Exactly as it sounds, I am hearing so many different rates being bounced around from my friends around the world in their respective countries.What is a competitive rate in your respective state at this point in time? Are there any techniques to employ when seeking the best mortgage rate? How limited is choice of mortgage broker or bank,I once had a teacher in secondary school tell me you can use a bank almost anywhere in the country to supply your mortgage, thus allowing you to shop around. 

Everyones borrowing situation is completely different. Down payment size, credit, dti, income, type of property, location, type of loan, all play a party in the interest rate. 

@Shiela Zhao

Here are the ways to get a great rate.

• Pay your bills on time.  
• Keep your credit card balances to 25-30 percent of the limit.  
• Keep your debt ratio below 40%
• Put down at least 20%

Your secondary school teacher should stick to what he/she does best.  Some of the best rates, products and programs are coming out of non-bank lenders like Movement Mortgage.

Ask some Realtors you know in the area you're trying to buy who the best lenders are and then interview 3 or 4 of them.  Find the one you like and the one who's rates are in the ball park of the others.  Doesn't have to be the best because if it's the best today, doesn't mean it's going to be the best tomorrow.  Criteria for a lender should be first and foremost do they answer their phone.  Second is if they say they're going to do something, do they do it in a timely fashion.  If they do those two things, your loan will go a lot smoother.

Hope that helps

Stephanie