How to get the best mortgage interest rate

Great article from Yahoo! Real Estate

Want to qualify for the best mortgage interest rates? You’ll want to know these five things that impress lenders.

Have you been thinking of buying a home or refinancing your mortgage, but wonder what it will take to qualify for those great mortgage interest rates you’ve heard touted in the press?

Well, the quick answer is that it will take a pretty impressive financial history, says Chris Boulter, president of Val-Chris Investments, Inc., a California company specializing in residential and commercial loans.

“You’re going to have to have very good credit and a stable work history,” he says. That could start you toward getting a mortgage interest rate on a 30-year fixed rate loan that, as of September 6th, 2012, was a low 3.65 percent, according to Mortgage News Daily, an organization that provides housing news and analysis.

Boulter adds that if you don’t qualify for the lowest rates, you could still qualify for rates that are typically a percentage point higher, which is still very good, historically speaking.

So don’t give up just because your credit isn’t perfect. Instead, read on for details on how to qualify for the best mortgage interest rates and what to do if you don’t qualify.