Franklin American mortgage was established in 1993 and provides residential mortgages to consumers. They are licensed in 48 states and offer conventional, VA, and FHA loans. The company offers fixed rate and adjustable rate loans with various lengths. This article will provide the current and most up-to-date information about the Franklin American mortgage rates.

Franklin American Mortgage Current Mortgage Rates

Franklin American Mortgage will provide low mortgage rates. Therefore, you can achieve the dream of owning a new home. You can get the current mortgage rates by following this link. You can find the current mortgage rates in the chart below.

Type of Mortgage Rate Interest Rate APR (Annual Percentage Rate) (Annual Percentage Rate) Estimated Monthly Payment
30-year fixed 4.25% 4.30% $1237.18
20-year fixed 4.12% 4.20% $1541.43
15-year fixed 3.62% 3.72% $1814.34
7/1 ARM 3.75% 3.92% $1182.04
5/1 ARM 3.62% 3.94% $1184.91

***Mortgage rates, terms, and fees can change frequently, so you need to check the website for the current information.

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Franklin American Mortgage Rates Additional Information

There are many loan options from Franklin American. A representative can help you decide which option is right for you. You can look at the 30-year mortgage rates, 20-year mortgage rates, or 15-year mortgage rates. A 30-year fixed mortgage is the most common type of loan. With fixed rate loans, you will have the same interest rate throughout the life of the loan. This loan offers stability and predictability. You will always know what you are paying for as far as interest goes. If the life of the loan is longer, the more you will pay over the course of the loan. Your monthly payment will also be lower. You will save money with a shorter loan.

Adjustable rate loans are good for people who do not get a low rate, or for people who do not play on living in the same home long term. After the initial period is complete, your rate could rise or fall according to the mortgage rates trend.

You can also refinance your mortgage. Refinance mortgage rates will pay off your existing loan and replace it with a new loan. People refinance to get a lower interest rate, shorten the life of the loan, or switch from an adjustable rate loan to a fixed rate loan. If you want to obtain a lower rate, you can purchase mortgage rates.

Some people with a good income and excellent credit might choose to apply for a jumbo mortgage. Jumbo mortgage rates can give you a loan to pay for a more expensive home.

You will want to use a mortgage rates calculator to determine your monthly payment amount. You can find a mortgage calculator right here.

Monthly Mortgage Payment Example

Type of Mortgage Rate 30-year fixed rate 20-year fixed rate 15-year fixed rate
Mortgage Amount $250,000 $250,000 $250,000
Interest Rate 4.25% 4.12% 3.62%
APR (Annual Percentage Rate) 4.30% 4.20% 3.72%
Number of Payments 360 240 180
Average Monthly Payment $1237.18 $1541.43 $1814.34
Total Amount of Interest $195,384.30 $119,942.44 $76,580.76
Total Amount Paid $445,384.30 $369,942.44 $326,580.76

***The values in this table are approximate results of our calculations and can vary depending on the type of credit you opt for. Please note that these are our examples and not offered by the financial institution.

Franklin American mortgage rates are among the lowest available. The company offers excellent customer service. Moreover, they are always available to answer your questions. You can get pre-qualified for a loan. Therefore, you will know what your monthly payment amount will be. The company will make the process as quick as possible. After all the paperwork is complete, you can close on the loan. Plus, you can move into your new residence.