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Taking cues from history leads to strong mortgage deals

Posted by  on Nov 02, 2010
 

Some of the lowest mortgage rates in American history have started showing up on quote sheets, yet many prospective homeowners have remained reluctant to lock in on the home of their dreams.

The Economist notes that we've become skittish after decades of obsessively shopping for cheap mortgage loans. Some of us worry that we'll miss out on a better deal tomorrow if we close a deal today. Instead of living in fear, think about whether mortgage lenders can help you turn a tough economy into a huge win for your family.

Just like 1974?

Time Magazine wrote about a sudden downturn in housing that frightened consumers into staying on the sidelines of the real estate market. Except, that article wasn't written in the past few years. It's from October 1974.

Just like today, Americans faced a financial crisis that tested their resolve. Time's writers chronicled the struggles of consumers looking for mortgage loans on houses that cost just $69,000, at a time when most mortgage lenders required down payments of 20-30 percent.

Yes, our generation has to deal with the fallout from robosigners and the sudden crash landing of a hyperactive mortgage loan system. However, we have the power to get through this, just as we did 36 years ago. Even if financial policymakers don't always inspire the best headlines, a family with a stable income and good savings has more going for it than many of the home buyers Time profiled in 1974.

Find your dream home

Many mortgage brokers can find good deals for shoppers with just ten percent of a home's assessed value ready to drop into a down payment.

If you've found the home where you want your kids to grow up, or the property you want to grow old on, you'll probably never find better mortgage loan offers than right now. Asking for mortgage quotes is only part of the process. Look at your household budget to figure out whether you'll be able to reliably make monthly mortgage payments, even if you sustain an unexpected loss of income in the next year.

Mortgage lenders stand ready to offer solid quotes to families who have prepared themselves for long-term home ownership.

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