Now is the time to look for a mortgage loan los angeles. This is a buyers market that may not be here too much longer. Interest rates are low so this is the best time to find a great bargain on a home and a great time to find a low interest loan. How is your credit rating?

You have to realize that the rules have changed the past couple of years. What was once a great credit score is now a good score. What was once a good score is now a fair one. You should also check your credit report before applying for a loan. If there are some errors on it you want to make sure you clear those up before you apply for your loan.

There are a lot of people out there who have errors on their report that cause their rating to suffer so do not let this happen to you. Have you been at your job for more than three years?

The longer you have been at your current job the better rate you will get. If you are a first time home owner you can qualify for some better programs. And this does not have to be the first home you have ever bought.

You can qualify as a new home buyer if it has been five years since you last bought a home. If you like to play with numbers you can figure out the payments yourself given the down payment you would have to pay and the percent of interest of the loan you are looking at. You can ask lenders to send you their quotes so you can do your own comparison shopping.

You know that homes in Los Angeles are some of the highest in the country. You will however be able to deduct some of your mortgage expenses from your federal tax return. Because your payment in the early years of the loan will go mainly to interest on the loan you are getting a large benefit when you are able to deduct that expense from your taxes.

The points on the loan cannot be deducted all at once. They have to be deducted over a long period. Make sure to consult with your tax advisor about this. There are different loans you can get.

The adjustable rate mortgage might sound good at the beginning but you might be surprised later on when the rate increases and you suddenly are spending more on your monthly payment than you had planned.

The fixed rate is the best option but you need a good credit score and a solid employment history to qualify for it. But now is the time to look at all of your options.

You can work with a mortgage broker who can find the best deals for you because he will check all of the lenders that will might be agreeable to lend to you.

The market is different however than it was a few years ago. The foreclosure crisis has made the lending industry weary of every loan they approve. But with the right research you will find the deal that works for you.