Are you thinking of buying a house?

I bought my house five years ago in the middle of the housing boom. The market was wonderful for both sellers and buyers. Zero down loans were readily available and easy to qualify for. How quickly things have changed here in only five years. I feel incredibly fortunate that I knew a little about the mortgage industry, having worked in an office back in the early nineties. When I went to my bank, I was adamant about having a fixed rate loan. It didn't matter to me that I could have had an adjustable at 3%. I wanted the security of knowing that my payments would be the same for the next 30 years. Now 5 years later, we are seeing what the no money down, adjustable rate mortgages are doing to the housing market and the foreclosure rates.

With the housing market in a slump, if you've been thinking about taking the leap from renter to homeowner, now is the perfect time to look into making that dream come true. It's definitely a buyers market nowadays. The first thing I would recommend that you do if you are thinking of buying a house is to get a Mortgage Quote and get yourself prequalified for a mortgage. When searching out a mortgage, take into account many things including interest rate and escrow standing. Do you want to be responsible for your own taxes & insurance? A lot of mortgage companies are willing to look into this provided you meet the criteria. A lot of people, me included, prefer to have that escrowed into their monthly payments. The interest rate most likely will not vary that much between lenders, unless you've got a broker that is bumping your rate to make their commission. So it never hurts to shop around for mortgage rates if you feel that the rate you're being quoted is too high. There are many factors that go into what rate you are quoted though, so what may be a great rate for your Uncle Charlie may be unobtainable for you. Seek out a qualified mortgage broker and realtor if you are thinking about buying your first home. Take advantage of this fabulous buyers market. Hopefully it will turn back to a sellers market soon.