The government action in the mortgage industry will hopefully ensure that new buyers get affordable deals. Foolish lending is definitely out; safe lending is in. But banks have to find a balance between being too careful and taking healthy risks on new mortgages.

Hopefully, this rush of home buyers coming into the housing market will make the mortgage industry pick up again. Many lenders have been suspicious of the market and ready for the next hit. Now may be the time to start looking into the future once again.

Interest rates are at a low point right now, in part because the federal government is investing in getting the mortgage market going. If you’re buying, this is a good market to get a good deal: there are lots of houses on the market, low interest rates, and low home prices.   

If you want to discover how to get the best loan for your particular situation, find a good mortgage broker.  A lot of brokers stopped working as a result of the subprime meltdown – the financial crises created by the sharp increase in mortgage foreclosures – but the good ones are still available and eager to serve you. 

When selecting a mortgage broker, verify that you’re getting advice on every option available. Some brokers are struggling to pay the bills and will try anything to get a big commission. Don’t walk into that trap and make sure you get good advice. A good mortgage broker can save you a lot of money.

The first strategy is to search for the best rates online through websites that specialize in home loans, mortgages, refinancing, and more.  But often a customer support agent or a real estate agent can get you the best of the best when it comes to current mortgage rates.  You can also try researching the real estate agents in your local community to see what kind of mortgage rates they offer.  

Because the current financial crisis has set mortgage rates at an all-time low, you’re sure to find a great rate if you do your research and shop around.