Getting a low mortgage rate is very important for most home owners when they are considering a refinance to consolidate debt or take cash out. But how does one actually qualify for the low rates that are advertised on TV and radio? The facts are even in todays tight market getting a low mortgage rate is easier then most people think you just have to make sure to follow a few simple guidelines.

Pay your Mortgage On time: Having a late mortgage payment can devastate your chances of getting a low mortgage rate for 12-24 months. Although a mortgage paid a few days late is OK a mortgage that is thirty days late will get reported to the credit agencies and drop your credit score.

Pay Consumer bills on Time: Nothing will drop your credit score faster or make an underwriter deny your loan quicker then numerous consumer late payments. So always make sure to pay your credit cards and other bills or your door to good rates could be closed!

Work With A Good Mortgage Broker: A good mortgage broker will have access to many different lenders and programs. The flexibility of a mortgage broker will make getting a low mortgage rate much easier then working with a bank or credit union.

Keep Debt To Moderate Levels: Your loan will be underwritten on many different factors including debt to income ratios. If you have to much monthly debt your loan will be denied for low rate conforming loan programs. A safe monthly debt expenditure is 40-45% of your monthly gross pay.

While many home owners may feel the current market is to strict for them to qualify for good rates many need to think again. If you pay your bills on time, and are not financially over extended then getting a low mortgage rate should be very easy.