A mortgage is usually the largest debt that someone might take up during their lifetime. In order to decrease the financial burden, you should try to avail the lowest rates and pay the maximum down payment possible so that you can write off the debt quicker. You must learn the certain tactics to do this, and the easiest way is to get a better mortgage rate is through the art negotiation.

True, negotiation is difficult, and is something that does not come naturally for most. Still you must make efforts in order to try to acquire the best possible rates.

Here are a few tips that might help you in the process.

1. Your lender is likely to ask you a couple of questions so that he can determine your exact needs. You should always tell him the truth. The agent will need honest answers so that you can pick a product that suits you financially and otherwise. This point is especially important if your income is limited and you are worried about getting burdened with high monthly payments.
2. You might not be getting the whole hinge of the mortgage process or may be facing difficulties in comprehending some of the terms. If this is the case, you should ask for clarifications from your agent. He will probably have heard the same confusions before, and will easily be able to answer all your queries.
3. A mortgage agreement is not just about the rate; there is a whole set of terms and conditions associated with it. So consider all the aspects before you decide on the mortgage rate with your agent.
4. Before finalizing a rate, you should compare the rates offered by different banks and brokers. You should also study the rates offered by other specialty lenders. This would help you determine the lowest possible rate in the market. You should clearly tell your agent that this is the rate you want. Even he does not agree, you could choose another option because it would save yourself from paying an excessive amount.
5. You must avoid lying at all steps of the process. Mortgage agents are very skilled at detecting less than truthful information because they have been hearing the same stories for years. Naturally, they can quickly detect lies and if one is caught, the trust between both parties will be lost. After that, you can forget getting the best deal.