How to Get the Best Rates When Buying A Home

For those with good credit and sufficient assets it's a fantastic time to buy a home. There are so many homes on the market the advantage has definitely shifted to the buyer. As a buyer you have a great opportunity to find the perfect house, and you might even be able to negotiate the seller into a better price.
If you have been working in the same line of work for two years or more, as either a W2 employee or a self-employed entity, and have not missed a mortgage payment or a car payment or a credit card payment in that time, chances are that your credit is in good standing and you will enjoy the low interest rates currently available. For good credit standing it's also essential that you do not have any credit cards that are "maxed out".
Furthermore, it's also important that your down payment come from seasoned funds that have been in a liquid asset account for a minimum of 2 months. In addition to your down payment, have some extra money in a savings account, 401K, etc.; enough to cover 2-6 months of your future mortgage payment including principal, interest, property taxes and homeowner's insurance.
To get the best rates, put down a minimum of 20% of the purchase price. You can put down less, but the remaining loan will be in the form of a second mortgage and that mortgage will have a higher interest rate. Maximum you should borrow to keep your interest rates low is 90%.
The above situation does not apply to those who have just sold a home and are exchanging (1031 exchange) it for another within the allotted time frame, so as not to pay taxes on the capital gain.
If you can qualify for the best rates, a 30 year fixed mortgage is presently at a very low 5.625%.
If you wish to find out more about YOUR specific situation; how much house you can qualify for and at approximately what interest rate, you can go to my website and put in your information. I will receive your request by email and contact you soon afterwards. Refinances are also welcome.
Good Luck and Happy Hunting.