Filo Mortgage announced it will offer a 1.99% mortgage rate with no points and no issuing fees on 15 year conventional term purchase loans.
To qualify for the 1.99% no-point interest rate, borrowers must have a credit score of over 680, a down payment of at least 20%, and a loan amount greater than $ 200,000. Filo Mortgage offers qualified applicants loan interest rates of just 2.625% (2.625% APR) with no points and no commitment fees at conventional 30-year terms.
“If you buy a home and use one of the big banks for your mortgage, you may be paying too much for your loan. Large brick and mortar businesses have larger cost structures and tend to pass these expenses on to borrowers in the form of higher mortgage rates and fees, ”said Jeffrey Frutkin, Founder and Co-CEO of Filo Mortgage. “It’s worth getting a second or third offer to see if you can get better prices. Even a small change in the interest rate can save thousands of dollars over the life of the loan. “