Low mortgage rates are something everyone wants. A low mortgage rate means that you will pay less each month over the life of the loan. Homebuyers like you can save a lot of money with a low mortgage rate. If your mortgage rate is low, you'll have more money to put into investments that might pay off.
Even though mortgage rates have been going up, they are still low enough for you to think about refinancing your home loan. You can find the best place to start applying for those low mortgage rates on the Internet. Here is a list of websites where you can apply for low mortgage rates.
Interest.com has low mortgage rates.
Interest.com lets you compare the rates of different lending companies in your state, which increases your chances of getting a low mortgage rate. For example, you want to apply for a low mortgage rate on a 30-year fixed rate refinance mortgage in Georgia. You want to borrow $100,000 with a standard loan type and no discount points. After clicking the search button, the page will show the low mortgage rates of several Georgia lending companies, such as Sterling Home Mortgage Corporation, whose low mortgage rate is 5.375 percent. There are other lending companies with low mortgage rates, and all you have to do is choose the one with the lowest rate.
MortgageRatesUSA.com has low mortgage rates.
Mortgage Rates USA is another company that gives customers who are looking for low mortgage rates choices and options. Their online request for a quote on a low mortgage rate is free and safe. When you fill out a website form to get a low mortgage rate quote, the information you give is only shared with the lender and no one else.
ELoan.com has low mortgage rates.
E-Loan is one of the best companies that lend money and have low mortgage rates. Their mortgage rates are low because they don't charge you any lender fees or other hidden costs, which is the main reason why mortgage rates go up. For example, with E-Loan, a 5-year adjustable-rate mortgage has a low mortgage rate of 4.625 percent and an annual percentage rate (APR) of 5.078 percent.
How to make the most of low interest rates
When mortgage rates are low, all people who want to buy a home should think about refinancing. When you refinance, you take advantage of low mortgage rates by paying off your first mortgage with a new mortgage that also has low mortgage rates. This can help you lower your monthly payments and save you money on the interest you pay over time.
For instance, you have had a $150,000 loan for 30 years for a year. The interest rate is 8.5% and won't change as long as the loan is being paid back. You can pay off your first loan by getting a new one for 30 years with a low mortgage rate of 7%. By doing this, you can save between $155 and $998 on your monthly payment. The new loan's low mortgage rate can also help you save $42,200 to $233,000 on your total interest bill.
