Who Wants Low Mortgage Rates?

Who doesn’t want low mortgage rates? They can significantly reduce your monthly payments and save you thousands of dollars over the life of your mortgage. Lower rates also leave you with more funds to invest elsewhere.

Despite recent increases in mortgage rates, many rates remain attractive enough to consider refinancing your home. The Internet is a valuable tool for finding and applying for these low rates. Here are a few websites where you can explore low mortgage rate options:

Interest.com
Interest.com allows you to compare rates from various lending companies in your state, helping you find the lowest mortgage rate available. For instance, if you want a 30-year fixed-rate refinance mortgage in Georgia, you can enter your loan amount and terms to see rates from different lenders, such as Sterling Home Mortgage Corporation, which might offer a rate of 5.375%.

MortgageRatesUSA.com
Mortgage Rates USA offers a free and secure quote request for low mortgage rates. They ensure that your information is only shared with the lender and not with any third parties, providing you with a secure way to get competitive rates.

ELoan.com
E-Loan is known for offering low mortgage rates without charging lender fees or hidden costs, which can often inflate rates. For example, their 5-year adjustable-rate mortgage might have a rate of 4.625% and an APR of 5.078%.

How to Take Advantage of Low Mortgage Rates
Refinancing is a strategic move when market rates are low. By refinancing, you can replace your existing mortgage with a new one at a lower rate, which can reduce your monthly payments and overall interest bill.

For example, if you have a $150,000 loan with an 8.5% fixed interest rate and you refinance to a new 30-year loan at 7%, you could lower your monthly payment by about $155, from $1,153 to $998. Additionally, you could save approximately $42,200 in interest over the life of the loan, reducing your total interest payments from $265,200 to $223,000