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Where Do I Find the Lowest Mortgage Interest Rate?

By Kevin Landis

Don’t let lenders give you a high mortgage interest rate! Learn the secrets the lenders don’t want you to know!

If you are getting ready to buy a new home, then there you are probably asking where you can go to get the lowest mortgage interest rate. There is no single answer to this question, but here are five things that you can do now, to ensure that you get the lowest mortgage rate from your lender.

Comparison Shop

Unlike when your parents bought their first house, there is no reason to walk into your bank and ask for a mortgage loan without first doing plenty of research. Mortgage lenders are all over the internet, looking for new customers and they are ready to offer amazing loan programs with low fees and mortgage interest rates in order to get customers. With consumer trust at an all time low, you should easily find a low interest rate and fees under $1,000.

Check Your Credit History

Get a free copy of your credit report from each of the three major credit bureaus every year. Carefully review each of the reports for any mistakes or missed reporting. If you see a problem, file an appeal immediately and work diligently with the reporting agency to ensure that it is corrected quickly. If you are in the process of applying for a mortgage and you are disputing something on the reports, give the lender proof of the mistake and they will probably overlook the error and help you get it resolved.

Be Vigilant with your Bills

One third of your credit score is determined by whether or not you pay your bills on time. Making late payments will harm your credit score, so always work to pay everything on time to get a good mortgage interest rate.

Keep Low Balances on Credit Cards

It is a good idea to have a few different credit cards, but always keep a low enough balance on the cards so you can pay them off each month. To keep your cards active, use them for a small purchase at least once every three months.

Don’t Open New Credit Accounts

When you are in the process of applying for a mortgage, or working with a lender, it is a good idea not to open any new credit accounts or apply for any other types of loans. A major change to your income to debt ratio will affect your interest rate and loan approval amount.

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