Refinance
West Coast Deal: 3.75% on 15-year loan
Southwestern Mortgage Co. just lowered its rates again on 15-year home loans for Californians.
As of Aug. 26, its fixed-rate mortgage costs only 3.75%, with $1,593 in fees and no points.
That's more than a quarter of a point lower than the national average of 4.08% for 15-year mortgages and half a point less than Southwestern Mortgage is charging for 30-year loans.
Shorter-term mortgages like these are popular with homeowners who are refinancing.
The monthly payments are higher than with a longer loan -- principal and interest would be $733 a month for each $100,000 borrowed.
Our mortgage calculator will determine the monthly payments for any home loan.
But borrowers can save tens of thousands of dollars in total interest by paying their homes off more quickly.
See how much interest you'd save by paying off your home more quickly using our 15-year vs. 30-year mortgage comparison calculator.
Southwestern Mortgage is a San Diego-based mortgage broker that's only licensed to write loans in the state of California.
To qualify for this loan, you need a credit score of 700 or higher. You must also be applying for a conforming loan -- one for less than $417,000 to $625,500, depending on where you live. In California, the conforming loan limits tend toward the higher end of that range.
Click here to compare Southwestern's deal with the best mortgage rates from dozens of other lenders in your area.
Remember that mortgage rates change daily and these deals never last longer than a few weeks.
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