Filo Mortgage Introduces 1.99 Percent 15-Year Rate

Filo Mortgage announced that it will begin offering a 1.99% mortgage rate with no points and no origination fees for 15-year conventional term purchase loans.

To qualify for the 1.99% rate with no points, borrowers need a credit score above 680, a down payment of at least 20% and have a loan amount greater than $200,000. On 30-year conventional terms, Filo Mortgage is offering qualified applicants purchase loan rates as low as 2.625% (2.625% APR) with no points and no origination fees.

“If you are buying a house and using one of the large banks for your mortgage, you may be paying too much for your loan. Large companies with brick and mortar branches have larger cost structures and tend to pass on those expenses to borrowers in terms of higher mortgage rates and fees,” said Filo Mortgage founder and co-CEO, Jeffrey Frutkin. “It is worth getting a second or third quote to see if you can get better pricing. Even a small change in rate can result in thousands of dollars of savings over the life of the loan.”