Mortgage Capital cuts 15-year home loans to just 2.875%, no points or fees

Blue house on tax bill

Mortgage Capital Associates has one of the best deals we’ve seen so far this year on 15-year home loans, and it’s available in 31 states and the District of Columbia.

The interest rate is only 2.875% -- or more than a quarter of a point lower than the average 15-year mortgage currently costs.

That’s also much less than the 3.5% Mortgage Capital was charging for these kinds of home loans last summer.

Plus, there are no points or no lender fees to pay.

Shorter-term mortgages like these are popular with homeowners who are refinancing.

The monthly payments are higher than with a longer loan. For this loan, principal and interest would be $685 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 15-year loan, borrowers can save tens of thousands of dollars in total interest.

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

Mortgage Capital Associates (mtgcapital.com) is a direct lender based in Los Angeles.

It’s licensed to make loans in Arizona, California, Colorado, Connecticut, District of Columbia, Delaware, Georgia, Hawaii, Illinois, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, Washington and Wisconsin.

To qualify for this low mortgage rate, you'll need a credit score of 740 or higher and need to borrow less than $417,000.

You must provide full income documentation, have no subordinate financing and cannot take any cash out of your home if you’re refinancing. That means you can’t borrow more than the balance on your current loan.

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

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