So you are looking to purchase a home or refinance the one you are currently living in. If this is the case, not only do you want to obtain the best mortgage rate out there, you want to obtain the current mortgage rate and not a percentage point higher.

Before you begin to track down a lender who can get you going with a current mortgage rate, take some time to do a little research to find out what the current mortgage rate is on your own. Dont just take the lenders word for it.

You can find out information on the current mortgage rate, and rates in general from many resources. To name a few, the internet or the business section of your local newspaper is a good place to start and will give you a very good idea of what rates are doing.

The current mortgage rate can be easily obtained if you have excellent credit, or what lenders call A credit.

However, if your credit is challenged in any way, you will still be able to get a mortgage. Except the rate you receive may not be the current mortgage rate, but a little bit higher because the lender sees you as a slight risk because of your payment history.

Wether you have excellent credit or challenged credit, or you need someone to help you out with a unique situation, shop around.

By shopping around, you allow for a few to several mortgage brokers or loan officers to assess your situation.

Once each loan officer is finished assessing your situation, they will get back to you with what they have to offer rate wise.

Once you have a number of offers, base your decision on what you believe to be the best loan scenario for you.

Remember, the mortgage industry is a very competitive one, and these lenders do not want you to take your business to their competitor, so they will do their best to get you the best deal out there.

Loan officers and mortgage brokers also get paid on commission, so getting the mortgage to the closing table is just as important to them as it is to you.