The key here (and this is very important), is to find an excellent real estate agent. I can’t stress enough, how important it is to have someone on your side, who understands lay of land. Don’t go at it alone. Just go find someone knowledgeable, who you can trust, and who is ready and willing to roll up their sleeves, and go to work for you.

4.Uncreative Financing:

As of writing of this article, rates are still very, very low. Anything below 7%, for a fixed rate, in my opinion, is totally workable.

a)Between 1979 and 1990, fixed interest rates ranged from 11% to 16% on average. This is highly unusual historically, of course, but it is an excellent benchmark, when you evaluate how good, or bad, things are right now.

b)So as you’re exploring your choices, don’t lose sight of big picture. Getting your foot in door is more valuable, then being left out in cold.

c)One other important point. For all those homeowners that purchased in 80s, do you think they’re terribly concerned now about ebb and flow of rates? Do you think they kept their 11% fixed rate loan, or do you think they refinanced when it dropped down to 6% (or paid house off by now). I’d venture a guess, that virtually all of them; have a nice, hefty, bulky, attractive pot of equity sitting on their front porch step today.

5.Buying a Home when Rates Go Down:

When rates go down, of course, it’s obvious that getting a loan and buying a house is extremely attractive.

a)But when rates go down, there is a lack of homes on inventory.

b)Can you say, “Non-negotiable”, or “bidding war”, or “oops, sorry…Already sold!”

c)When rates go down, seller is in driver’s seat, and buyer is running around with checkbook in hand, yelling “Where do I sign?”

Keep that in mind. Which would you prefer? Personally, I dislike high rates, but I LOVE being in drivers’ seat. I guess in end, you’ve just got to work with whatever environment exists today. Any way you look at it, you can’t stop and wait until cards stack up in your favor. You just have to dive in, and get started. If you like to be creative, if you like opportunities, and if you like to be in drivers seat then rising rates shouldn’t bother you in slightest. Renting is more of a crime to your finances, in long run.

We’ve enjoyed providing this information to you, and we wish you best of luck in your pursuits. Remember to always seek out good advice from those you trust, and never turn your back on your own common sense.

Publisher’s Directions: This article may be freely distributed so long as copyright, author’s information, disclaimer, and an active link (where possible) are included.

Disclaimer: Statements and opinions expressed in articles, reviews and other materials herein are those of authors. While every care has been taken in compilation of this information and every attempt made to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. The author will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.

In order to help you in your online search for a better home mortgage rate, I have listed a few tips and questions below:

Will your credit rating be a hindrance to a new loan?

Will lender work with you if you have bad credit?

Are you getting a new loan to refinance your rate? Or are you getting a loan for a secondary reason (paying off debt or home improvement needs for example).

Have you seen your credit report lately? Is it accurate?

Are there steps that you can take in short term to improve your credit score before you get mortgage quote (such as paying off small debt or challenging negative items on your credit report)?

Does site giving mortgage quote, give you a quote from more than one lender? Some sites give you quotes from up to four lenders at once.

Is quote free? Also, you should be under no obligation should you decide not do business with lender.

These are just a few of points that one should remember when searching vast resources of Internet for answers to your financial questions. If used wisely, a new mortgage could be step that changes your financial future for better.