With the prime interest rates down, it’s a prime time to cash in on home equity lines of credit and mortgage loans for nurses. To qualify, you don’t need a perfect credit score. Borrowers with a 720 FICO score will find good mortgage interest rates.  If you have an adjustable rate mortgage, you’ll benefit from lower interest rates automatically. You may have to negotiate with your lender to find the best value.

Mortgage loan rates for nurses are at an all-time low. In spite of tighter lending requirements, buyers can still purchase homes if you have a 20% downpayment. You are in a better position if you don’t have to worry about selling in a down market and can wait several years for the market to recover.

Just don’t expect to get 100% financing. Instead, save some money for a 20% downpayment.

Mortgage rates are influenced by changes in long-term rates and prediction of inflation. It’s smart to take advantage of low interest rates if you plan to stay in your home for the long term.

Declining interest rates are also good if you want to refinance, especially if you have an adjustable rate with balloon payment or reset coming up. If you need a jumbo mortgage, it’s harder to find deals since these are riskier for lenders. Jumbo mortgage loan rates are higher than 30-year-fixed rates on lower amounts. Rates for HELOCS have fallen also as the prime has declined.

Should you use a mortgage broker? More consumers than ever are choosing to hire a mortgage brokers instead of going through a local bank or using an online lender.  But are you aware of what a mortgage broker does?  There are specific advantages and disadvantages of using one? 

Mortgage brokers can appropriate money for loans directly from the lenders, add their cost, and then sell it to
borrowers.  They act as a middleman in the mortgage loans for nurses process.

Does it pay to use a middleman? Doesn’t that just add more cost to your mortgage loan rates? Let’s think about that. Consider the following analogy.

Suppose you want to buy a new computer.  You begin shopping around online and at different local stores for the major brands.  They have several models for you to choose from, but your overall the selection is always limited.  And you may not have some of the features that you want.

So you end up buying at a superstore store that has the most features. They sell many different computers and have the financing options you want too. 

For mortgage loans for nurses, if you go directly to the lender, they will try to sell you one of their mortgage loans, which may or may not be the best financing or exactly what you need.  A mortgage broker will have access to many different lenders and is very familiar with the strengths and weaknesses of each one, and you are most likely to find one that suits you, as a nurse perfectly.  This is especially true for nurses looking for special arrangements for mortgage rates or something other than the standard ARM or fixed rate mortgages.

Another advantage of using a mortgage broker is that they take care of the mortgage loan paperwork for you.  And if you have questions, they often are more accessible (and knowledgable) than typical loan officers in the area of mortgage loans.

But there is a potential disadvantage as well to using a mortgage broker.  Very little regulation exists and you have to be careful who you are getting the loan from – similar to any mortgage loan or refinancing purchase.

It would be wise to ask around to find a mortgage broker who is reputable.  Considering the number of nurses using brokers, it shouldn’t be difficult to find a referral.