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.

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

The rate of interest may be the biggest factor you consider when you determine the terms of your loan. Using a mortgage payment or amortization calculator is good way to figure out how a certain interest rate is going to act on a loan.

Loans generally come with one of two types of interest rates, fixed or adjustable. Fixed rates have a locked in rate, so that you will be able to know exactly what your monthly payments will be through out the life of the loan. This provides security and enables you to do financial planning with confidence. Adjustable rates are less predictable. Based on certain indexes, adjustable rates fluctuate with the market, rising or falling as time goes by. This type of rate has more of a risk, but also has the possibility of saving you money if rates were to drop. Dropping rates would not affect a fixed rate and often causing borrowers with fixed rates to consider refinancing.