We are seeing a tremendous increase in borrowers refinancing to shorter fixed rate mortgages with the rates coming back down below 4.000%.
Philadelphia, PA (Vocus/PRWEB) March 21, 2011
Home Finance of America, one of the nation’s leading mortgage companies, is offering 15 and 10 year conforming fixed mortgage rates below 4.000%. Currently, borrowers are able to lock a 15 year fixed rate mortgage at 3.750% with zero points and a 10 year fixed rate mortgage at 3.500% with zero points. These low mortgage rates are available to borrowers with good credit rates looking to refinance or purchase a home with a loan amount under $417,000. Most loans are closed in under 30 days.
The current 10 year and 15 year mortgage rates offer borrowers in 30 year fixed rate loans a tremendous opportunity to refinance to a lower rate and/or term. For example, a borrower 10 years into a $250,000 30 fixed rate mortgage at 5.00% can refinance with Home Finance of America to a 15 year fixed rate mortgage at 3.750%. By doing this they will pay off their mortgage 5 years earlier and save $55,900 in interest. A 10 year fixed rate mortgage at 3.500% will offer even greater savings to borrowers.
Vice President Fran Kelly says “We are seeing a tremendous increase in borrowers refinancing to shorter fixed rate mortgages with the rates coming back down below 4.000%. People purchasing new homes are now considering these shorter term options as well”. Borrowers looking to purchase a home should also be sure to consider 10 and 15 year fixed rate terms in addition to a 30 year fixed rate mortgage. At rates below 4.000% the monthly payments on these products are still surprisingly low and have the additional benefit to save borrowers thousands of dollars in interest.
About Home Finance of America:
Home Finance of America is a direct lender and will lock-in low rates for borrowers at the time of the application. Home Finance of America has an A rating with the Better Business Bureau. As such, you can be assured their customer service is the best in the mortgage business.
Home Finance of America is headquartered just outside of Philadelphia, PA. The company has specialized in originating low rate residential loans to qualified borrowers since 1993. They are a national leader in online mortgage lending. Loan originators are available seven days a week by calling 1-800-358-5626. Borrowers can apply by phone or online at http://www.HFAmerica.com.
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