If one is seeking to buy a home these days right now is a perfect time
. For one home prices are very low. The second reason for this is that mortgage rates are at the lowest they have been in over thirty years. For many people getting a mortgage loan can seem like a daunting task. The reality is that more people are buying homes these days than ever and the process is to the point its almost streamlined.
The number one factor that people have on their mind when buying a piece of property is their monthly payment and what type of mortgage rates they will qualify for at the time. because of the market its a pretty level playing field when it comes to getting a mortgage. The number one factor that determines what kind of mortgages rates are available to a person is their credit score.
With a high credit score a person can expect some pretty low mortgage rates. Its kind of like a teeter-totter on a playground; the lower your credit score the higher the interest rate that will be obtained. Another factor that affects mortgage rates is the amount of money a person is willing to put down, and if they are willing to pay any points. One point equals one percent of the mortgage. A person can effectively buy down the interest rate on a mortgage by paying points up front.
If one is buying a home then the best thing to do is to get pre-qualified by a lender to find out what they qualify for. The best place to start looking is the bank or credit union they already have a banking relationship with at the time. Its sometimes easier to get qualified this way. Another way to go about this is to go online and go to any number of websites that are put out by banks and mortgage companies. Many of which can help with any FHA or Va loan program details.
The bottom line is that with both home prices low and mortgage loan interest rates low the time is now to act.