San Diego, CA (PRWEB) June 08, 2013
A new article on LoanLove.com gives tips to home owners on how to benefit from the highest mortgage savings by acting now to apply for a home loan or refinance their mortgage. The team at Loan Love points out that it is quite unlikely interest rates will get any lower and economic indicators seem to be showing rates will continue to rise this year and beyond. Because of this, those who wish to find the lowest rates for their home purchase loans or for refinances should start shopping around as soon as possible.
With mortgage rates on the rise and no indication that they will return to the former record lows of last November and early this year, it only makes sense for those seeking the best rates to act now. As the Loan Love articles says: “A lower interest rate – even a modestly lower rate – can mean HUGE savings over the life of a loan, and not just a few hundred or even a few thousands but tens or even hundreds of thousands of dollars can be saved with just a modest decrease in interest during the life of a 15- or 30-year loan.”
While shopping for a loan may not be the most enjoyable task, it is well worth it to look at the details, compare rates and do the research to find the low mortgage rates that will mean big savings down the road. Mortgage calculators and other such tools can help those who are looking for the best loan options to find what they are searching for much easier. Free mortgage calculators, such as those found on LoanLove.com, enable the home owner to play around with the different options so that they can see which one would benefit them the most in their mortgage scenario.
Those who are planning a mortgage refinance should also take the opportunity to lock in lower rates as soon as possible. The fact that rates are much lower right now than they were a few years ago and probably lower than when the original rate was locked in, means that home owners can really benefit from refinancing at this time. Another point that the Loan Love article makes is that homeowners do not need to feel boxed in by their current loan structure. Lower rates mean that someone with a 30 year mortgage may be able to switch to a 15 year mortgage without paying substantially more each month. Other options such as adjustable rate mortgages (ARMs) might be a good option too, depending on the homeowner’s situation.
No matter what type of loan is eventually decided on, the take-home message from the article is that the time to act is now. Even a small delay can mean the home owner will end up paying a lot more over the life of the loan. Those who would like more information on applying for financing for a home purchase or those who would like to know more about finding the best refinance rates, can visit LoanLove.com to read the full mortgage savings article and benefit from the other resources and tools available on the website.