mortgage

How to get low mortgage rates

How to find the lowest mortgage rates

You may have heard that mortgage rates today are low. But how can an ordinary borrower take advantage of such low rates?

For better or worse, the definition of good credit has changed. If your credit score is too low, you might be able to raise it by addressing errors on your credit report and by paying down large credit card balances.

A steady job helps

Lenders will take a harder look at other factors that affect a borrower -- chiefly, your work history and debt-to-income ratio. If you're shopping for a loan, you'll want to reduce debts you might have. It will also help to stick with your current job, especially if you've been there for several years.

Shop around

Once you've done all you can to improve your prospects as a borrower, you'll want to look hard for the right loan. Start by using a mortgage calculator to estimate real costs. Then make sure that you compare prices for multiple lenders. Remember that the costs of borrowing go beyond the interest rate. Be sure to also consider closing costs and points to make sure you're getting a good deal.

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