Getting a better mortgage rate can depend partially on which lender you go through, but it is mostly related to how well you have handled your finances.
A good mortgage rate comes if you can improve your credit score. This may take a little time to develop, but the rewards of waiting to buy may be well worth it, especially if you plan to get a decent home.
You can do this by improving your spending habits, making sure you pay on time and spending less than thirty percent of your available credit at any time.
Stable Employment History
You should also show that you have a record of employment and reliable means of income. Doing this shows that you are good for your word on payments and won't cause the lender difficulty in the long run.
Another way to make the lender happy, in turn getting a better rate, is to pay more on your down payment.
We've mentioned this before, but having twenty percent of your mortgage to put in as a down payment is an exceptionally good thing in the eyes of the lender.
If you're positive that you're going to stay in your house for a long time, you have another option that will also lower your payment.
Namely, you can sign up for a longer mortgage.
In general, the longer the mortgage, the lower your rate will be.
This comes at a price, though because 15 years down the line, you may not want to be living in the same house you do right now.
This is an area that you should use caution in, because now more than ever, people are moving a lot and settling down for shorter periods of time.
To get a feel for whats best for your situation, try a mortgage comparison calculator to see your options side by side.