Thanks to a more competitive marketplace and housing and credit markets that support home buyers, it has rarely been easier for home shoppers looking for cheap mortgages.

With rates and historic lows in many parts of the world, including in the US where current 30-year fixed rate loans go for less than 4 percent in many instances, buyers can make home buying a great investment and buy more home than they might normally be able to afford.

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To get the best value on your mortgage you need to know your loan options and understand the market. The home loan market includes mortgage brokers and mortgage lenders. The lenders are the ones that actually originate the loan process and fund the loan. Brokers serve as a go-between and help connect prospective borrowers to the best mortgage alternative in their given situation.

Refinancing to a lower rate has been very popular in the last few years as well as many home owners have taken advantage of the opportunity to get better positioned to pay off their loan over the long run. Even a 1 to 2 percent decrease in your rate can save the typical home owner tens of thousands of dollars over the life of a home mortgage.

Disclosure: I have been compensated for this post. Any opinions are mine.

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