bank rates

California Deal On 15-Year Mortgages

Compass Lending Corp. has one of the best deals for Californians on 15-year home loans.

It’s offering a fixed-rate mortgage at only 4.00% with 1 negative point, which means you get a rebate worth 1.00% of the value of the loan to help cover closing costs.

Don’t want the cash? Then you can get an even lower rate of 3.75% with no points.

That’s more than a half-point less than the average 15-year loan costs right now.

Shorter-term mortgages 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 $740 a month for each $100,000 borrowed.

But paying a home off more quickly allows borrowers to save tens of thousands of dollars in total interest.

See how much interest you’d save by paying off your home early with this mortgage comparison calculator.

To qualify for this loan you must be borrowing less than $417,000 and have a credit score of 700 or higher and be financing a home in California.

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Comments (1)
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One Existing Comment
  1. Kathy at Bankaholic said:
    on April 3rd at 04:19 pm

    These rates are still being offered as of April 3, 2011.