Crowded housing, unaffordable housing, property bubbles and foreclosures have all made getting a mortgage a little harder than it used to be just a few short years ago. But if you still have a good credit standing and are looking for a cheap mortgage, there has never been a better time to buy a home or re-mortgage a home.

Credit crunch is a term that we are all becoming intimately familiar with. If you didn't know what it meant before, you probably have a good idea now and might even understand how it is affecting your finances. Lenders and mortgage providers are all tightening loan eligibility requirements resulting in a credit crunch. What does this mean for consumers? It's harder to get financing, especially if you are a first time home buyer. But lenders need to make money somehow. So, even as they are turning many away, they are luring eligible customers with unbelievable deals.

One of the things that you can benefit from if you decide to take out a mortgage now is a cheaper interest rate. Since your interest rate directly affects the amount of your repayments and payoff amount, securing a loan with a low interest rate can save you a lot of money. Lenders are also offering other incentives to buyers looking for a new home. The bottom line: If you qualify, now is a great time to find a cheap mortgage.

If you are in the market for a cheap mortgage, the first thing you need to do is check your credit rating. As mentioned before, lenders are looking for qualified individuals with good credit. If you have anything on your credit file that could reflect negatively on you and your ability to make repayments on a mortgage, you should clear it up before you apply for a mortgage. It might mean the difference between you getting approved for a loan or being denied. Your credit rating also impacts the amount of money that you will have to pay for the privilege of becoming a homeowner and having a mortgage.

Once you start shopping for a mortgage, you should compare offers carefully. There are great deals out there, but sometimes you have to search for them. Never take the first offer that is extended to you unless you have done your homework and know that it is the very best deal that you can receive.

Compare the terms of each mortgage and ask questions. Never sign a contract unless you understand fully what the terms and obligations are.

Be sure to read the fine print as well. Sometimes what appears to be a good deal turns out to be anything but. If you want to ensure that you get a good deal and a cheap mortgage, you need to pay attention to all of the details included in the mortgage quote. Ask questions if you do not understand what is contained in the fine print.