Taking Advantage of Low Rates

Continued unrest in the Middle East, unemployment rates at the highest level in recent memory, and a bad housing market that hasn't been able to get out of the starting gates. The silver lining, if there even is one, is the low mortgage rates that are available for new home purchases and refinancing.

My current 30 year mortgage is in the low 6 percent range which, when I got it back in August, was considered low because the average 30 year was around 6.5%. I'm back talking with my mortgage broker now, as the average 30 year is now around 5.5%. I'm fortunate enough to have a high credit score and a favorable loan-to-value ratio on my house, which will allow me to get the lowest rates around. I'm hoping for a 4.75% mortgage with no points and no closing costs, which I'm getting lock-in for as we speak.

Mortgage rates are at the lowest levels in literally decades, and those that don't take advantage are squandering a golden opportunity. My monthly mortgage payment is going to decrease by nearly 20 percent. That's hundreds of dollars each month I'll be saving and, over the life of the loan, it's literally well into the six figures that I'll be saving.

For those out there that are shopping for a new home or are thinking of buying a home, use this mortgage calculator to see how a monthly payment will be at today's rates. You'll get the best rates if you have a high credit score and are making a 20% down payment. Visit this page to see what mortgage you will qualify for.

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