Figuring where to get a loan with the best rates isn’t easy, but it’s still possible even after the credit crunch the United States has experienced in recent years. With a bit of research and persistence, it’s still possible to get a great personal loan. Many loans are still ridiculously high in spite of the Federal Reserve’s influence on rates which they’d hoped would trickle down to each and every loan type product.

It’s smart to know what determines interest rates in order to strike a better deal when wondering where to get a personal loan. A bit of research will help a person learn how to get the best rates on the following.

About Mortgages

There’s a lot that affects mortgage rates, and of course there are several different types of rates from fixed-rate to adjustable. Fixed-rate are always in relation to the current state of the economy. They are also subject to the expectations of the investor. They usually have long-term interest rates via treasury note as opposed to short-term personal loans that are regulated by The Fed.

ARMs or adjustable rate mortgages are affected by short-term rates. For those looking to find where to get personal loans at the best rates, they should prepare a portfolio that shows stable income, and a great credit score. A score of 740 or more is best. If they have a down payment that will also help, and cash reserves on top of that makes them a prime borrower.

Of course, that doesn’t mean there aren’t great rates for those who aren’t considered “perfect” borrowers. Making a larger down payment or borrowing less money will help get a personal loan, be it for a mortgage or other purpose, that’s a much lower rate.

Another way to reduce rates when searching for where to get personal loans is to pay an origination free up front, or even what are called discount points. This is simply a percentage of the loan amount that helps decrease the interest rate. Of course, this means one will pay more at closing if mortgage related.

How much these points lower the mortgage or rate of the loan depends on the market at the time of the loan. It’s smart to pay points because it reduces not only the interest for the total life of the loan but also lowers the monthly payment. Take into account how long the home will be owned to figure out if it’s a smart move. Most homeowners sell or refinance within 5 years of ownership, to give an idea.

Home Equity Line of Credit

Many prefer to take advantage of a home equity loan in lieu of trying to get a loan elsewhere. In this case, borrowers get money right away and in a lump sum. The loan is set at a fixed interest rate, which allows them to make the same payment every month for the entire loan term.

These type of personal loans are lines of credit that let the borrower take out money periodically when necessary. The interest rate can be different, depending on what is called the prime rate. The borrower may have the choice of making interest-only payments over a set period of time.

In any case, to get the best rate when looking for where to find personal loans, it’s best to be aware of one’s credit profile and secure a loan whenever interest rates are at their lowest.

Competitive rates and flexible terms are a click away, and you’ll have money from trusted lenders deposited directly into an account of your choosing. Applications are free, then fees and loans are up to the individual and the provider.

Be matched to premiere lenders for a personal or short-term loan with ease when you work with Willow Loans. Regaining control of finances even with bad credit is the goal of this growing company that provides a quick and easy method for application online.