Figuring out where to get a loan with the best rates isn’t easy, but it’s still possible even after the credit crunch America has experienced in recent years. With a little research and persistence, it is still possible to get a great personal loan. Many loans are still ridiculously high despite the influence of the Federal Reserve on rates that they expected to trickle down to any and all loan type products.

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

1. Mortgages

2. Lines of credit

3. Home equity loans

4. Auto loans

5. Credit cards

6. Student and personal loans

About Mortgages

There are many things that affect mortgage rates, and of course there are several different types of rates, from fixed to adjustable. Fixed rates are always relative to the current state of the economy. They are also subject to investor expectations. They typically have long-term interest rates through Treasury notes rather than short-term personal loans that are regulated by the Federal Reserve.

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

Of course, that’s not to say there aren’t great rates for those who don’t consider themselves “perfect” borrowers. Making a larger down payment or borrowing less money will help you get a personal loan, whether for a mortgage or other purpose, that is at a much lower rate.

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

How much these points reduce the mortgage or loan rate depends on the market at the time of the loan. It’s smart to pay points because it not only reduces the interest for the entire life of the loan, but also reduces the monthly payment. Consider how long you’ll own the home to determine if it’s a smart move. Most homeowners sell or refinance within 5 years of owning, to give an idea.

Line of credit with mortgage guarantee

Many prefer to take advantage of a home equity loan rather than try to obtain a loan elsewhere. In this case, the borrowers get the money immediately and in a lump sum. The loan is set at a fixed interest rate, allowing them to make the same payment every month for the entire term of the loan.

These types of personal loans are lines of credit that allow the borrower to withdraw money periodically when necessary. The interest rate can be different, depending on what is called the prime rate. The borrower may have the option to make interest-only payments for a specified 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 your credit profile and get a loan when interest rates are at their lowest.

Competitive rates and flexible terms are just a click away, and you’ll have money from trusted lenders deposited directly into the account of your choice. Applications are free, so fees and loans depend on the person and the provider.