Is Buying A Home Now Right For You?

(NAPSI)- Mortgage interest rates are at their lowest levels in several years-currently around 5 percent for most 30-year fixed-rate conventional loans (under $417,000). While many fixed-rate products are enjoying historically low rates, so are many adjustable-rate mortgage products. The key is finding the right home and mortgage product for your household budget.

These low interest rates, combined with a large inventory of houses to choose from, make 2009 a very good time for consumers to take advantage of homeownership. Qualified buyers are finding suitable homes of all types in just about every neighborhood across the country.

However, these seemingly optimal lending conditions are not without a few caveats.

While there is a multitude of mortgage options available to potential homeowners, sensible lending is the key to sustainable homeownership and community stability. As such, lenders are committed to only underwriting loans that make good financial sense for all parties involved.

In a nutshell, a substantial down payment, a good credit history and a steady income can equal a very affordable and manageable monthly mortgage payment. Qualified homeowners looking to refinance and potential new homeowners who meet these requirements are ahead of the curve in the current housing market.

David Kittle, Chairman of the Mortgage Bankers Association, reaffirms that now could be an ideal time for consumers to buy a house if it is the right time for them.

"Mortgage rates are at their lowest levels since 2004. There is no better time for qualified home buyers, in many housing markets, and homeowners looking to refinance to take advantage of this opportunity. The lending community remains steadfast in its efforts to approve only borrowers who meet the appropriate conditions for repaying a loan," he said.

For more information on finding the loan that may be right for you or to increase your understanding of the home-buying process, please visit www.homeloanlearningcenter.com.

Many Americans are discovering that now is an excellent time to buy a home.