When a real estate market falls, it's unwise to play by the same mortgage rules as those that apply in a fast-moving market. In a hot market, you might have to waive the contingency for a loan. In a slow market, buyers can demand that sellers pay loan points or subsidize mortgage payments and still retain the right to walk away from the deal if the loan falls through.
I've put together a series of tips about to get the best mortgage when the market is depressed. These mortgage tips will help you to consider a few alternatives that you might otherwise overlook such as whether you should look at an FHA mortgage, or figuring out the best time to lock your loan, in addition to giving you practical advice about how to ask for seller concessions.
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