For instance, if you have $150,000 loan with a 30 year term at a 9% interest, but rates are currently at 7%, a mortgage calculator can show you the difference between your loan now and what it would be if you were to refinance. In this case a 2% drop in interest rates could take you from paying $284,496 in total interest to paying $209,263. This drop in interest rates would ultimately save you 75,233, which equals up to $209 a
month. A mortgage calculator shows that refinancing to a lower rate is well worth it.
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If you are not interested in refinancing, there are several other loans that
will allow you to take advantage of todays interest rates:
- FHA loans · VA loans
- Home equity loans
- Home equity lines of credit
- Reverse mortgages
There is no reliable way of predicting what interest rates will do. Todays low interest rates have shocked many, but they are likely to rise soon. If you are interested in building a new home, buying a home, improving your home, purchasing a new car or consolidating debt, you may want to find a loan before interest rates begin to rise.
Fill out our free short form to contact up to four lenders about your loan and todays interest rates.
Todays interest rates are at an all time low, making it a great time to take out a loan or refinance an existing loan. If you want to buy a home, finance a new car, or make home improvements it may be the perfect time for you to look into getting a new loan. Apply online to take advantage of todays low interest rates.