It seems that everyone, even those of us who have never had a blemish on our credit records, is being hurt by the recent economic and housing fallout. Lenders are tightening up their lending and it may seem next to impossible to get a decent rate on a new mortgage or refinance. However, for those of you in the prime market (with good to excellent credit) there are some tips you can use to get those lenders to loosen their grip and extend some of their best offers. After all, you are their best customers and the kind more of them want!

First, realize that the entire mortgage industry is in a situation where there is excess capacity - in other words, there are a lot more lenders out there than borrowers.

Most lenders have slammed shut their doors to sub-prime mortgages, but they still have a welcome mat out for their prime customers. Take advantage of the fact that they want to lend you money by shopping around and also letting your lender know that you know that your credit is stellar and you expect a rate that matches your record. You may be pleasantly surprised at the mortgage rate they give you!

Next, make sure that you have a good nest egg to make your down payment with. If they see you are serious about owning your home they are going to look a lot more favorably at your application. The days of 100% financing are over, and smart consumers have known all along that financing 100% of the purchase was never a good thing to start with.

While you are getting your down payment in order, pay off some of those bills as well and don't run out and open new credit cards or revolving accounts. Lenders are looking for prime candidates, and you want to keep your score as high as possible to get the best rates. We live and die by our credit score, so it is in your best interest to keep it as high as possible, especially in today's financial marketplace.

Finally, remember there are a number of government-backed programs out there including the Federal Housing Administration that can help you get the loan you want at the rate that you can live with. FHA loans can sometimes help those who not qualify for the best loan rates at their local bank get a competitive rate through a government backed loan. Similarly, first time homebuyers should always make sure they are taking advantage of all the FHA programs specifically designed for them. After all, the more help you can get and the lower you can get your rate to be the better off you are going to be in the long run.

While the housing market may look bleak for some, for many of us it really is an opportunity to get ahead. Lenders may be tight fisted in their lending, but you may find that with a little work to get your credit profile squeaky clean you could be in a position to get some of the best mortgage rates possible in today's market.

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Susan Duey represents, Mortgage Refinance marketplace offering mortgage refinancing search for low mortgage rates from our network of accredited lenders. For more information please visit When the lenders are being tight-fisted you can still get the best mortgage rates