If youre looking to buy a home, you probably want to secure the lowestinterest ratepossible for your home loan. Over the last couple of years, that was easier to do as the housing market saw record-low mortgage rates, but this year rates haverisen dramatically.

If youre looking for ways to combat todayshigher ratesand lock in the lowest one you can, here are a few factors to focus on. Since approval opportunities can vary, connect with a trusted lender for customized advice.

Your Credit Score

Credit scores can play a big role in your mortgage rate.Freddie Macexplains:

When you build and maintain strong credit, mortgage lenders have greater confidence when qualifying you for a mortgage because they see that youve paid back your loans as agreed and used your credit wisely.Strong credit also means your lender is more apt to approve you for a mortgage that has more favorable terms and a lower interest rate.

Thats why its important to maintain a good credit score. If you want to focus on improving your score, your trusted advisor can give you expert advice to help.

Your Loan Type

There are many types of loans, each offering different terms for qualified buyers. TheConsumer Financial Protection Bureau(CFPB)says:

There are several broad categories of mortgage loans, such as conventional, FHA, USDA, and VA loans. Lenders decide which products to offer, and loan types have different eligibility requirements.Rates can be significantly different depending on what loan type you choose.

When working with your real estate advisor, make sure you find out whats available in your area and which types of loans you may qualify for.

Your Loan Term

Another factor to consider is the term of your loan. Just like with location and loan types, you have options.Freddie Macsays:

When choosing the right home loan for you, its important to consider the loan term, which is the length of time it will take you to repay your loan before you fully own your home.Your loan term will affect your interest rate, monthly payment, and the total amount of interest you will pay over the life of the loan.

Depending on your situation, the length of your loan can also change your mortgage rate.

Your Down Payment

If youre a current homeowner looking to sell and make a move, you can use thehome equityyouve built over time toward thedown paymenton your next home. The CFPBexplains:

In general, a larger down payment means a lower interest rate,because lenders see a lower level of risk when you have more stake in the property. So if you can comfortably put 20 percent or more down, do ityoull usually get a lower interest rate.

To learn more, connect with a lender to find out the difference a higher down payment can make for your new mortgage.

Bottom Line

These are just few factors that can help determine your mortgage rate if youre buying a home. The best thing you can do is have a team of professionals on your side. Connect with a local real estate professional and a trusted lender so you have the expert advice you need in each step of the process.