Raise Your Credit Score:

Conventional lenders charge a higher interest rate for lower credit scores. Raising your score can help you qualify for lower rates. Most lenders require a minimum credit score of 620 to 640. Typically, a credit score of 740 or higher put borrowers in the best tier for a conventional loan program. To get the best rate, strive for above 740 credit score. 

Decide on The Tenure Of The Loan Period:

Deciding on the tenure of your loan period may change the kind of mortgage you choose. Shorter loan terms can get you a lower rate. While the spread between mortgage rates for loan terms vary, but generally a 20-year fixed mortgage rates are about one-eighth percent lower than interest rates for a 30-year fixed and 15-year fixed-rate loans are one-quarter to three-eighths percent lower than 30-year fixed-rate loans.

However you can save thousands of rupees on interest payments with a shorter loan term, although you have to make sure you can handle the higher payments.

Read More: 7 Financial Mistakes To Be Avoid

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