000 PUBLIC comment letters submitted to OFHEO, (now the Federal Housing Financial Agency -FHFA) in the spring of 2008.

NAIHP submitted a Freedom of Information Act (FOIA) request months ago. That request has been stalled by the agency. In addition, we made a complaint to the Inspector General’s Office, which is in “process.”

FHFA has publicly admitted they used these letters in the implementation of the HVCC agreement. However, they continue to refuse to release them. We are aware the majority of these comments were anti-HVCC, and once made public, will provide evidence the FHFA and the GSE’s mislead Congress, the former NY Attorney General and the public.

On April 11, 2012, NAIHP wrote to CFPB Director Richard Cordray (CFPB now has jurisdiction over appraiser independence rules), outlining the problem and provided a complete background/timeline of the HVCC. Although, Cordray never responded, a government watchdog group did.

On June 4, 2012, Judicial Watch, Inc. submitted FOIA requests to the FHFA, CFPB, the Federal Reserve Board, HUD, OCC, NCUA and the US Government Accountability Office. The requests asked for the HVCC comment letters, all emails/correspondents and any notes regarding the appraisal code. The document request goes back to 2008.

CFPB denied the FOIA request almost immediately. In response, Judicial Watch filed an appeal. That appeal was GRANTED! CFPB is now compelled to submit the required documentation within 20 days. The other agencies are due to respond any day.

Once these comment letters are made public (not to mention internal emails and notes), they will prove HVCC was a sham designed to remove the GSE’s from Cuomo’s fraud investigation. The code was built on a foundation of lies. Moreover, with media support, it will show this code has already caused the loss of tens of thousands of jobs, and directly led to further depreciation of real estate values.

NAIHP also has the support of a major consumer group, who believes HVCC/Appraiser Independence is NOT working and needs to be changed.

NAIHP members will receive regular updates on this and other issues.

 

The ObamaCare Hidden Home Sales Tax

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Remember when Nancy Pelosi and the Democrats said about ObamaCare “You’ll have to pass it to know whats in it.”  Well here is one of the hidden items you DIDN”T know about.

Your vote counts big time in 2012, make sure you and all your friends and family know about this !  Please use the SHARE, Like, and FORWARD links at the end of this article.

3.8% HOME SALES TAX

I thought you might find this interesting, — maybe even SICKENING!

The National Association of Realtors is all over this and working to get it repealed, — before it takes effect. But, I am very pleased we aren’t the only ones who know about this ploy to steal billions from unsuspecting homeowners. How many realtors do you think will vote Democratic in 2012?

Did you know that if you sell your house after 2012 you will potentially pay a 3.8% sales tax on the capital gains? ** When did this happen? It’s in the health care bill, — and it goes into effect in 2013. Why 2013? Could it be so that it doesn’t come to light until after the 2012 elections? So, this is ‘change you can believe in’?

Under the new health care bill, all real estate transactions will be subject to a 3.8% capital gains sales tax.  This bill is set to screw the retiring generation, — who often downsize their homes, and have sizable capital gains on the sale. Does this make your November, 2012 vote more important?

Oh, you weren’t aware that this was in the ObamaCare bill? Guess what; you aren’t alone! There are more than a few members of Congress that weren’t aware of it either.

You can check this out for yourself at:  http://www.gop.gov/blog/10/04/08/obamacare-flatlines-obamacare-taxes-home

I hope you forward this to every single person in your address book. VOTERS NEED TO KNOW.

** Consult your tax advisor if you plan on selling a home. Capital gain and income restrictions apply. Not everyone will be required to pay this Obamacare fee

Another Week Of Record-Breaking Lows For Fixed Rate Mortgages

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News Release Issued: July 12, 2012 10:00 AM EDT

Another Week Of Record-Breaking Lows For Fixed-Rate Mortgages

MCLEAN, Va., July 12, 2012 /PRNewswire/ — Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates continuing to find new all-time record lows amid easing bond yields following June’s lackluster employment report. Both the average 30-year and 15-year fixed-rate mortgage hit new lows. The average 30-year fixed has been below 4.00 percent for 16 weeks. The average 15-year fixed has been below 3.00 percent for 7 weeks.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.56 percent with an average 0.7 point for the week ending July 12, 2012, down from last week when it averaged 3.62 percent. Last year at this time, the 30-year FRM averaged 4.51 percent.
  • 15-year FRM this week averaged 2.86 percent with an average 0.7 point, down from last week when it averaged 2.89 percent. A year ago at this time, the 15-year FRM averaged 3.65 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.74 percent this week, with an average 0.6 point, down from last week when it averaged 2.79 percent. A year ago, the 5-year ARM averaged 3.29 percent.
  • 1-year Treasury-indexed ARM averaged 2.69 percent this week with an average 0.4 point, up from last week when it averaged 2.68 percent. At this time last year, the 1-year ARM averaged 2.95 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.