Owning a home is everyone's dream, but in this modern age, it's one dream that isn't easy to accomplish. The rising rates of properties are the main hurdle in getting a home, and this issue has grown to the level that you have to compromise on a lot to even start thinking of getting your own home. The obvious solution for this is taking a mortgage for your home, but most people avoid to take that route, due to the variable rates and the belief that they won't be able to get a reasonable rate. Well, getting a home mortgage is the best option when it comes to buying the home of your dreams with no compromises. And if you are worried about the mortgage rates, here are a few tips to get the best home mortgage rates.

Always shop for mortgage rates

Shopping around is always beneficial, don't blindly accept any residential mortgage broker to apply for a home mortgage. Referrals are also something you should avoid, referrals from your realtor or builder should be taken with a grain of salt, just remember the realtor will not be paying the bills for the coming 30 years you will be.

Go around the town and talk to as many mortgage brokers as you can to get a competitive rate on your home mortgage. At the end of all this hard work that you have put in you will be saving yourself thousands of bucks in additional costs.

A little cunning goes a long way

Telling a small lie isn't a bad thing when it comes to getting a home mortgage. Tell every broker you meet that you intend to get the mortgage today only, but you have to check a few other lenders. This gives you an advantage as now the broker will try to provide you with the best rates to finalise you as a client. If they ask how their rates compare to other, simply say they are the first one that you have contacted.

Brokers often quote fake rates to you, so you think they are the one offering the lowest, and after a few days when you have done your research, you will contact them as they were the most economical. But then they quote a higher rate as market rates change daily. Merely saying that you are planning on getting the mortgage today puts them in a position that they can't give you a fake quote. Now that you have all real quotations you can compare them and decide on the lowest.

Ask for total points and total fees

There are many technical terms and conditions that the normal Joe can't understand, the mortgage brokers use this to their advantage and hide certain things from you to real you in, and when you find about all the other expenses, you are stuck. Ask the broker for the “total points” for each home mortgage rate. Many things contribute to the total points for a mortgage rate and many times the broker hides some of the finer points.

When you are quoted the total points, specifically ask your broker if they have an additional loan origination fee or broker fee being charged. As they have to disclose everything when you ask them about this specifically. Depending on the country you live in the terminology might change, like its mortgage in London and loan in many other countries, so be careful about that.

So these are a few things that you should keep in mind when getting a home mortgage to get the best rates you possibly can. Getting a home mortgage is a huge thing as you will be tied into this for years to come and you need to make sure that the rates you are quoted are the ones you can easily manage.