While the house market is slow, the best time to get a mortgage loan is now. Since the house market is slow you can negotiate your sale for a reasonable amount because right now it is a buyer's market. Once the market go back to a seller's market, people will be selling their houses like crazy for a ridiculous amount. We bought our house last year for $230,000. Four years ago we could have bought the same house for about $150,000 but the house market was crazy for a while. Next year I plan on refinancing as long as I can get a good rate.
If you decide to buy now you can start off by getting a home loan quote to estimate what you qualify for and to see how much you can expect your mortgage will be. If you need to work on your credit, start building it up now. Pay off your smaller debts first. The less debt you have, the higher your credit score will be. When you have a good credit score then you can expect to get your mortgage at a reasonable amount.
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