Locking in a superlow mortgage rate: if you fit one of these profiles, ditch the 30-year loan for a cheaper variety

Kiplinger's Personal Finance Magazine,  July, 1998  by Joan Goldwasser

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Pittsburgh           LENDER
Fixed-rate 30-year   PNC Bank
One-year ARM         Bell Federal
Home-equity line     Parkvale Savings
Car loan             Fidelity

Tampa
Fixed-rate 30-year   World Savings & Loan
One-year ARM         SouthTrust
Home-equity line     SouthTrust
Car loan             Anchor Savings

Omaha
Fixed-rate 30-year   First National
One-year ARM         First National
Home-equity line     First National
Car loan             Commercial Federal

Las Vegas
Fixed-rate 30-year   California Federal
One-year ARM         Citibank
Home-equity line     California Federal
Car loan             Nevada State

San Diego
Fixed-rate 30-year   Glendale Federal
One-year ARM         Washington Mutual
Home-equity line     Home Savings
Car loan             Union Bank

Pittsburgh           RATE/DESCRIPTION (INDEX PLUS MARGIN)
Fixed-rate 30-year   7.13%/1 pt.
One-year ARM         5.25%/1 pt. (Treasury index + 2.75)
Home-equity line     6.5%/until 12/31, $5,000-$250,000 (prime + 1.5)
Car loan             7.49%

Tampa
Fixed-rate 30-year   7.2%/1 pt.
One-year ARM         5.13%/1.25 pts. (Treasury index + 2.7 5)
Home-equity line     5.99%/6 mos., $10,000-$1 million (prime + 1.45)
Car loan             7.25%

Omaha
Fixed-rate 30-year   7%/1 pt.
One-year ARM         4%/2 pts. (Treasury index + 2.75)
Home-equity line     6.99%/6 mos., $5,000 minimum (prime + 2)
Car loan             7.75%

Las Vegas
Fixed-rate 30-year   6.63%/3.12 pts.
One-year ARM         5.63%/1.38 pts. (Treasury index + 2.75)
Home-equity line     5.75%/6 mos., $10,000-$300,000 (prime + 1.25)
Car loan             8.35%

San Diego
Fixed-rate 30-year   6.88%/2.13 pts.
One-year ARM         5.75%/1 pt. (Treasury index + 2.88)
Home-equity line     5.99%/6 mos., $10,000 minimum (prime + 0.5)
Car loan             8.5%/$50 fee

                     TELEPHONE NUMBER
Pittsburgh
Fixed-rate 30-year     888-762-2265
One-year ARM           412-734-2700
Home-equity line       412-373-7200
Car loan               412-367-3300

Tampa
Fixed-rate 30-year     800-468-7283
One-year ARM
Home-equity line       800-225-5782
Car loan               813-347-7283

Omaha
Fixed-rate 30-year     402-341-0500
One-year ARM           402-341-0500
Home-equity line       402-341-0500
Car loan               402-551-7300

Las Vegas
Fixed-rate 30-year     800-225-3334
One-year ARM           702-796-3000
Home-equity line       800-225-3334
Car loan               702-383-0009

San Diego
Fixed-rate 30-year     800-669-6700
One-year ARM           800-788-7000
Home-equity line       800-933-3000
Car loan               415-445-0200

RATE BENCHMARKS (as of May 13): PRIME: 8.5% 11TH DISTRICT COST OF FUNDS INDEX: 4.92% ONE-YEAR TREASURY INDEX: 5.43%

RELATED ARTICLE: Best Deals in Credit Cards

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ISSUER                    RATE    INDEX/MARGIN
Pulaski Bank & Trust      7.99%   discount rate(*) + 2.99
Huntington National       9.5     prime + 1
Simmons First National    9.89    discount rate(*) + 4.89
Capital One               9.9     fixed rate
Central Carolina (Ga.)   11       prime + 2.5

                         CASH-ADVANCE   ANNUAL    TELEPHONE
ISSUER                   RATE/FEE(c)     FEE       NUMBER
Pulaski Bank & Trust     7.99%/none      $50     800-980-2265
Huntington National      9.5/2%           49     800-480-2265
Simmons First National   9.89/none        50     800-636-5151
Capital One              9.9/2.5         none    800-822-3397
Central Carolina (Ga.)   11/2             20     800-672-2539

                        INTRO                 INTRO RATE
ISSUER                  RATE    FULL RATE     LASTS

AFBA Industrial         8.5%    prime + 2.9   six months
Capital One             9.9     fixed rate    --
Pullman Bank & Trust   11.5     prime + 3     --
USAA Savings           12.4     prime + 3.9   --
Amalgamated            13       prime + 4.5   --

                       CASH-ADVANCE   GRACE   TELEPHONE
ISSUER                 RATE/FEE(c)   PERIOD   NUMBER

AFBA Industrial        11.4%/2%   25 days 800-776-2265
Capital One             9.9/2.5   25 days 800-822-3397
Pullman Bank & Trust   11.5/2     25 days 800-785-5626
USAA Savings           12.4/none  25 days 800-922-9092
Amalgamated            13/2       25 days 800-723-0303