American Interbanc has one of the best deals in the country on 15-year, fixed-rate home loans available in 10 states.
The online lender based in Irvine, Calif., is advertising a 15-year loan for only 2.625% with no points and a low $199 in lender fees.
This home loan costs nearly a third of a percentage point less than the average mortgage of this type.
It's available to residents of Arizona, California, Idaho, Massachusetts, New Jersey, Oregon, Pennsylvania, Texas, Utah and Washington.
Shorter-term home loans 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 $673 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 loan comparison calculator.
To qualify for this loan from American Interbanc (www.americaninterbanc.com), you'll need a credit score of at least 740. You must also be applying for a loan of less than $417,000.
American Interbanc enjoys an A+ rating with the Better Business Bureau.
Click here to compare this deal with the best interest rates from scores of other lenders in your area.
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