| Due to the mortgage crisis caused by too many arms | | | | offered by dozens of lenders with one application. |
| and interest only loans being doled out to borrowers | | | | Websites like Lending Tree provide borrowers an |
| who didn't fully understand their specific situations and | | | | opportunity to let lenders fight for their business, by |
| what payment amounts they could handle, interest | | | | offering their best fixed rate loan terms. |
| rates are low. President Obama has passed legislation | | | | 2) The shorter the term, the lower the interest rate. |
| that makes it easier for many homeowners who are | | | | Many people choose to secure a 10 year fixed loan to |
| underwater or upside down, to refinance their current | | | | pay the least amount of interest. Of course, even |
| loans at lower rates and better overall terms. | | | | though the interest rate is lower, the monthly payment |
| Whether you are in this situation, looking to purchase a | | | | will be much higher because you are paying off the |
| new home, or trying to refinance your existing home | | | | principle in a short amount of time. Some people go |
| loan, no doubt you want to find the lowest fixed rate | | | | with as long as a forty year fixed mortgage to get the |
| mortgage rates available. There are two basic things | | | | smallest monthly payment possible. The interest rate |
| to know. | | | | will be higher. |
| 1) You will find the lowest mortgage interest rates | | | | The lowest fixed rate mortgage interest rates going |
| online. When you are researching rates online, you are | | | | now will be around 4%, if you have stellar credit, good |
| able to compare rates, fees, and closing costs being | | | | debt to income ratio, and other factors. |