See this Bloomberg report-   http://www.bloomberg.com/apps/news?pid=20601087&sid=anHHuTYOTmF4

It reports mortgage rates are at a record low of 4.87 % on average for a thirty year mortgage and 4.33% for a fifteen year mortgage.

There is no doubt that it is a great time to buy a home if you have your finances in order.  What does “in order” mean to “Millionaire Nurses”.

I advocate:

• making sure you have a 20 % down payment.
• have been married at least a year and not be a newlywed.
• have been pretending to pay your mortgage and estimated taxes and insurance for several months-make sure it is not a strain
• have a 4-6 month emergency fund available in savings
• Have studied the local market-know where the best schools are and that you are not buying too much house for the neighborhood.

These rules  will insure that you will not join the millions of people now facing foreclosure.  What they thought was going to be the American Dream is now Nightmare on Their Street!

So, if you are ready-make the call -have the mortgage rate frozen by your banker or mortgage broker.  If you are not ready now, it looks like rates will be staying low for a while longer, unless the economy picks up-so get cracking on that down payment.

Remember, a home should be a home, not an investment.  But is also shouldn’t be a ball and chain.