Getting a mortgage loan is no laughing matter. After all, you will be taking on debt that you will conceivably pay for fifteen, thirty, or even fifty years. With amounts reaching the hundreds of thousands, a mortgage loan is a serious financial commitment.
With so much money on the line, it's no surprise that you want to find the best time to get a mortgage loan. However, this question is not easy to answer. There are many factors that can affect your mortgage loan. You will simply have to weigh all of these factors and decide for yourself when the ideal time to get a mortgage loan is.
As with all loans, it is best to borrow when the prime interest rate is low. These means that you will have to pay off smaller interest charges. The level of your interest rate makes a huge impact on the total amount that you will have to pay on your loan. Even a reduction of one to two points will mean savings of thousands of dollars.
Another thing you have to consider is inflation. Inflation means that money is worth less every year. If you think that inflationary growth will increase in the coming years (and most experts do), then getting a mortgage loan is a good idea – your monthly or or yearly payments will be worth less as time goes by.