To improve your chances of qualifying for the best mortgage rates, there are several steps you can take. For instance:
- Maintain a good credit score
- Save for a higher down payment
- Demonstrate a stable income and employment history
- Pay off existing debts
- Minimise other financial commitments
Lenders offer better deals to borrowers whom they consider “lower risk”. This means borrowers who are more capable of paying a loan back. This capability can be demonstrated by having a large deposit (meaning you have less to pay back) and a good record of paying back loans in the past (i.e. a good credit history).