The mortgage rates are at historic loans, which is giving consumers the opportunity of a lifetime.
Not only can you buy great real estate at rock bottom prices, which is sure to be a great investment, but you can purchase that property with cheap money.
If you already own a home, you may be able to refinance your existing mortgage and reduce your payment as much as $600 a month.
That's the equivalent of two car payments! But are you sure you can qualify to obtain one of these mortgages with the rest of America, or will your credit prevent you from getting approved? While the banks do have stricter standards than they have in the past when it comes to loan approval, they are desperate for business.
With real estate sales low and people afraid to spend money, there are record low loans being sold.
Banks rely on the interest on these loans to stay in business, and they may be willing to negotiate with you.
While your credit score may not be perfect, you'll want to make sure your score is at least around the national average.
You can find that information for free by using the links below to find where you currently stand.
From there you'll know exactly what type of loan rate you can get approved for and what, if anything, you need to do to increase your score a few points.
With the number of errors that credit reporting agencies typically place on credit reports, you can likely increase your score several points just by getting those mistakes removed - which can be done by submitting a simple online form.