Your loan officer may be promising you that you are receiving the lowest mortgage rate around, but how do you know if he's telling you the truth? That knowledge actually begins by which loan officer you choose. If you can truly trust your loan officer, then you know that he or she is honestly providing you with the lowest rate available to you and your current financial situation.

You can't go by the mortgage rate that your brother in law has been boasting about. Part of your mortgage rate is based on your credit and your risk level. Maybe your credit rating or the product that you need just doesn't qualify for the lowest mortgage rate you have ever heard of. This may not be because you haven't paid something or made a few late payments. Every time you applied for a loan, a credit inquiry is put on your credit whether you were accepted or not. If you run around on the internet and apply for all the loans possible just to see if you can get them, you could be possibly hurting your credit rating, especially if it was marginal to begin with and you didn't qualify.

This doesn't mean you can't shop around for the lowest mortgage rate. Although, if you're going to take the time to shop around, you should be shopping around for a loan officer that answers all of your questions in a manner that you can understand and that you instinctively trust. The loan officer can make all the difference in the world when you have the right one. The right loan officer sometimes mean the difference between qualifying for a mortgage and missing the boat altogether.

Getting the lowest mortgage rate possible may mean something different for a person with a few credit issues versus the person with perfect credit. Your loan officer can explain exactly how that works. Your loan officer can also explain that a person with perfect credit who has never borrowed money before may not qualify for the lowest mortgage rate, if they qualify for a mortgage at all.

When shopping for a loan officer, reputation really is everything. Locate a top loan officer who has successfully secured the lowest mortgage rates time and time again, and one who will truly treat you like an individual rather than a credit rating, and procure you the absolute lowest mortgage rate possible. When you know you can trust this person, you can rest assured knowing that you are receiving the lowest rate possible.