Lenders have been spotted offering the 30-year fixed loan at an average of 3.32%, according to Freddie Mac.
Palm Beach, FL (PRWEB) November 30, 2012
Consumer Daily developed a mortgage rates comparison tool to solve a difficult dilemma. Many of the banks and lenders with exceptionally low rates can be difficult to find. Consumer Daily now has a tool that searches through two databases of lenders to display more refinance rates.
For example, for the most common type of home loan, 30 year fixed, the following monthly payments have been found for two different lenders and also two home loan amounts:
Homeowners with a $250,000 balance;
Lender (lowest): $1,054/month;
Lender (highest): $1,123/month;
Homeowners with a $150,000 balance;
Lender (lowest): $632/month;
Lender (highest): $674/month;
Just by the difference between two lenders, homeowners can save nearly one month’s mortgage payment.
For late-November, these common loan types have found with the following mortgage rates:
30 year fixed: 3.2%
15 year fixed: 2.7%
For many consumers, a 30 year mortgage offers the best options for home ownership. With the longer repayment term, monthly mortgage payments are lower than with a 15 or 25 year mortgage. Depending on the location, the mortgage payment may even be cheaper than the average cost of rent. A longer mortgage also means that homebuyers the will pay more in interest over the lifetime of the loan. In order to combat the expenses of interest, finding that lower rate becomes more essential.
Check today’s refinance rates from two large databases of lenders; they are available here.
In Consumer Daily, the users only need to provide their home value, zip code as well as mortgage amount to instantly receive rates coming from numerous lenders and banks. Consumer Daily is located at Palm Beach, Florida but displays rates across all of the United States of America.