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Mortgages Loans: Finding the Lowest Mortgage Interest Rate
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By Louie Latour

If you are in the market for a mortgage or are refinancing your existing mortgage, qualifying for the lowest interest rate possible is probably high on your list of priorities. There are steps you can take to ensure that you are getting the most competitive interest rate for your new mortgage. Here are several mortgage tips to help save you money.

Stay on Top of Your Credit

Having a good credit score is important for getting a good mortgage. It will also qualify you for the best interest rates. Borrowers with high credit scores are less of a risk for mortgage lenders and qualify for the best loans. If you have a history of paying your bills on time the lenders figure you will continue this trend with their loans.

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Improve Your Credit Score Before Applying

There are a number of steps you can take to improve your credit score. The most important thing to do is make all of your monthly payments on time. This applies to your credit cards, student loans, car payments, rent, and your existing mortgage. The next thing you can do is pay down the balances on your credit cards to improve your debt-to-income ratio. If you have credit cards you do not use, department stores charge cards for example, consider closing these accounts. Mortgage lenders view open accounts as the potential for debt; this could result in you qualifying for a higher mortgage interest rate.

Guarantee Your Interest Rate

Make sure that once you have found the perfect interest rate your lender locks it in with a guarantee. Mortgage interest rates fluctuate widely; if you

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This entry was posted on Saturday, August 19th, 2006 at 6:41 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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