Once you know where you stand credit wise, do some research. Look at the interest rates on the type and term of loan that is best for you. While researching, look at recent rate trends to get an idea of the direction in which interest rates are moving. Also, since key economic indicators also affect interest rates, start paying attention to the financial news.

Once you know your mortgage priorities and have an idea of where interest rates are (and where they are heading), you can start calling lenders and brokers. Talk to several mortgage Lenders to find out their current mortgage interest rates, and see if points are included. Also find out how long their rate offers are valid. One lender may be offering its rate with a 7-day lock, while another may allow you to lock in the rate for 30 days. Once you reach a rate for the type of loan you want, lock in the rate. A lock is a promise to hold that rate made by the lender for a certain period of time. This way, should the rate go up, you will still get the rate you were quoted.