Digital News Report – When it comes to refinancing, there are a lot of choices. There are banks and mortgage brokers who have access to banking sources and private lending money.
We were looking for a 30-year fixed rate mortgage (FRM) of $300,000 to refinance a home. Refinancing rates may be different than purchase mortgage rates.
There may be points and fees associated with the loans, but most homeowners are looking for mortgages with no closing costs. Discount points are pre-paid interest payments. Sometimes borrowers will offer to pay the lender upfront points to reduce their interest rate.
One of the better loans we found today was from Americash Mortgage Banking. They found a loan for 4.750% with no fees or points. The estimated payments were $1,565.
Another popular loan broker is The Money Store. This broker had a rate of 4.639% APR. There were $475 in fees associated with the loan but no points. The estimated payments were $1,542 a month.
First National Bank had an APR of 4.541%. This lending institution has been serving customers for 105 years. The estimated monthly payments for that loan were $1,450.
None of the lenders we evaluated today charged points.
By Tina Brown