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How Do I Get the Lowest Rate?

Generally loans with shorter terms have lower interest rates, but they also have higher monthly payments because the loan is being paid back over a shorter period of time. A benefit of a shorter term is paying less interest over the life of the loan.

Variable rates are generally lower initially than those on fixed rate loans, but can change monthly. When a loan has a variable rate, the rate changes periodically to reflect market conditions. The rate on a variable loan can go up or down depending upon the index the loan rate is tied to. There is a built-in ceiling on how high a variable rate interest rate can rise so that it never exceeds a specific rate. The highest rate that can be reached varies by loan.

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