Scoring a mortgage with a low interest rate can help you save thousands on your mortgage payments. Whether you already own a home or are looking to start the process, the following strategies will help you save money and gain access to the best interest rate.

1.Have a good credit score

Your credit score is one of the first things that lenders look at when determining your eligibility for a loan. The stronger your credit score, the higher your chances are of obtaining a low-interest rate. It will also be beneficial when paying for mortgage insurance.

2.Have a low debt-to-income ratio (DTI)

To determine your DTI, divide your monthly debt payments by gross monthly income. Hold off on other major expenses until you can dig yourself out of debt.

3.Work with a mortgage broker

A mortgage broker works independently from traditional lending institutions.  Mortgage brokers are offered loans on a wholesale basis from lenders; therefore, they can offer you the best rates available.

These are just a few ways that you can save money and build your way up to lower interest rates. Register for our seminar today and have all your home buying questions answered!