Is the current housing market and mortgage crunch going to affect your new home purchase? Now is the time to look for a bargain, if you have good credit and some hard cash to put down as a down payment.

Gone are the days of 125% financing, so some of your capital will have to be used. Stick with a traditional 30 year mortgage just like your parents did, and you should be just fine. Stay clear of any special introductory rates or ARM type of mortgage vehicle….they just cost more in the long run.

Buying a bank forcloseure or pre-forcloseure is a wise choice if you dont mind doing some remodeling or upgrading to the property. The typical forclosed home needs a lot of upgrades and repairs to bring it up to snuff. You might be eliegeble for a home remodel or home equity loan immediately after your purchase. Home equity loans are easy to obtain and their rates and closing costs are usuallly less than a traditional mortgage would be.

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