With the economy in its current state there is lot of things going on. Some people are experiencing foreclosure while others are looking to purchase those same foreclosed homes. These are times which do allow some to prosper during unfortunate circumstances. Even though credit is tight and banks are not as willing to lend money as they were in the past because of the risk they will have to assume, there are some who can still get a mortgage.
The advantage of getting a mortgage right now lies in the fact that home prices have almost hit rock bottom and what was unaffordable only two years ago has suddenly become very affordable. We are looking at some pretty good rates for mortgages as well.
In times past whenever someone wanted to purchase a home they would go find the home they wanted and then they would attempt to get the mortgage loan by applying at their local bank or Mortgage Company. There is however a more efficient process to follow in the pursuit of a mortgage. You can first see if you qualify by determining the amount that you have to spend and what size payment can you afford. The print media will for the most part give you an idea of what’s available.
A good avenue to pursue and one that seems to be standard in the industry is prequalification which is when a lender will let you know if you are approved for borrowing funds and how much of a loan you qualify for. Once you have this information you can save yourself a lot of time and hassles. There is no since In applying for a home that is way out of your budget. If you run through the entire process without prequalification this can be pretty frustrating once you get to the end and find out the home you fell in love with is out of your budget.
If you are prequalified you are armed with more bargaining power with you have discussions with the seller. Another step to consider is locking in your rate as soon as you find out that you have been prequalified because this helps you in determining what your mortgage payment will be. Even though you lock in your rate you still want to be able to negotiate for a lower rate should they drop when it is time for you to close on the deal. Check with your lender and see if this option is available to you.
If you are ready to purchase and you want to see what’s available in your area in terms of mortgage rates then it would be a good idea to contact HSH Associates which is Jersey-based Company that tracks mortgage rates across the nation and even offering same day payday loans benefits. You can get a printout of lenders and rates from any area but there will be a fee for this service. The phone number for them is 800-873-2837 and you can contact them on their website which is www.hsh.com.