How To Get Great Mortgage Rates

Finding the best mortgage rates requires time, research, and dedication to obtain the right paperwork needed to find the best mortgage loan. Here are some tips to follow to find great mortgage rates.

Find a Lender

You may need to look for multiple lending options to obtain a loan. Compare mortgage rates as it will help you find a lender you can trust to provide you with a fair loan. A good lender will have financial advisors to help you compare various loan options to find one that suits your needs. Mortgage rates fluctuate based on several reasons. It is important to compare rates with different banks as their lending terms can change, which can help you obtain a lower rate with certain banks over others.

Check online reviews for past customers positive or negative experiences.  Remember that you are looking for a professional with a history of success, not just the lowest mortgage rates.

Check Your Credit


Before you start shopping for homes, you need to know what you can afford. The best way to find out what loan rates you qualify for is by checking your credit rating. Do you have excellent credit? This can help you to save money on your monthly payment as you can qualify for a lower monthly payment with a higher credit rating.

Know Your Income

Having an income that supports the home you are looking for will help you to qualify for a mortgage. Your income needs to provide properly for the loan you are seeking. Most lenders will not qualify you for a loan that is more than 30% of your income. They want to know you have enough money to afford all the costs associated with the home and your lifestyle. If you have a mortgage that is too expensive, you can struggle to obtain the money you need to pay for the loan each month. The right income is vital for the approval for the loan.

Discuss Fees

A mortgage comes with closing costs and other fees. You may be able to negotiate with lenders as they will work with you to reduce or remove the fees for certain accounts. A mortgage advertised at a lower rate may not be what it seems to be as the fees can increase the money you end up paying each month.

Determine a Closing Date

It is important to select a closing date that allows you to lock into the lowest rate. Discuss your target closing date with your lender to have time to wait for rates to come back down so you can lock in when they are lower. Selecting the right lender is the most important thing to remember as you seek a loan that saves you money and allows you to buy your dream home!