625 Financial tips and laws for today and tomorrow

Here are the best tips for securing a low mortgage interest rate.

Tip 1: Save at least 20% for your down payment and check if you qualify for down payment assistance programs.

Tip 2: Shop around for mortgage rates, particularly from credit unions and local lenders who often offer better rates than banks.

Tip 3: Fix any errors in your credit report and keep your credit card balances below 30% of their limits to improve your credit score.

Tip 4: Consider an adjustable-rate mortgage with a long initial fixed-rate period, and make extra principal payments during this time.