Loan Shopping

Right At Home Daily: Ilyce's Corner
Loan Shopping
Ilyce Glink for Right At Home Daily

Although the economy seems headed for a recession, homebuyers are out there in droves. Why? Interest rates are at historic lows.

How can you take advantage of these low rates? Get pre-approved for your home loan before you start shopping. Have your lender confirm your loan approval in writing. If the bidding gets tough, you can always drop the financing contingency knowing that you're already approved for your mortgage.

Don't worry about locking in at the right moment. Many lenders are offering "float down" loan programs, which allow you to choose the lower of the rate or the current interest rate at closing time.

And if interest rates should drop after closing, check out a zero point, zero fee refinance (available from many lenders).

Ilyce Glink is the bestselling author of 100 Questions Every First Time Home Buyer Should Ask, and is the Managing Editor of Right at Home Daily.

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