mortgage rates vary depending on the lender.  Your mortgage rate also varies depending on what special deal you might qualify for.

So how can you find the best mortgage interest rate ? You can find good mortgage rates online or offline.  Call some offline brokers, and check online. Obviously, you can contact your bank.

The best mortgage rates often come with conditions attached.  Often, the special deal only lasts a short period of time, such as 2 years.  Then you revert to the lenders standard rate, which is likely to be a lot higher. 

With a special deal, almost certainly there'll be redemption penalties attached.  That means, if you repay the loan early (e.g. you take the loan to another lender), then you'll have to pay a % of the loan as a penalty.  This % can be quite high - ranging from 3% in the first year, down to 1 % towards the end.

If you do get a special low interest mortgage rate deal, be sure to check all the conditions attached to it.  Most lenders don't give something for nothing !

Often, good fixed rate deals are available.  Same warnings as before.  The best deals usually try to lock you in for a period of time.  If you leave early, then all your saving (plus extra) are taken from you.  So be sure you intend to keep the loan, before you take it.  Also, try to get some insurance in case you lose your job, and are unable to maintain payments.

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