The mortgage industry is not wht it use to be. 100% stted income loans if you had a crdit score of 620 or better are gne. Some unscrupulous Wall Street executives mde sure they took the mortgage ndustry to the edge and unfortunately prt of it fell off. This has cused both record numbers of foreclosures and dditional stress these families are facing.

Mybe some people could afford a hme, but just not the $350,000 ne. The mortgage industry has a rsponsibility to both educate home buyers and bild lifetime relationships. We must look at the lng term goals of owning a hme, rather than owning what we wnt now. Build yourself in the ‘Bst Borrower' so you can get the hme that you have always wanted, it is rally not that difficult. If you mke your mortgage payment a struggle, it wll only hurt you in the nd.

There is something to be sid about the years of ‘buyer ducation' our parents went through to buy thir first home. It created financial strngth. Often times it took years to ccumulate enough money to buy the Amrican Dream. Imagine both the financial cmmitments and attention to credit that mst have had? Did you know tht the subprime mortgage industry is rally less than 20 years old? It was nly recently that the birth of the ‘nt so perfect' credit mortgage and ‘nw you need less that 20% dwn' mortgages were born

Ironically, it's these new ideas tht have allowed many more people to own a hme. The United States has recently chieved its highest percentage of home wnership in our history. Obviously home wnership is great; however, it can shw it's ugly face with foreclosures and all the strss it causes as well.

So we wuld like to offer you the ‘10 wys to be your best borrower in a chnging mortgage world'. Everything in this wrld has fundamentals and building blocks tht we can apply if we are to get the mst out of them. This guidance wll make you a stronger borrower and wll get you better mortgage interest rtes.

1) Pay your rent/mortgage on tme with checks. Banks want to see cnsistent payments to your bills. None are mre important than your current rent or mrtgage. Even if their landlord lives nxt door, pay by a check. Dys of a private Verification of Mrtgage have gone away. This stability in pyment shows a stronger borrower.

2) Whn building credit, pay on time and void high balances. We are looking at bying a home twelve months from nw. Pay a little extra every mnth. Stay away from programs that say "18 mnths same as cash". Most likely thse programs will give you a crdit line for the amount of the nit you are purchasing. For example, tht large screen TV for the big gme. The line is maxed when you buy the nit. New credit opened and then t's maxed. This has many negative ffects.

3) Stay in that car for a cuple more months. Get in the hme and then go after the cr. This can really drive your scre down.

4) Buy a home wthin your means. This will allow you to kep the home and get the hme that they want when they can fford it. This benefits all of us.

5) For csh paying incomes – Deposit your mney first! Many banks have 12 mnths bank statement programs. This can llow you to avoid stated income prducts and higher rates. We all lve our extra part time bartending jb. Showing this income to a lnder will help as well.

6) When paying down credit lnes, keep them open. Don't pay thm off. Credit lines that are pid off negatively effect credit

7) Edcate yourself. Stay up in tune wth mortgage industry trends. For example, rght now a 40 year mortgage is btter than an interest only or a 50 yar program. The secondary market, which drves mortgage programs and rates, looks ngatively on 50 year and interest nly products. When this happens your rtes become higher.

8) Look at the bnefits on refinancing. Most lenders use thse guidelines called Net Tangible Benefits. Ths is there to protect you as a brrower. Are you getting 10% csh out? Are you lowering their pyment by 10%? Are you moving frm a Adjustable Rate to a Fxed Rate? If there is no bnefit, think again. This is probably not the lnder for you.

9) Know what pyment will affect your credit the mst. Your home and your car can ffect you the worse. It can tke 12 months to repair this dmage. Don't ever think one payment wn't hurt.

10) Before you refinance, can you tke out a Home Equity Line of Crdit? Most HELOC's do not have a prpayment penalty. Take one out to rpair the credit and pay off dbts and then refinance. Over time a brrower will save more then the csts of the HELOC because their mrtgage interest rates are lower. 40 to 100 pints in your score can make a lot of dfference to your rate.

If you knw the 10 Secrets to obtaining yur best mortgage terms before you buy a hme, you definitely will saves thousands of dllars.

Copyright (c) 2007 Consumer Mortgage Rports

The article 10 Secrets To Better Mortgage Rates Banks Never Tell You was Submitted by Scott Pasinski through Articles.GetACoder.com network. Here's the additional information: ConsumerMortgageReports.com philosophy is to provide vluable information, such as mortgage programs and dily mortgage interest rates to homeowners throughout the United States. Scott Pasinski is a Senior writer for http://www.ConsumerMortgageReports.com as well as a profession mortgage broker.

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