bank rates

Texas Deal: 15-Year Home Loan At 4.125%

B2 Funding is offering Texans a great deal on 15-year home loans.

Its fixed-rate mortgage costs only 4.125%, with $450 in fees and no points.

That’s beats the national average of 4.37% for 15-year mortgages, which are particularly popular with homeowners who are refinancing.

The monthly payments are higher than with a longer loan. For this loan, principal and interest would be $746 a month for each $100,000 borrowed.

But by paying a home off more quickly you can save tens of thousands of dollars in total interest.

To qualify for this mortgage you’ll need a credit score of 720 or higher and be applying for a conforming loan — one for less than $417,000.

You should also be prepared to put 20% down on a home purchase or have 20% equity in your home to refinance.

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Comments (4)
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4 Existing Comments
  1. CrankySaver said:
    on January 16th at 08:08 pm

    As of Jan. 14, 2011, B2 Funding had dropped its rate on 15-year loans to 4.00%.

  2. Kathy O'Gorman said:
    on January 30th at 12:16 pm

    The 4.00% rate still available as of Jan. 30.

  3. Kathy at Bankaholice said:
    on February 28th at 10:19 am

    As of Feb. 28, 2011, the 15-year rate is back up to 4.125%.

  4. Kathy at Bankaholic said:
    on April 3rd at 04:32 pm

    The 15-year fixed rate is 3.875% as of April 3, 2011.