Refinance
Nationwide Deal: 15-year mortgage at 3.125%, no fees
American Financial Resources has one of the best deals in the country on 15-year home loans, and it's available in all 50 states.
The mortgage broker based in Parsippany, N.J., is charging only 3.125% with no points and no lender fees.
That interest rate is nearly a quarter of a point lower than the national average of 3.34% for 15-year, fixed-rate home loans. And the national average is a record low, according to our survey of major lenders.
Shorter-term mortgages like these are popular with homeowners who are refinancing.
By paying off their homes more quickly with a 15-year loan, borrowers can save tens of thousands of dollars in total interest.
But the monthly payments are higher than with a longer loan. For this loan, principal and interest would be $697 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.
See how much interest you'd save by paying off your home early using our 15-year vs. 30-year mortgage comparison calculator.
American Financial Resources enjoys an A+ rating with the Better Business Bureau.
To qualify for this loan, you'll need a credit score of 700 or higher and be willing to pay taxes and insurance through an escrow account
You must also be applying for a conforming loan -- one for less than $417,000 -- and have a minimum loan-to-value ratio of 80%.
Click here to compare this deal with the best mortgage rates from scores of other lenders in your area.
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