Refi with a 15 year home loan for only 3.375%, no points
First Internet Bank of Indiana has one of mid-July's best deals on a 15 year home loan, and it's available to borrowers in all 50 states and U.S. territories.
This fixed rate loan costs 3.375% with no points and $1,428 in lender fees for borrowers purchasing or refinancing.
That's considerably more than the 2.875% our June deal was charging. But mortgage rates have gone up considerably this summer.
It is, however, more than a third of a point lower than the current national average of 3.75% for 15-year mortgages.
Click here to compare this deal with the best mortgage rates from scores of other lenders in your area.
Shorter-term mortgages like these are popular with homeowners who are refinancing.
The monthly payments are higher than with a longer loan. For this loan, principal and interest would be $709 a month for each $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.
By paying off their homes more quickly with a 15-year loan, borrowers can save tens of thousands of dollars in total interest.
See how much interest you'd save by paying off your home early using our 15-year vs. 30-year mortgage comparison calculator.
First Internet Bank of Indiana (www.firstib.com/mortgage/) is an online bank with headquarters in Indianapolis, Ind., that enjoys an A+ rating with the Better Business Bureau.
To qualify for this loan, you must:
- Borrow no more than $417,000.
- Have a credit score of at least 740.
- Possess at least 20% equity for a refinancing or ...
- Put at least 20% down if you're buying a home.