27-State Deal: 10-year mortgages that cost just 3.25%

Hand holding pen and signing mortgage

A 10-year mortgage from Greenlight Financial Services makes paying off your loan earlier sound like a tempting deal.

Many lenders offer deals with no lender fees. But this one goes further: Greenlight Financial covers all fees, including documentation and title fees.

You can get into its fixed-rate deal at only 3.25% with no points and no closing costs.

That's almost a quarter of a point lower than the national average of 3.48% for 15-year mortgages.

Shorter-term loans like these are popular with homeowners who are refinancing, particularly if they are nearing retirement and want to have their home paid off beforehand.

The monthly payments are higher than with a longer loan. For this loan, principal and interest would be $977 a month for each $100,000 borrowed.

You can use our mortgage calculator to determine the monthly payments for the amount you want to borrow with this or any home loan.

It will also provide a month-by-month amortization schedule that shows how much you've reduced your debt and how much you still owe if you want to pay off the loan.

By paying off their homes more quickly with a 10-year loan, borrowers can save tens of thousands of dollars in total interest.

Greenlight Financial Services is a Better Business Bureau-accredited, direct-to-consumer lender based in Irvine, Calif.

It is licensed to write loans in 27 states: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Idaho, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Minnesota, New Mexico, New Jersey, Ohio, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas, Virginia, Washington, and Wisconsin.

To qualify for this loan from Greenlight Financial Services, you'll need a credit score of 740 or higher and can't be borrowing more than $417,000.

You must have substantial equity in your home; a loan-to-value ratio of 60% is required.

To get the best rate, you must pay taxes and insurance into an escrow account.

Compare this deal with the best mortgage rates from scores of other lenders in your area.

You can follow Interest.com on Twitter and Facebook.

Leave a Reply

Your email address will not be published. Required fields are marked *