27-State Refinance Deal: A 15-year mortgage at 3.25%

Five colorful houses in graduated sizes

RANLife has one of the best deals this season on 15-year home loans for borrowers in 27 states.

Its fixed-rate refinancing mortgage costs only 3.25% with no points and $1,190 in lender fees.

This interest rate is nearly a quarter point lower than the record-low national average of 3.48% for 15-year mortgages.

The monthly payments are higher than with a longer loan. For this loan, principal and interest would be $703 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 the loan off.

By paying off their homes more quickly with a 15-year loan, borrowers can save tens of thousands of dollars in total interest.

That's why shorter-term mortgages like these are increasingly popular with homeowners seeking to refinance their house or condominium.

See how much interest you'd save by paying off your home early using our 15-year vs. 30-year mortgage comparison calculator.

RANLife (www.ranlife.com) is a direct lender, which means it is the bank, not a middleman. It is based in Salt Lake City and advertises closings eight times faster than the average lender.

RANLife enjoys an A-plus rating from the Better Business Bureau.

It writes mortgages in 27 states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Hawaii, Idaho, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Michigan, Nebraska, Nevada, New Mexico, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, Washington and Wyoming.

This low rate assumes a credit score of 700 or higher and at least 20% equity. You also must be applying for a loan of less than $417,000.

Click here to compare this deal with the best mortgage rates from scores of other lenders in your area.

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