Let Credit Market Settle

Unless you live under a rock, you know the mortgage industry has been in a state of chaos lately. All those subprime loans are coming home to roost. The obvious impact is on people with bad credit. Simply put, it is practically impossible to get a loan at the moment. There is an impact for the rest of us as well. Many investors are now loath to invest in mortgages, so credit availability is drying up. If you have a choice, you might want to let the market settle before applying for a mortgage.