bank rates

Refi With Aurora Financial’s 15-Year Loan

Here’s another good mortgage deal.

Aurora Financial is offering 15-year, fixed-rate loans for just 4.0% with no points and $1,451 in lender fees.

It costs just 4.0% with no points and is available in nine states.

That’s a quarter of a point lower than the national average for loans like this.

This financing is available in nine states – Texas, Virginia, Maryland, Delaware, Florida, Georgia, North Carolina, South Carolina and West Virginia – as well as the District of Columbia.

To qualify, you’ll need a credit score of 740 or higher and must be seeking a loan of less than $417,000.

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 $740 a month for each $100,000 borrowed.

But by paying their homes off 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 with this mortgage comparison calculator.

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Comments (2)
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2 Existing Comments
  1. Kathy O'Gorman said:
    on February 28th at 09:13 am

    Aurora’s still offering this rate as of Feb. 28, 2011.

  2. Kathy at Bankaholic said:
    on April 3rd at 03:59 pm

    You can still get this rate as of April 3, 2011.