Now is a great time to shop for a mortgage

The mortgage meltdown is causing a lot of people to panic. For people like me that have been on the sidelines, this may present a great buying opportunity. Homes almost everywhere in the U.S. are overpriced. Now with the bubble bursting, they're coming down to normal levels.

People like me that have been sitting on the sidelines have a great chance to jump in and buy property. Even mortgage rates are cooperating. They're not as low as they were but they're still at a respectable level. I still have another year of school left but I'm keeping an eye on rates. When I'm done and I'm ready to buy, I want to make sure I get the best rate possible.

I'm ready to buy a condo

Buying a condo is a scary proposition. I've been looking at prices and my head starts spinning. I can't believe some of the asking prices that people are asking. The asking prices aren't out of the norm, they're just expensive. I'm only looking for 2-3 bedrooms and 1 to 1 1/2 bathrooms. I don't expect to pay anything less than $100K. I think I should point out that I don't live in a pricey area.

$100K for a condo has me shaking my head. I don't want the maintenance issue with a house which is why I'm looking for condos. I've already starting researching properties as well as mortgages. I spend a lot of time reading a blog that offers mortgage tips. There's a lot of great information available on the site.

One of the things I learned is that subprime lenders are running scared. They're not offering mortgages to just anyone anymore. They've tighten up their standards once again. Piggyback loans are also on their way out. Mortgage lending companies are taking a hit and losing money left and right. They want to weed out the potential problems.

My lease for my apartment is up in March which is a horrible time to move. My management company has agreed to let me sign a 6 month lease instead of 1 year so I would be moving in September which is a much better time of the year. It'll be hot, but a lot easier to get around and recruit people to help me move furniture. Hey, if I'm paying all of this money for the condo, I sure want to save on the moving expenses.

I need to move

My neighbors have been driving me crazy all weekend. The couple at the end of the hall have decided to have a screaming match. The smoke detector in the hallway is broken. The washing machine won't be fixed until Wednesday.

The worst part is, I just re-upped my lease for another year. I am so ready to buy a townhouse or condo. I've been investigating a mortgage loan.

Easy mortgage shopper is a great site. They have all sorts of tools that can help. My favorite is the calculator section. It will tell you how much your payments will be, what your tax deduction will be. Even how much you need to make to qualify for a given loan. You can also request a free quote. I'm definitely bookmarking this site for future use.