Mortgages are secured loans which are provided to people who are taking a Loan for the first time, people with a home and the ones with a bad Credit. Once the bank acknowledges a borrower he is duty bound to repay the debt in the stipulated tie frame. Moreover the repayment also involves a fixed rate of interest that must be paid off. Besides that a few refinancing loans have additional fees attached. Suppose you fail to meet the deadline then you are liable to lose possession of your properties. However let us figure out what measures can be adopted to get the best mortgage rates.

Go around shopping in banks for loans and do not settle down for what the bank offers but be prepared to bargain and crosscheck the same with a mortgage broker around.

It is important to compare the interest rates and one must seek assistance from newspapers, radio, media, internet to home onto the right rate that you were looking for.

One must keep track of their credit score since it can singly determine the capability of an individual to pay for the loan. It is a score that is based on the information derived from the credit histories regularly updated by various credit reporting agencies. Any error in the credit score/ report it will directly be manifested in the form of higher rate of interest.

One must go deliberate on reading reports to trace out errors and in case of lack of support or glitches always feel free to consult the credit bureau explaining the glitches and request them to investigate the whole matter. The proof can be mailed to you too. It is interesting to note that 30% of your credit score is based on what bills you pay and if you pay it regularly or not. Six months prior to the application to fructify it is important to clear all payments When you apply for a mortgage, you should have no late payments on your credit report for at least six months.

Besides the above even lenders will want to know how much mortgage you can pay up every month. A greater risk prevails in case the records indicate non payment. Depending on how much credit you have controlled almost one third of your credit is decided upon.

It is advisable to Pay down your credit card debt.

Almost one-third of your credit score is based on how much of the available credit you've tapped. Moreover your debt to available credit ratio if surpasses 50% you will be penalized. Mortgage lenders allow repayment in 30 years and a few need them in limited installments. A bad credit history indicates that the appeal for a loan would not accepted and that he won't be encouraged by most. The worst scenario would be if the borrower is already bankrupted. Moreover borrowers must be very wary about sub prime lenders. These people are capable of getting a job to repay the amount. Moreover such people who have a bad credit history are deeply benefited

The basic problems involving, the process of procuring loan arises from the activities of sub-prime lenders who are those who strive hard to obtain loans for people with bad credit histories and a low score on credit. Such borrowers must send an application to most lenders and clear all doubts intact.

Follow these tips and you should be able to get best loan rates very easily!