Our economic reality looks very different today, and has endured the ups and downs of a turbulent and uncertain time in recent years. For those who have withstood the craziness of the last few years, and are ready to take the plunge into home ownership, there’s never been a better time.

Interest on borrowed money is at historical lows. Housing prices are lower than they’ve been in years. And people who have been patiently waiting on the sidelines are now ready to take the plunge into home ownership.

Most lending institutions have tightened credit regulations, shutting out some potential borrowers. But if you have been able to maintain a good credit record in the last few years, this is a great time to consider buying a home.

Having weathered the economic tsunami of the recent past, lenders are resetting lending guidelines and reassessing risk assessments. Most people feel like the worst is behind us, and lenders recognize the need to make loans, both for their short term performance metrics and longer term survival. So, for people with decent credit scores, this is a great time to secure financing from a lender.

Interest rates, while at historical lows, are expected to rise in the coming years. And this is an important indicator of what your total financial obligation and monthly payment will be. Lower interest rates translate to lower payments, and represent a huge total savings over the life of the loan. If you qualify, now is the time to secure a low interest loan.

Three important steps to consider when securing a loan:

1. Check your credit rating and reported credit history. There are three credit reporting agencies in the U.S. – Equifax, TransUnion and Experian. You are entitled to receive a free credit report from one of these agencies once every 12 months. A review of your credit report gives you the opportunity to ensure accuracy, correct inaccurate information and provide explanations for credit blemishes on your report. For a small fee, these agencies will also provide your credit score, which will be one of the primary factors that lenders will look at when assessing your credit-worthiness.
2. Apply for pre-approval. Home Lender Depot can help you get pre-approved for a loan. A pre-approval provides you with clear guidance on how much house you can afford, and provides peace of mind that any time invested when looking for a house will not be wasted.
3. Decide what type of loan is best suited for your individual situation. The most common loans today are fixed rate 15 and 30 year mortgages, and adjustable rate mortgages (ARM). Each has their own benefits and drawbacks. Considering the payment implication and total payments over time of the different types of loans, coupled with your own financial profile and need for certainty will help you decide on what loan makes the most sense for you. Again, Home Lender Depot can give you a broad range of options, and help guide you in making the best decision for your own personal situation.

It’s a great time to be buying a home. Let us help you find the right mortgage to take advantage of the positive trends in today’s home market – Call 800.470.0099 to speak with a loan expert today or simply apply online.