It’s important that you find a loan that fits your goals and budget. We start by asking questions, such as whether you want to refinance or purchase a home.

For buyers, we ask about the home price, your location, your income, whether you already own a home, and other details that inform how big a loan you need, whether you qualify for any federal programs, and what you can afford.

For those who wish to refinance, we ask about how much equity is in the home, how much is owed, what your goals are (cash out, home improvement funding, lower monthly payment, etc.) and then determine the best loan for you. Once you’ve answered those questions, we look for a loans and rates that are the best fit for you.

Get Your Personalized Mortgage Rates

Borrowers with good credit scores typically have more options and qualify for lower interest rates because lenders see them as more likely to pay back their loan. Borrowers with poor credit scores are seen as a higher risk to the lender, which may provide higher rate options.

But an imperfect credit score (typically under 620) is not a deal-breaker, particularly if you qualify for one of the government backed loans (FHA, VA, USDA, etc.), which have more lenient income and credit requirements. Lenders may also counter the risk of a borrower with a low credit score by offering a higher interest rate.

APR is the annual percentage rate, which includes the interest rate plus loan fees and expenses. The interest rate is the percentage you pay to borrow money from a lender for the term of the loan.

Once you have been preapproved by a lender, you may be able to lock in your rate—particularly important at times when mortgage interest rates are on the rise. AmeriSave’s Lock & Shop program lets you lock in your rate for up to 90 days, giving you time to shop for a home without worrying about rising rates. It also comes with a Certified Approval Letter, which gives both you and the seller confidence knowing that your financing is already approved.

Searching online for a low mortgage rate can return plenty of useful information about mortgage loans, the lending process, time to close, and which lenders consistently offer the lowest rates. Other criteria to consider include user reviews, recommendations from friends and family, and your own interaction with a lender.

If you chat online or call a lender, are they listening and responding with helpful information? Are they friendly or do they sound rushed? Customer service is important as you move through the application process. Buying a home and refinancing a loan can be tedious and take several weeks; you want a partner you can count on from now until closing day. At AmeriSave, we combine technology and a human touch to give our customers the best of both worlds; low rates and excellent service.

Read more about choosing lenders in Tips When Comparing Mortgage Lenders and Choosing a Refinance Lender That’s Right for You.