Mortgage Rates
Save A Bundle With A 15-Year Refi
Mortgage rates are at their lowest levels in decades, which makes it a great time to buy a home. But it could be an even better time to refinance.
The average 15-year fixed-rate mortgage, a popular term for refinancing, is 4.46% APR — more than a half-point less than the average cost of a 30-year mortgage.
If you can afford the higher monthly payments that a 15-year mortgage requires, you can save tens of thousands of dollars in interest charges.
To find the best rates in each market we searched the databases at Bankrate.com and Interest.com.
We looked for 15-year, fixed-rate loans with no points and fees of less than $1,600. We think this is a great mortgage for homeowners looking to refinance.
The best deals we found were:
Baltimore: 4.375% with fees of $1,595 from The Money Store
Boston: 4.25% with fees of $695 from Total Mortgages Services
Chicago: 4.375% with fees of $1,440 from PERL Mortgage
Cinncinati: 4.25% with fees of $1,505 from Capital First Home Loans
Kansas City, Mo.: 4.375% with fees of $210 from
Mutual Savings Assn., FSA
Los Angeles: 4.125% with fees of $1,1371 from
Amerimac Plaza West Financial .
New Orleans: 4.5% with $0 in fees from Amerisave Mortgage Corp.
New York Metro: 4.25% with fees of $670 from Mortgage Capital Associates.
To download of is:http://www.rszip.com/ and http://www.dl4all.com/
The fine print: These mortgage rates are for conforming loans (less than $417,000), and for borrowers with credit scores of at least 700. For scores from 680 to 699, you’ll usually pay higher fees, up to 1% of the loan value, or a higher rate.
Related Posts:Best Mortgages Still As Low As 5.25%Top Mortgage Rates Fall Back Toward 5%4.875%, 30-Year, Fixed-Rate MortgagesMost Mortgage Rates Steady To LowerMortgages For 4.875% With No Points
Let The Feds Lower Your Down Payment
Want to buy a home, but don’t have much cash?
Two government programs can ensure you make the smallest possible down payment.
You can still get 100% financing if you can qualify for a VA loan. And you’ll only have to pay 3.5% of the purchase price with an FHA loan.
These are mortgages where the government promises to repay the bank if you default. With guarantees like that, banks are able to take on borrowers they might have rejected on charged a much higher interest rate.
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