For many seniors one of their greatest sources of security is their home. It not only provides a comfortable and familiar environment, but it provides a sense of independence and a source of many fond memories. The equity in that home represents a financial nest egg and a legacy for them to pass on to their family. With the ever-increasing cost of maintaining a home, along with the overall rise in...

Low mortgage rates are spurring the recent boom in home ownership

Syd Johnson

Anyone serious about buying a home has seen the recent ads offering low mortgage rates for first time buyers and current homeowners. One reason for this mass of offers is that most financial institutions now understand the economic importance of having home owners as a part of their clientele.

The advertising for low mortgage rates is specifically designed to bring in customers who never thought that they could qualify for a home loan. Who are these customers in demand?

Lenders are going after non traditional borrowers
First time buyers, single buyers, minorities, women and other groups that might have been shut out of the home ownership market in the past. If you’re a member of one of these groups you might have received mailings, phone calls, or seminar invitations to give you more information on how to get your own home, and how to do so with low mortgage rates.

Seriously consider low rate offers
If you are thinking of getting a home within a year or two, don’t hesitate to take advantage of these offers. It is highly unlikely that mortgages will remain at these low levels for a long time. Also, even if they did remain low, things can easily swing back to the days of the early 90’s when only people with excellent credit could get low mortgage rates.

Get started online
You can get started by getting prequalified online. The internet gives you access to many more resources than you can find locally. Look online for low mortgage rates, fill out an easy application and a lender will call you back to let you know if you are eligible for a low rate home loan.

Don’t be tempted to take the first offer that comes your way. Shop around, compare and then sign your documents.

About the Author

This article may be freely distributed as long as there's an active link to http://www.rapidlingo.com
Syd Johnson
Editor

The latest information and news on Mortgages:

Yahoo! News Search Results for mortgage

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Yahoo! News Search Results for refinance

Refinance may limit financial flexibility (Bankrate.com via Yahoo! Finance)
Reduced financial flexibility may be the price for a home refinance that lowers your mortgage rate.
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(AFX UK Focus) 2010-03-12 13:34 RLPC-Mubadala looks to agree $2.5 bln refinan...
LONDON, March 12 (Reuters) - Abu Dhabi government-owned Mubadala Development Company has invited banks to participate in a self-arranged $2.5 billion, three-year club loan to refinance existing debt, banking sources close to the deal said. Pricing on the revolving credit will not be set until the en...
Coal producer ICG prices stock, debt offerings (AP via Yahoo! Finance)
International Coal Group says it's priced stock and note offerings it's using to refinance debt. The Scott Depot-based company says in a regulatory filing Thursday that it's also upped the size of the offerings.