Naturally, you want to get the best deal for the least amount of money. This holds true for mortgage rates as well.

A lower interest rate means a lower monthly mortgage payment, which can save you money in the long run. Also, it is easier to qualify for a lower payment than a higher one.

You basically have two routes to finding the best rate. The first is to do all the research on your own. The second is to use a mortgage broker.


With the advent of the Internet, much of this information is readily available online. Once you have educated yourself sufficiently about real estate loans, all it takes is the time and energy to sift through online resources to find the information you need.

Rates change quickly. That great rate you find today might not be there tomorrow. Once you find the rate you are looking for, submit a loan application and lock in that rate.

Some sources for interest rates on the Internet include: Rate Hub (

Mortgage Broker

If you do not have the time or experience to “do it yourself,” look for a qualified mortgage broker that can assist in finding the right mortgage for you. Ask friends and associates who have refinanced or purchased recently if they have a broker they can recommend – or ask us!. You’ll want to find a broker who is energetic, flexible and knowledgeable about finance and loans and someone who has your best interests in mind.

Pro Tips

- Work On Your Credit Score

Your efforts to secure the best interest rate for your mortgage should begin with checking your credit scores and reports.

You should absolutely review your credit reports to check for inaccuracies or issues that may be dragging down your score. If your score is low, it’s worth the effort to improve your credit score by taking steps to pay down your balances and make all your payments on time. Having excellent credit will make you eligible for the lowest mortgage interest rates.

Read more: How Your Credit Score Affects Your Mortgage Rate

- Save Up for a Bigger Down Payment

This might seem pretty obvious, but it’s a very important tip.

When you make a small down payment on a home, banks consider you a higher-risk borrower than someone who makes a larger down payment.

So, the more of your own money you’re willing to invest in the property, the less risky you’ll be for the lender...making them more likely to offer you a lower interest rate!

- Decrease Your Debt

This sounds easier said than done, but decreasing your debt can help out massively when it comes to mortgage rates.

According to the 2020 National Association of Realtors Home Buyer and Seller Generational Trends report, over 40% of homebuyers cut back on spending, canceled vacations or reduced monthly payments on bills.

Lowering your debt-to-income ratio isn’t the only way having less debt can help you get the best mortgage rate. This is because carrying less debt also can improve your credit score - and, as we mentioned in our first tip, this makes you eligible for lower mortgage interest rates.

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