It is always a challenge for homebuyers to select a suitable loan program that comes with a great interest rate. Make sure to work with an experienced mortgage loan professional at an established and reputable company.  Ask other trusted professionals like your accountant, attorney or financial advisor for a referral.

Remember, you will be relying on your mortgage banker to explain loan options and recommend a loan plan that you will likely live with for many years. You need to be able to discuss your long-term goals and the details of your personal finances in an atmosphere of trust.

Also keep in mind that the best loan is not necessarily the one with the lowest rate.  A lender might offer you a very attractive interest rate, but additional fees can push the total Annual Percentage Rate up significantly. The best-case scenario is to find a loan that combines a low note rate and low (and adequately disclosed) closing fees.