How can I get good mortgage rates?

I’m in the process of buying a house and was wondering how I could get good mortgage rates. If anyone has any tips and advice, that would be helpful!

A portion of the factors in getting a “good” mortgage rate are, unfortunately, out of your control. Things like the current state of the real estate market, and the present-day interest rates that your lender is subject to, will influence the interest rate that you end up getting on the mortgage, especially if you end up getting a variable interest rate mortgage. But, the things in your control are your credit score, your current savings, your lifestyle stability and your pursuit of as many options as possible.

When determining what rates to give you on the mortgage, lenders want to be sure that you have a healthy track record of paying back your debts and that this can continue with your current income. Otherwise, you may be seen as too risky of a customer. Thus, getting good mortgage rates is really dependent on your own efforts to build a good reputation and establish something of a career. If your credit score is currently low, then you may want to wait before applying to the mortgage and improve it in simple steps. You can also save yourself from larger APRs with a larger down payment, so you could wait until your savings are healthier.

Finally, getting a solid mortgage very much relies on your willingness to play the field. You should avoid sticking with just your current bank or credit union, but instead get as many pre-approvals and quotes as possible to understand where you can find the best rates.