Securing the lowest mortgage rate possible is almost totally up to you and involves you taking the necessary steps in order to make your application desirable to lenders. Once you know what lenders are looking for when they evaluate your home loan, then you can do what is necessary in order to make sure that you get the home loan you desire and the home of your dreams. Failing to take these steps can be detrimental to your chances of home ownership.

Here are six sure fire ways to ruin your chances of securing the lowest mortgage rate:

Having poor credit - Bad credit is a real deal killer when it comes to getting a low rate on your mortgage. If your credit rating is poor then you can expect to be offered a significantly higher interest than those who have better credit. In some instances, you may even be totally denied credit or have to obtain a bad credit mortgage. Addressing your credit issues before attempting to purchase a home loan can save you the disappointment of not receiving the cheapest interest rates.

Having too many debts - Even if you have good credit, having too many debts can also negatively impact your chances of securing an affordable mortgage rate. The higher your debt-to-income ratio is, the more likely you are to be offered a higher interest rate or less desirable loan terms. Pay down your debts and you will increase your chances of getting the best rates possible.

Not having enough in savings - The less money you have in savings or that you can put towards a down payment, the more you'll need to borrow, essentially making you more of a risk. Having savings is a bargaining tool and can help you offset any unexpected financial problems.

Not comparing loan rates & fees - Comparing rates is a smart way that you can be assured of getting the best deal available. Accepting the first rate you are quoted or choosing a rate based solely on the information provided by one lender can be extremely detrimental and cost you money.

Not researching your broker & lender - Not every broker or lender has the loan you need or the wherewithal to get you the loan you need. Choosing the right broker and lending company is one of the most important steps in getting the lowest mortgage rate possible.

Not asking enough questions - During the home buying process, asking questions is one of your best tools in getting the answers and information that you need. Do not be afraid or hesitate to ask any questions that you may have. Not doing so will cause you more harm than good