How Do You Get Low Mortgage Rates?
Low mortgage rates are not hard to find; however, they can be difficult to obtain. Mortgage brokers and banks advertise their best interest rates in order to get you to call, but then they will only give you those rates if you meet very specific criteria: high credit rating, plenty of income, assets, etc. So how does the average Joe get a low mortgage rate? You have to start out with decent credit. You do not need to have a 750 credit rating, but you cannot have any collections or recent late payments. A score of 600 or more is advisable. You should also have at least two items on your report that qualify as revolving credit with a low balance. These are typically lines of credit or credit cards. It also helps to have some assets. You do not need a boat or RV, but a couple grand in the bank is helpful. In fact, if you have enough in the bank to cover 10% of the loan, that is weight that can be thrown around a bit to get a lower interest rate. It shows that you are a secure long term in
