Mortgage Rates change on a daily basis and can vary depending on your unique situation. Simply use the quick form below to receive FREE and accurate rate quotes from a nationwide network of trusted lenders.

Looking for the best Austin mortgage rates but aren't sure where to start? Don't worry: Highlander Mortgage is here to help.

If you've ever looked at mortgage rates and felt overwhelmed, you're not alone. As with many aspects of finance, mortgage rates are complicated. They're not just some arbitrary percentage that lenders pull out of thin air. There a number of factors that influence rates across the board, like local housing markets and the state of the national economy. As a borrower, you don't have control over such things. However, there are elements that are personal to you. If you meet certain qualifications, you can use these in your favor to get lower mortgage rates. Here are some of the most important.

The Down Payment

As part of the mortgage process, the lender will require you to make a down payment. That's because they want to minimize the risk of loss in case you are unable to make payments. Generally speaking, larger down payments get you better mortgage rates. This is also a great way to save money over the life of your mortgage.

The Type of Loan

There are a large number of mortgages available to borrowers. Some are available only to those who meet specific requirements, like military service and veteran status. A good lender like Highlander Mortgage will take your personal history into account and make sure you are aware of all the options available to you in your current situation. It's important that you look at each option carefully because one has different—and often lower—rates.

Credit Score

You likely already know that your credit score determines what types of loans you are eligible for, including mortgages, and that it is used to establish the terms of any loan you receive. What you may not know, however, is that simply having a high credit score isn't enough to get good mortgage rates. You'll want to get a copy of your credit report and carefully go over each item yourself. Why? Because sometimes mistakes in a credit report go undetected. Even if your score is in good standing, those errors can still send up red flags with lenders. Errors in your report can be removed by contacting the reporting agencies and bringing it to their attention. They can help guide you through the rest of the process.

Term of Your Loan

The term of your mortgage refers to how long you have to pay it back. When it comes to interest rates, a mortgage with a shorter term will have a lower interest rate but higher monthly payments. Still, this combination can be less expensive when compared to loans with a longer term, higher interest rate, and lower monthly payment. Some borrowers see larger monthly payments and immediately think it's the more expensive offer, but that isn't always so. Be sure to look at these factors and do the math to get a more accurate picture of how much it will cost.