Refi at 3% with a 15-year mortgage, no points, no fees
Interbank Mortgage Co. has one of June’s best deals on 15-year home loans for borrowers in six states.
Its fixed-rate loan costs only 3.0% -- well below the national average of 3.15% -- and charges no points or lender fees.
This loan is available in California, Illinois, Indiana, Minnesota, Texas and Wisconsin.
Shorter-term loans like these are particularly popular with homeowners who are refinancing.
The monthly payments are higher than with a longer loan. For this loan, principal and interest would be $691 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.
Interbank (interbanklending.com) is based in Northbrook, Ill., and requires a credit score of 720 or higher to qualify for this interest rate.
You’ll also need at least 20% equity in your home, or a 20% down payment if you’re buying, and be borrowing no more than $417,000.
Borrowers will also need to pay property taxes and insurance into an escrow account to get the best rates.
Click here to compare this deal with the best rates from scores of other lenders in your area.