6-State Deal: Grab a 30-year mortgage for 3.75%
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We thought Interbank Mortgage Co. had low interest rates last summer. But for customers in the six states where it offers loans, rates are even lower now.
The lender based in Northbrook, Ill., is charging only 3.75% for a 30-year, fixed-rate home loan with no points and no lender fees.
Interbank is licensed to do business in California, Illinois, Indiana, Minnesota, Texas and Wisconsin.
This interest rate is more than a third of a point lower than the national average of 4.12% for 30-year home loans and more than half a point lower than Interbank's good deal last summer.
The principal and interest payment would be $463 a month for every $100,000 borrowed.
You can use our mortgage calculator to determine the monthly payments for the amount you want to borrow with this or any home loan.
It will also provide a month-by-month amortization schedule that shows how much you've reduced your debt and how much you still owe if you want to pay off the loan.
To qualify for this loan from Interbank Mortgage, you'll need a credit score of at least 720 and need to borrow no more than $417,000.
You'll also need to make a down payment of at least a 20% and be willing to pay taxes and insurance premiums into an escrow account. This loan comes with a 30-day lock.
Click here to compare this deal with the best rates from scores of other lenders in your area.
