(NAPSA)—Given the recent changes in the mortgage and housing markets, many current and potential homeowners are asking themselves the question of what to do next in regard to their home financing situation. Whether you are looking to purchase yourfirst homeor are already a homeowner and want to maximize your invest- ment, there are a number of home financing options to consider. GMACMortgage (http://www.gmac mortgage.com) offers the following tips to help you make your next mortgage move: First-Time Homebuyers The biggest concerns for firsttime homebuyers right now are fluctuating interest rates as well as home values. However, buying a home with a fixed-rate loan now will ensure that future rises in interest rates will not impact your monthly payment. In addition, because of current market conditions, manyfirst-time homebuyers have a large inventory of homes from which to choose. Prices in many markets have stabilized or moved off their highs over the past year as demandhassoftened, so your dollars could go much further than they havein the past. If you decide to move forward with the search for your first home, consider getting preapproved for a mortgage. Becoming preapproved will give you a much better idea of your buying power as well as reassure home sellers that you are a serious buyer. Existing Homeowners If you are a homeowner with an adjustable-rate mortgage (ARM), hybrid ARM orinterestonly mortgage, now is a good time to consider refinancing into a fixed-rate loan. Even if the overall interest rate rises, there is a good chance that a fixed-rate mortgage payment will be lower than what you may pay if your adjustablerate loan adjusts soon. Homeowners currently repaying variable-rate home equity lines of credit should also review their options. Refinancing to a fixed-rate home equity loan could be advantageous, but you should first check with your lender. Buy-downs Another option, whether you are considering refinancing your current mortgage or exploring your first mortgage, is to elect to buy downthe interest rate. With a “buy-down,” a borrower or seller pays part of the interest up front, lowering the borrower’s monthly rate for a set period of time. With the proper research and the assistance of a qualified mortgage professional, securing the right mortgage product can put you in a more advantageoussitua- tion to help you meet your homeownership goals. For more information on mortgage strategies, consumers can call (800) 888-GMAC.
