| Everyone loves a bargain and getting a lower | | | | getting their money back. To balance this risk, they will |
| mortgage interest rate can save you a substantial | | | | often charge you a slightly higher interest rate. |
| amount of money over the life of your loan. There are | | | | Lock in interest rates before you close. |
| several ways to go about ensuring that you pay the | | | | Once you have agreed on a low interest rate, ask the |
| least amount of interest when you take out a home | | | | lender to lock in that rate. Rates can fluctuate |
| mortgage. | | | | drastically in the time it takes for you to get your |
| Be aware of your credit score. | | | | mortgage and that could mean paying a totally |
| Good credit is the key to not only getting a mortgage, | | | | different interest rate than what was originally quoted. |
| but to getting the best interest rates available. | | | | Make the biggest down payment you can afford. |
| Mortgage lenders like to reward borrowers that pay | | | | Putting a down payment from your savings on your |
| off their bills in a timely manner. Chances are if you | | | | house, lowers the amount you plan to finance, lowering |
| have been faithful with your other payments, you will | | | | the interest you will pay over the life of your loan. |
| be faithful to pay them back, so they can afford to | | | | Shop Around. |
| take a risk on you and offer a lower interest rate. | | | | You don't have to work with the first lender that you |
| Close any existing credit card accounts that you no | | | | approach. With the vast amount of online mortgage |
| longer use. | | | | brokers, it is easy to compare offers and pick the |
| If you have several credit card accounts, they can | | | | company that offers you the lowest interest rate. |
| affect the interest rate on your mortgage, even if they | | | | Don't be afraid to tell brokers that you are shopping |
| have a zero balance. Lenders see open accounts as | | | | around, or ask them if they can match the interest |
| potential for debt, which adds a risk of them not | | | | rates of a competitors quote. |