Look for bankers to remaining skeptical and money being tight.
At the same time look for up and coming outstanding deals and if rates hold incentives and programs to get you buying.
A few helpful tips to insuring success: Credit, Credit, Credit Start my reviewing your Credit as your Credit Score (rating) is even more important than ever before.
Even a few credit score points in the wrong direction can mean a higher monthly payment and tens of thousands of dollars over the life on the loan or not qualifying at all.
DO NOT WAIT, review your credit today! I would say 90 days out from even starting the process of looking for a place or a refinance.
This will allow time to make adjustments in the event you have incorrect information on your credit or have a few credit issues to address.
Become a Pro in your market If looking to buy in 2010 start training now.
When the market bottoms out in your neck on the woods the investors will roll in so get your ducks in a row ahead of time.
Start researching your desired market, get a local real estate agent to keep you posted on sales in the area you want to live in.
They can easily access there MLS database and shoot you the info via email or fax.
Know your market inside and out, become the local pro so you can clearly know a horse in the mouth when you see one.
Picking the right Real Estate Agent The days of helping out a family member, friend, etc who is an agent by throwing them your business is long gone.
Always pick an agent who lives in the area you want to live in.
Find someone that has or had kids in local schools and knows the community from not only selling homes there but living there as well.
Anyone can write up a seller's contract, you need an agent that has skin in the game, full involvement, (no weekend warriors).
It is Important to remember agents want to get paid so they push for a 30 time frame and getting a loan done in 30 days in today's market may not be realistic.
I always ask for a 45-60 day escrow with the option to closing earlier.
You are the boss not the agent, your goal is to get your home and the best deal and it is not to get your agents commission first.
Oh no, working with a lender A lender is like a grocer, they have products to sell and the products in this case, loans packages are the very best available.
Well that's what they want you to believe.
A lender pays its Loan officers (LO's) for the most part commission only and the LO wants the biggest commission possible so they sells you the type of loan that pays them the biggest commission.
The best loan is the one that is right for your short term and long term plans.
Don't get sold on a loan package because it is the only one your lender offers or pays them the highest commission.
Play it safe and get quotes from a main stream lender, and a few local mortgage brokers as they work with many lenders and have more options.
Let them clearly know your shopping them right up front.
When is the right time to buy? The right time is when it is right for you.
With that said, the very lowest price is what we are shooting for when purchasing anything.
Become a pro of your local market and you will see the moment when the tide changes, that wonderful sweet spot.
When the market does get wings look to see rates start to climb so know your market, have your finances in place and make your well planned move.
In closing This may be the greatest time in our lifetime to simply get the best deal in the world.
Take the time to know your desired market, get your finances in order well in advance.
With a little prep work your dream homes awaits you.