Refinance with our Low 30 Year Fixed Rate Mortgage and Save

Mortgage rates are at historic lows across the nation making it a perfect time to refinance. Homeowners refinance their current mortgage loans for various reasons. One of the most common reasons is to lower their current mortgage rate into a lower rate and reduce their monthly mortgage payments. Another reason is to change the length and terms of their existing loans. For instance, homeowners can change from a 30 year fixed rate mortgage to a 15 year fixed rate mortgage to shorten the length of the mortgage and payoff their mortgage faster. Also many borrowers refinance from an adjustable rate mortgage to a fixed rate mortgage to enjoy a stable mortgage rate for the life of the loan.

Currently, Total Mortgage is offering mortgage rates at some of the lowest rates nationwide. A 30 year fixed rate mortgage is available to borrowers at 3.750 percent and 3.941 percent APR. A 15 year fixed rate mortgage is available at 3.250 percent and 3.602 percent APR.

A homeowner with a mortgage of $300,000 with a 30 year fixed rate mortgage paying 5.500% may be able to save a significant amount by refinancing with current low rates. A borrower with 5.500% rate and a $300,000 mortgage loan may have a monthly payment of around $1703. For the same loan amount with Total Mortgage’s low rate of 3.750%, the monthly payment could be around $1350 saving borrowers about $28,791 over the life of the loan.

If you want more information on refinancing and our current mortgage rates, please call 877-868-2503 to speak with a licensed mortgage professional.

Mortgage rates are always changing. All rates were quoted at 11:00 A.M., on October 18, 2010.

*Calculations are made with certain assumptions. Assumptions include: 24 months have been paid off with initial interest rate, owner will sell house in 10 years, 1 points, 0 origination fees, and 1,200 in closing costs. Also includes an assumed tax rate of 26% and a state tax rate of 5%.

*All rates shown are for 30 day rate locks. Longer locks available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 2 points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for jumbo loan amounts is calculated using a loan amount of $500,000, two points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for FHA loan amounts is calculated using a loan amount of $295,000, two points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. Some rates and fees may vary by state. All interest rates listed are for qualified applicants and are subject to mortgage approval. All rates are subject to change without notice.