Shore Mortgage, Birmingham, Mich., for a limited time, is offering certain customers a 30-year fixed-rate loan with no points, a product backed by the Federal Housing Administration. The APR on the note is 5.192%, the lender said. The loan program runs through Dec. 31 and is available in all states where the company originates loans. Shore is licensed in 32 states. The rate applies to both purchase and refinance loans. Shore said that with mortgage rates close to 5% and climbing, the lock in opportunity would assist the consumer especially during these challenging economic times. The APR is for borrowers who meet certain credit criteria.
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