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Mortgage interest rates have the potential to cost you or save you a lot of money. There are steps you can take before applying for a mortgage to ensure you are receiving the most competitive mortgage interest rate. Here are several tips to help you get started.

Take Stock of Your Credit Having good credit is the key to qualifying for the best mortgage interest rate. If you pay all of your bills on time and maintain low balances on your credit cards you will qualify for a better interest rate.

Review Your Credit Records for Errors Your credit records are maintained by three different companies and all of your creditors have their fingers in these records. These records are extremely prone to mistakes. Having mistakes in your credit records will damage your credit score.

Close Unneeded Credit Accounts If you have a large number of credit cards. The greater risk you are. The higher your mortgage interest rate will be.

Have the Lender Guarantee the Interest Rate Once you qualify for your desired mortgage interest rate. You may have to pay for the guarantee. Points are pre-paid interest. Before you pay this fee you need to determine if the savings are worth the cost.