Mortgage loans are granted to everyone who expects to buy a home or borrow money in favor of the existing property. House owners could set a lien over the newly acquired home in order to obtain finance for their property. Basically, the rate of interest will be calculated after checking your credit ratio and of course your payment history will be evaluated. Individuals having excellent credit history can enjoy availing competitive interest rates and moreover they will be conceived as the chief borrowers. On the other hand, people with bad credit history will generally have to face difficult troubles with regards to interest rate!