6 Effective Ways to Get the Best Mortgage Rates Finding the best mortgage rate in Georgia can be challenging, especially if you want rates that will stay affordable for you in the long run and not just for the first few years. Comparing different mortgage loan services is always a good idea. Don’t dismiss small differences as inconsequential. Even a reduction of 0.25 percentage points, for instance, can save thousands of dollars over 30 years. So, how do you get the best rates? Here are some tips: 1. Compare multiple lenders. Do not settle for just one mortgage loan officer in Georgia. Find at least three or four and compare their rates. Don’t be scared. Getting quotes from multiple lenders will not necessarily lower your credit score. In fact, FICO allows multiple credit inquiries when comparing loans. They call this ‘rate shopping,’ and you are given a 30-day window to allow multiple mortgage loan services to pull your credit score without affecting it. 2. Improve your credit score. The most critical factor that can influence your interest rate is your credit score. The higher it is, the lower your interest rate should be. Make sure that yours is as high as it can possibly be. If not, there are ways that you can increase it within a short period of time, such as by paying off your credit card balances and eliminating collection amounts. 3. Try government loans. Do not underestimate mortgage loan services from the government. Look into FHA, VA, and USDA loans, as well as first-time homebuyer programs. 4. Consider an adjustable-rate. Think about your future plans for the property. If you intend to sell it within five years, you may want to look into the 5/1 ARM loan or adjustable-rate mortgage, which is low for the first five years. 5. Look into a fixed loan rate. If you are unsure about how long you will stay in the home or want to live in it forever, consider locking in a fixed rate while the current mortgage rates are low. Having a fixed rate will give you some sense of stability and help you manage your finances better. 6. Negotiate. Once you get a quote from a mortgage loan officer in Georgia, refer to it to as your basis for negotiating rates. Lender quotes are not definite, as their rates and fees can rise to increase the commission of the loan officer. Don’t hesitate to ask the lender to beat another lender’s quote, and continue doing this until they give in and offer the best mortgage rate, origination fees, and closing costs.