Seriously consider low rate offers If you are thinking of getting a home within a year or two, don’t hesitate to take advantage of these offers. It is highly unlikely that mortgages will remain at these low levels for a long time. Also, even if they did remain low, things can easily swing back to days of early 90’s when only people with excellent credit could get low mortgage rates.

Get started online You can get started by getting prequalified online. The internet gives you access to many more resources than you can find locally. Look online for low mortgage rates, fill out an easy application and a lender will call you back to let you know if you are eligible for a low rate home loan.

Don’t be tempted to take first offer that comes your way. Shop around, compare and then sign your documents.

The blanket mortgage is a way to do all of your financing with one mortgage application. It covers both current properties that can be used as collateral and potential properties that will arise once a plot of land is developed.

Individual homeowners can use blanket mortgages to cover construction of a new home while they are trying to sell their existing property. Once old property is sold off, blanket loan is reduced by dollar amount of equity in previous home. Some lenders will allow you to pay interest only on amount that is budgeted for construction of new property.