Mortgage Loan Refinance Guru

Rising mortgage rates, reports of a (slowly) recovering housing market, and the pending expiration of the first time home-buyer tax credit could inspire would-be homebuyers to get in while the getting remains affordable. The S &P/Case-Shiller home price index indicates a one percent increase in home prices within the last month for 20 key areas, but home prices are still down an average of about 11 percent over the same time last year.

As first-time homebuyers scramble to close mortgage loans before the federal tax credit program expires on November 30, there is talk of extending the program until sometime next year; proposals allow for extensions from March 2010 to December 2010, but nothing is cast in cement yet. It seems likely that the Senate will extend the program as economic forecasters suggest that home prices could fall another 5 to 8 percent after the program ends. It’s possible that an extension of the homebuyer’s tax credit would allow all buyers with incomes under $300,000 to qualify. This could further jump-start the housing market.

Rising Unemployment Discouraging Buyers

In spite of near-record low mortgage rates, and great deals on homes, many consumers continue to wait on buying a home or shopping for mortgage refinancing. Economic uncertainty and fear of unemployment have consumers in a holding pattern that doesn’t bode well for the housing market. Those of you who are confident about buying now can likely find significant incentives offered by home builders and anxious sellers of existing homes.

Mortgage Rates: Not the Only Game in Town

If you’re financially prepared to buy a home or are looking for mortgage refinancing, get mortgage quotes from several lenders and see what’s available. This remains a buyers’ market, so aggressively negotiating the terms of your home purchase and mortgage loan can potentially save money. You can prepare for getting the best mortgage rates include improving your credit scores and increasing your down payment.

Online Mortgage Calculator Tools: Shop and Compare Mortgage Loans

The best reasons for buying a home are that you want to and are financially prepared. Don’t get pressured into buying a home before you’re ready. Researching home loans, getting mortgage quotes, reviewing your credit reports and using online mortgage calculator tools can help you plan for buying a home. You, your home, and your mortgage loan will likely spend several years together, so taking time to find the home you want, and financing it with a mortgage loan that matches your finances can help ensure your enjoyment of your home for years to come.