Mortgage Rates from a Large U.S. Bank
Posted on | July 17, 2010 | No Comments
We normally write about savings accounts but we came across a review on Bank of America’s mortgage rates and decided we will do a review as well. Bank of America doesn’t have the highest deposit rates right now but if you take a look at their mortgage rates they are a pretty good deal.
As the title of this review states, Bank of America is one of the largest banks. Bank of America offers a bunch of different mortgage products and different mortgage rates for each one of them.
Sources: BankofAmerica.com and MonitorBankRates.com.
In addition to having some of the lowest mortgage rates available Bank of America also makes applying for a home mortgage loan very easy. The bank offers a easy to understand commitment letter that lays out everything about your home loan and mortgage rates.
Do you live on the cost or in an expensive housing neighborhood? Don’t worry, Bank of America’s home loans includes jumbo mortgages for up to a $ 1 million dollars. Bank of America also has FHA mortgages with some of the lowest FHA mortgage rates. FHA mortgage rates are usually just under conforming mortgage rates.
What makes FHA mortgages a good deal? In addition to having a lower mortgage rates FHA mortgages are also insured by The Federal Housing Administration. Why is this a good deal? Banks will loan you up to 97% of the purchase price of a home because the FHA insures the mortgage against default.
Bank of America offers home mortgage loans buying a home or refinancing a mortgage you already have. You can get mortgage rate quotes directly from Bank of America on their website, by calling the bank or going into a local branch.
The types of mortgage rates Bank of America advertises include conforming mortgage rates, adjustable mortgage rates and jumbo mortgage rates. Mortgage rates are advertised in 30 year terms and 15 year terms.
Tags: bank of america mortgage rates > bankofamerica.com > jumbo mortgage rates conforming mortgage rates > lowest mortgage rates > monitorbankrates.com > mortgage rates
Redneck Bank Online Savings Account
Posted on | December 30, 2009 | 1 Comment
Redneck Bank, the online banking division of Bank of the Wichitas, has an online savings account they call a ”Mega Money Market Account” which currently has an annual percentage yield of 2.00 percent. That online savings account rate is higher than the average savings account rate with currently is around 0.55 percent.
The Mega Money Market Account yield of 2.00 is for money market account balances of up to $35,000. Account balances over $35,000 get an annual percentage yield of 1.00 percent. Even at 1.00 percent that rate is almost double the average savings account rate.
A little background Bank of the Wichitas, they are based in Snyder Oklahoma and have been in business since 1913. Deposits are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000. They call themselves “a well respected county bank”.
Redneck Bank not only offers a money market account they also have a rewards checking account that currently has an annual percentage yield of 4.00 percent. You’ll have to meet the monthly qualifications for the rewards checking account rate. For more information see redneckbank.com
Tags: 2.00% > 4.00% > mega money market account > online savings account > rewards checking account > savings account rate
What is an Online Savings Account?
Posted on | December 13, 2009 | 1 Comment
Online savings accounts are really savings accounts with the big difference being all your online savings accounts transactions are done on the Internet. The other big difference between a regular savings account and an online savings account is the interest rate on an Internet savings account is usually higher than a regular savings account.
The reason why online savings account rates are higher than regular savings account rates is the bank’s costs are lower. Online banks do all their operations online so their costs are lower, no need to pay for bank branches in expensive area of the country. Online banks than take the savings of lower operating costs and pass those savings in the form of higher savings account rates and certificate of deposit rates.
Online savings account rates are not fixed, just like regular savings account rates. If you are looking for a fixed rate account certificate of deposits offer that option. CD rates are usually higher than savings account rates. Online savings accounts are also insured by the Federal Deposit Insurance Corporation for a maximum of $250,000 per depositor per bank.
Online savings accounts have gained in popularity over the past 10 years as people become more and more comfortable banking online. If you’re comfortable banking online you should really consider an online account for the convenience and even more important the interest rate will be higher.
Tags: banking online > cd rates > fdic > higher > internet savings account > investors > online account > online saving account > online savings account > regular
Online Savings Account Rates
Posted on | December 6, 2009 | Comments Off
Online savings account rates are higher than traditional banks because online banks have lower costs. There are banks that only operate online but there are also traditional banks that have an online banking arm so they too can compete and offer best online savings account rates and money market account rates.
Some of the biggest online banks include HSBC Direct and ING Direct. Right now HSBC direct is offering an online savings account yield of 1.35 percent and ING direct is offering an online savings account yield of 1.30 percent for their Orange Savings Account.
There are other online banks offering even higher rates and yields, Redeck Bank, yes that’s right, Redneck Bank is offering an annual percentage yield of 2.00 percent for their Mega Money Market Account. Even if you’re not interested in banking with them you should take a look at their website, it’s very funny.