Build equity fast with a 15-year home loan at just 2.625%
AimLoan.com is offering one of May's best deals on 15-year fixed-rate home loans.
It's charging borrowers nationwide just 2.625%, with no points, $1,773 in fees and a 30-day rate lock for purchase or refinance.
That's more than a third of a percentage point below the current average cost of 15-year loans for purchase — 2.98%, according to our latest survey of major lenders.
And compared with a 30-year loan, it's more than a full percentage point below the average cost of 3.76% with 0.18 discount and origination points.
Where it's available
This deal is available in the District of Columbia and in every state except Nevada.
We think this deal will be hard to beat, but it doesn't hurt to try.
Get started by searching Bankrate's database for the best mortgage rates from scores of other lenders in your area.
What you'll pay
Shorter-term loans like this one are particularly popular with borrowers who want to save tens of thousands of dollars in interest by paying off their loans more quickly.
See how much interest you'd save by paying off your home loan early using our 15-year home loan vs. 30-year home loan mortgage comparison calculator.
The biggest drawback to short-term loans is that the monthly payments are higher. For this loan, the principal and interest payment would be $673 a month for every $100,000 borrowed, or $1,345 on a $200,000 loan.
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.
Founded in 1998, AimLoan is headquartered in San Diego and enjoys an A+ rating from the Better Business Bureau.
AimLoan is a direct lender, meaning that your fees may be lower than if you use a mortgage broker. It's also an up-front mortgage lender, meaning that it fully discloses its rates, points, fees and third-party costs. In fact, AimLoan guarantees all your closing costs when you apply and lock your rate.
To qualify for this deal, you must:
- Be borrowing $417,000 or less.
- Have a credit score of 740 or better.
- Be buying a home or refinancing no more than the outstanding balance of your current home loan.
- Make a down payment of at least 20% if you're buying.
- Hold 20% or more of the equity in your home if you're refinancing.