bank rates

Pay Just 4% For A 15-Year Mortgage

Mortgage rates spiked last week because of the deal to extend all of the Bush tax cuts for at least two more years – a plan that will add $900 billion to the federal deficit during that time.

But home loans are still very cheap and Mortgage Capital Associates is offering one of the best deals around on 15-year fixed-rate financing.

It’s charging just 4.00% with no points, which is a quarter point less than the average cost of these loans.

The monthly payments for principal and interest would be $740 for every $100,000 borrowed.

Although that’s a couple of hundred dollars more than with a 30-year loan, borrowers can save tens of thousands of dollars in total interest by reducing their mortgage debt more quickly.

Mortgage Capital Associates is a direct lender based in Los Angeles, and is licensed to make loans in every state except South Dakota and Rhode Island.

To qualify for this loan, you need a credit score of 700 or higher. You must also be applying for a conforming loan — one for less than $417,000 to $729,750, depending on where you live.

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  1. Ryan said:
    on December 18th at 01:36 pm

    Wow, that’s an amazing rate right now.