http://www.about-home-mortgages.com/mortgage/interest-rates.html Mortgage interest rates will playa major factor in your overall success and happiness with home ownership. This is a major commitment, so don't feel bad about getting rude when it comes to mortgage interest rates. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 I'm sorry, but you're going to have to do better than that. This statement seem like something that would be virtually impossible to say. For most of us, turning on the switch and making demands is a major stretch - get used to it. If you want lower mortgage interest rates for your specific home financing needs you are going to have to get tough - know what you want, know what you can afford, know what you should qualify for and go for it. Create your own mortgage interest rates Bargaining down mortgage interest rates is an art-form many people spend their lives perfecting. Mortgage lenders do it every day, brokers do it all day and are never satisfied with their results. Now, you can pay these professional a lot of money to bargain down your mortgage interest rates on your behalf, an in fact that might be the best course of action for your mortgage. But if you know what you are doing and know your strengths you can bargain down those mortgage rates all on your own. Your best position There is a financial qualification hierarchy that lenders look for when they determine mortgage interest rates for each specific applicant: Income - how much do you make and how easily could you afford the mortgage payments. Debts - what do you already owe and how will that effect your monthly obligations. Credit - how have you acted with your financial obligations in the past. Assets - Savings, investments, trust funds, whatever you have that can back up your current home purchase. Thats what mortgage professional look for, and thats where you have to concentrate your argument for lower mortgage interest rates. If you have bad credit but incredible amount of assets, make sure your lender know that and give them a 20% down payment to prove it. If you can't afford a 20% down payment, concentrate your argument on your income - you make enough money to handle the monthly payments, you are a safe risk. Risk is what drives interest rates higher - so the less risk you pose the lower your rates. Sat, 26 Jul 2008 15:00:00 EDT