If you have been on the look out for the right time to apply for a mortgage loan, that time is here. However, like all good things in life, it will not last forever.

A survey of the United States property market reveals that, as at the time of writing this, interest rates are currently at an all time low.

A direct consequence of this fact is that there has been no shortage of home owners opting to refinance their home mortgage loans for more favorable terms and conditions.

What does this all mean for the prospective homeowner? It means that there is no better time than the present to apply for a mortgage loan in order to benefit from this real estate market trend.

The general opinion of most industry watchers about the United States' economy is that the recent Federal Reserve stimulus injected into the economy has made the desired impact. It is now anticipated that the resurgence in the labor market will persist through the course of the year.

This further buttresses the fact that this low regime of mortgage loans will not last indefinitely. Thus, it would most advisable to apply for mortgage loans right away.

One vital piece of documentation that you require for a mortgage loan would be your credit score. Therefore, ensure you have a good credit score if you hope to obtain favorable mortgage rates. A low or poor credit score will not yield good interest rates.

Your credit score rating is merely a measure of your degree of credit-worthiness which enables your potential lending institution to determine the level of risk they will be willing to assume in the financial transaction.

A high credit score indicates that you are in a good position to fulfill your financial obligations towards repaying a mortgage loan than another individual with a low credit score.

With a credit score of about 720 (or thereabout), you should be in good stead to get a deal. Of course, there are factors which come into play when applying for a loan such as your gross monthly income, whether or not you are employed, the value of the property involved, your number of purchased points and other sundry factors.

A good rate on your mortgage plan would save you thousands of dollars in the long term, so, it is your best interest to €sort it out' before applying for a loan.

So, what can you do if you do have a low credit score? To really boost your chances of getting a good mortgage rate, you can take one of the following steps.

Perform a credit check at the major credit companies to ascertain your score to ascertain that there are no errors in computation of your score.

If you do find errors on you credit report, you should request that the error be rectified and subsequently expunged from your credit report.

Credit card debts are a big no-no if you are trying to boost your credit score. So pay them off if possible or keep them to the barest minimum or it will hurt your rating.

Also, for at least three months before you apply for a mortgage loan, you should not open any new bank accounts.