Real estate season is picking up, and with the housing market showing early signs of improvement, more and more people are scoping out For Sales signs to buy a new home. Still, before homeowners can get that perfect piece of real estate, they’re going to have to navigate the mortgage industry. And the good news is that mortgage rates are continuing to drop to record lows; CNN Money reported 15-year mortgages with an average interest rate of 3.11%.
It’s not just about finding the best rate though. If you’re just entering the housing market or are looking to refinance for the first time, you may not have any idea where to start. From Fixed Rate and Adjustable Rate to Interest Only and FHA, there are enough home loan options to leave your head spinning.
Luckily, the good folks at New American Funding, a direct mortgage lender, have your back. They’ve put together a short quiz that can help you determine which home loan is right for you