Whether rates go up or down, but for most of us still need a mortgage to buy our homes. No one wants to pay more than they have to. The lending aspect of home purchases is as competitive as it has been in years. Gone are the days of choosing between the local bank and savings and loan. The advent of interstate banking and mortgage brokering opened up the market to many, many competitors. This wacky Internet is changing the landscape even more. Now, you don't have to even meet face to face with a lender or loan broker. If you have the time, curiosity and the tolerance for frustration, Internet lenders and brokers abound. To keep things as complicated as possible, there are a myriad of loan programs available so that there is pretty much a limitless number of choices for the savvy shopper. All that said, here is a modest list of loan calculators, educational sites and money sources.
Your lawyers can, and should help you wade through the choices to help select the best loan for your needs and to help guide you through the process in case questions or problems arise.
Bear in mind that a buyer has the opportunity to avoid a contract using a mortgage financing contingency provided that (a) notice is given in the proper & timely manner and (b) the buyer made good faith effort to apply for and procure the loan.