Monday, December 19, 2011

How to Get Those Great Low Rates

With home mortgage rates still hovering around record lows, this should be the perfect time to lower your borrowing costs.

Yet with tough standards and more people in a home-equity hole due to the housing slump, it's mot easy to to get the best rates. There are some ways to improve your odds, but you'll have to jump through hoops to sweeten your application.

Since there aren't too many home buyers around, some 80 percent of mortgage activity is refinancing, according to the Mortgage Banker Association. But up to half of those applying for refis may not qualify, according to

If you're looking for a loan and have a low credit score or are buying anything but a single-family home, the odds are you'll pay higher rates than today's phenomenally low average rate of 3.74 percent for a 30-year, fixed-rate mortgage according to our Zillow update on your left.

How do you get the best deal? Here are some guidelines via Reuters

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