California Deal: A 15-year mortgage for just 3.5%, no points

Hand holding picture of house against landscape

SafeGuard Home Loans is offering California residents one of the best deals we’ve seen this summer on 15-year mortgages.

It’s charging only 3.5% for a fixed-rate home loan with no points and $1,123 in lender fees.

That’s as low an interest rate as you’ll find right now on 15-year loans with no points.

It’s also more than a quarter-point below the average cost of this home loan, which was 3.86% in our most recent weekly survey.

The monthly payments are higher than with a longer home loan. For this loan, principal and interest would be $715 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 the loan off.

But by paying their homes off more quickly with a 15-year loan, borrowers can save tens of thousands of dollars in total interest.

That’s why shorter-term loans are increasingly popular with homeowners seeking to refinance their house or condominium.

See how much interest you'd save by paying off your home early using our 15-year vs. 30-year mortgage comparison calculator.

SafeGuard Home Loans ( operates out of San Marcos and processes its loans through C2 Financial, a loan originator and broker in San Diego.

To qualify, you'll need a credit score of 700 or higher and a 20% down payment if you’re buying, or 20% equity in your home if you’re refinancing.

Compare this deal with the best mortgage rates from scores of other lenders in your area.

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