Before applying for an offer of guaranteed loan approval, having an understanding of why you may or may not get a good interest rate is important. Banks give loans to people as an investment. Banks make money off of the interest rates of the loans. But, if there is a failure to pay, banks lose money. This is why banks typically do not give loans to people who have anything less than stellar credit. They simply do not want to take the risk. The poor state of the economy affects banks as well as it does people. The mortgage rates trend is one way that banks analyze the history and prospective future of the interest rates in the mortgage industry.
If you can wait for a period of time before taking on a loan of this type, it will be to your benefit to build your credit history and increase your credit rating before applying for any loan.