How to get lower Virginia mortgage rates? Are you looking for low mortgages in Virginia? Virginia mortgage lenders do offer low mortgage rates. But it is a bit difficult to obtain such rates. This is because to get low rates you need to meet some specific criteria. The criteria are set to such high specifications that only few loan seekers can meet them. One of the criterions is to have a decent credit. To some Virginia mortgage lenders this may mean a high credit rating, may be up to 750 points. To some the requirement may be as less as no recent late payments with a credit score of 600 or more. While seeking mortgage loans, it is always safe to have at least two revolving credit items with a low balance on your score. These include low credit card dues. Another important criterion that can fetch you low mortgage rate is possession of valuables or assets. The possessions that can get you value include a good bank balance, a property like shop, or even valuables like gold. In fact, if your assets in the bank can cover up to 10% of the loan, you can always be in a better position to bargain for a lower interest rate. When you have reasonable possessions your mortgage loan is treated as a secure long term investment. Lenders are willing to bring down rates only if the they are convinced that their investments are safe and profitable. If you are willing to purchase points you can bring down your mortgage rates easily. However, the cost of a point can be anywhere between 3%of the total loan amount. This can reduce your mortgage rates from half to one percent. Though it may cost you initially, it can be quite helpful in the long term. The key to obtaining a lower mortgage rate in Virginia is maintaining a good credit score.