Let’s explore some actionable strategies for borrowers with good credit to secure the best mortgage rate available. While having good credit puts you in a strong position, this guide emphasizes the importance of comparison shopping, optimizing loan terms, and understanding the full cost of borrowing to truly get the most competitive deal.

When you have good credit, you’re already ahead in the race to secure the best mortgage rate. 

But while good credit opens the door, it's only the beginning. Many borrowers are surprised to learn that even with a strong credit profile, there are additional steps they can take to get the best mortgage rate with good credit.

Here, we explore 10 expert-backed tips to help you leverage your credit score, optimize your loan application, and navigate the mortgage market with confidence. Whether you're buying your first home, refinancing, or investing, these tips will help you land the most competitive rate possible.

Why good credit matters

Your credit score plays a crucial role in determining your mortgage rate. Lenders use it to assess your risk as a borrower. Generally:

• A score of 740 or higher is considered “very good” and typically qualifies you for the best mortgage rates.
• Scores between 700-739 are also strong and can still secure excellent offers.
• Anything below that may come with slightly higher interest rates or less favorable terms.

If you're in the good-to-excellent credit range, congratulations — you're in a great position. But the work doesn’t stop there.

10 tips for getting the best mortgage rate with good credit 

#1: Shop around with multiple lenders

One of the most effective ways to find the best mortgage rate with good credit is to compare offers from several lenders. Banks, credit unions, online mortgage companies, and mortgage brokers may all offer different rates — even for the same borrower.

Start by checking current rates to get a feel for the current mortgage interest rate environment. Then, seek out custom quotes based on your credit profile and loan details. Request at least three to five quotes from different lenders to make sure you're not overpaying.

#2: Consider the full loan cost — not just the rate

A low interest rate is great, but it’s not the whole story. Some lenders offer ultra-low rates with high fees hidden in the fine print.

To help you avoid an unwelcome surprise here, some key factors to compare include:

• Origination fees
• Discount points
• Closing costs
• Annual percentage rates (APRs) (these reflect the total loan cost over time)

When evaluating offers, use the APR as your main comparison tool. It combines the interest rate with fees and other costs to give you a more accurate picture of what you’ll pay.

#3: Lock in your rate at the right time

Mortgage rates fluctuate daily based on economic trends, inflation data, and Federal Reserve policy. Timing what lenders call a mortgage rate lock can save you thousands over the life of your loan.

After receiving a strong rate offer, ask the lender about their rate lock policy. You may be able to lock that rate in for 30–60 days, protecting you from market increases while you finalize the deal.

#4: See if you can boost your credit even more before applying

Even if you already have good credit, improving your score just a little could put you in the next tier for better pricing. For example, a score of 739 vs. 740 could make a difference.

Some quick wins to increase your score include:

• Paying down high credit card balances
• Avoiding applying for new credit before your mortgage closes
• Checking your credit report for errors and dispute any inaccuracies

Even a 10-point boost can help you qualify for a lower rate.

#5: Make a bigger down payment

A higher down payment reduces your loan-to-value ratio (LTV), which lowers the risk to the lender. Borrowers with good credit and a down payment of 20% or more typically qualify for the most favorable terms.

Bonus: With 20% down, you also avoid private mortgage insurance (PMI) — another cost-saving advantage.

#6: Choose the right loan type

Your choice of mortgage — fixed-rate vs. adjustable, 15-year vs. 30-year — can affect the rate you’re offered. 15-year mortgages, for example, often come with lower interest rates but higher monthly payments. 

Similarly, adjustable-rate mortgages (ARMs) offer lower initial rates but can adjust over time. If you’re planning to move or refinance within a few years, an ARM might offer better short-term savings. But if you’re in it for the long haul, a fixed-rate mortgage provides long-term stability.

#7: Don’t forget points and credits 

Mortgage points (also known as discount points) allow you to pay upfront to "buy down" your interest rate. This can be a smart move if you plan to stay in your home for a long time.

One point typically costs 1% of the loan amount. Each point usually lowers your rate by 0.25%.

Even if points aren’t right for you, you can explore other options with your lender. Lender credits can reduce your closing costs in exchange for a slightly higher rate. Depending on your financial strategy, either approach might make sense.

#8: Get preapproved, not just prequalified 

Prequalification is a quick estimate, while preapproval is a verified offer based on real documentation.

Preapproval involves a more thorough review of your finances and shows lenders (and sellers) that you’re serious and qualified. It can also give you access to better rates and stronger negotiating power.

#9: Time your purchase strategically

Mortgage rates can vary seasonally. Historically, rates tend to be slightly lower during the winter months due to lower market activity.

While timing the housing market is difficult, keeping an eye on rate trends and economic indicators can help you strike when the conditions are favorable.

#10: Work with a mortgage broker

A good broker can do the legwork for you by shopping multiple lenders and matching you with the best loan based on your profile. This can be especially helpful if you’re balancing a complex financial picture or don’t want to manage multiple applications on your own.

Getting the best mortgage rate with good credit

Having a solid credit score gives you a valuable head start, but implementing a little strategy and effort can help you find the best mortgage rate with your good credit score. By shopping around, timing your application, and fine-tuning your financial profile, you can secure a mortgage that saves you thousands over the life of the loan.

Want a personalized breakdown of the best mortgage rates available for your credit score and location? Use our mortgage rate tables to find real-time rates from trusted lenders — and get one step closer to your dream home. 

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