Market analyst at Home Finance of America are reporting a higher percentage of refinances to short term mortgages
Plymouth Meeting, PA (PRWEB) August 14, 2013
Home Finance of America, Inc., an industry leader in online mortgage banking is offering below market 10 and 15 year fixed rate mortgage programs. As of Wednesday, August 14, 2013 Home Finance of America is offering qualified borrowers purchasing or refinancing a primary or second home a 15 year fixed rate mortgage at 3.250% (APR 3.459%) with no origination points and low closing costs. A $165,000 15 year fixed rate mortgage at this interest rate and APR results in a fixed monthly principal and interest payment of only $1,159.40.
Market analyst at Home Finance of America are reporting a higher percentage of refinances to short term mortgages such as 10 and 15 year fixed rate programs in lieu of a traditional 30 year fixed rate loan. A high percentage of borrowers currently holding a 30 year mortgage note can reap significant financial benefits from the fantastic short term rates being offered by competitive low rate mortgage lenders like Home Finance of America.
When comparing a $165,000 15 year fixed rate mortgage at the current rate of 3.250% (APR 3.459%) to a 30 year fixed rate mortgage at 4.250% (APR 4.358%) a borrower would save $71,678.70 in total interest payments with the 15 year option. Examples like this make short term mortgages a difficult option to pass on for those fortunate enough to absorb the slightly higher monthly payment that short term mortgages require.
About Home Finance of America:
Since 1993, Home Finance of America has specialized in originating low rate residential loans to qualified borrowers. Home finance of America is able to close purchase and refinance transactions in less than 30 days. Borrowers looking for a new mortgage can contact Home Finance of America at 800.358.5626 and apply by phone to lock an interest rate immediately.