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Mortgage brokers and other real estate experts can often help homebuyers find the best interest rate on a mortgage that fits their needs, but that doesnt mean borrowers shouldnt shop around so that they’re well informed before talking to an expert.

Here are a few things consumers can do to get the best interest rate on a mortgage:

Fixed vs. Adjustable
Fixed- and adjustable-rate mortgages are the two most common forms of mortgages. A fixed-rate is set for the life of a loan, usually 30 years, and the mortgage payment is the same every month.

An adjustable-rate mortgage, or ARM, has an interest rate that changes after a certain number of years. It can remain at one rate for a year, then change based on an interest rate index chosen by your bank. An ARM can also be steady for five to 10 years, and then adjust annually.

ARMs usually have lower interest rates than fixed mortgages, and can help people afford homes if they only plan to live in them for a few years.

Pay points
Paying whats called a point through an upfront fee can lower the interest rate on a home loan. One point equals 1 percent of the total mortgage amount, lowering the interest rate by a fixed amount, usually 0.125 percent.

If you plan on staying in a home for a long time, paying points can save you money. You just need to do the math and determine how many months or years in savings it will take you to recoup the amount you paid in points.

Qualify for loan programs
Some loan programs have lower interest rates for eligible borrowers. These include VA loans for military veterans, FHA loans approved by the federal government, USDA loans and other government programs for first-time homebuyers.

If the interest rates arent as low as youre hoping for, these programs can still offer savings with low down payment requirements, protections if you fall behind on a mortgage, and allow low credit scores to qualify.

Improve your credit
Having a high credit score is one of the best things you can do to qualify for a better interest rate.

In the months before applying for a home loan, pay your bills on time and pay your credit card balances in full. Also, be sure to check your credit report for errors and dispute them.

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Take your home to the next level with these ultra-high-end features.

Two Kitchens

A designated cooking space for caterers or chefs makes it easy to play host without interrupting your daily routine.

Showroom Garage

Showrooms enable auto enthusiasts to put their collection on full display.

Wellness Spa

Consider a spa where you can relax and pamper yourself like a five-star retreat.

Indoor Swimming Pool

Youre free to swim laps or go for a relaxing dip regardless of the weather.

Bowling Alley

The perfect activity on a rainy day, a bowling alley is sure to set your home apart.

Helipad

Obtaining permits can be difficult, but having a helipad provides the ultimate convenience.

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When you were shopping for a house, you were probably so focused on the number of bedrooms, the size of the living room and the layout of the kitchen that you didnt give much thought to the basement. An unfinished basement can be a great place for storage, but finishing it can increase your living space significantly.

Benefits of Finishing Your Basement
If your house feels a little too small for your growing family, finishing the basement could be the solution. You can convert the basement into a bedroom, a family room or a game room where you can hang out and relax as a family. Finishing the basement may cost much less than you would need to spend to build an addition.

One of the biggest problems with unfinished basements is that they’re often damp, which leads to mold. Finishing the basement can eliminate that problem. The walls can be sealed and the temperature can be controlled to maintain a humidity level that won’t allow mold to grow.

If you plan to sell your house in the future, finishing the basement could increase its value. Families love the idea of having an extra bedroom or a place to relax together. That means you might be able to recoup a significant percentage of the money you invested in the upgrading of the basement.

Downsides of Finishing a Basement
Finishing a basement can have some drawbacks. The cost can be significant, depending on the size and current condition of the area. If moisture is a problem, that’ll need to be addressed before the basement can be finished. Remodeling a basement can be time-consuming and messy. If you currently use the area as a laundry room, you’ll have to deal with the inconvenience of construction.

A finished basement can lead to higher utility bills. This is because the area will need to be heated in the winter and air-conditioned in the summer, just like the rest of the house. If you have a large basement, your utility bills could rise significantly.

If you currently use your basement to store boxes, holiday decorations and things you dont use frequently, converting it into a living space means you would need to give up that storage area. If you have room in the attic, that might not be a problem. If that’s not the case, you might be forced to get rid of some things that you had been planning to keep or to put them in a storage unit.

Make the Right Choice for Your Family
Finishing your basement can give you more living space and add to your homes value. It’s a significant expense and will cause short-term inconvenience. You may have higher utility bills and will need to figure out how to deal with the loss of storage space. Having an extra room may outweigh the downsides. Consider the pros and cons to decide if finishing your basement is the right decision for your family.

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In some communities, many houses dont have garages, or they have carports with a roof and open sides. For some homebuyers, the lack of a garage isnt a big deal because they walk or use public transportation to commute. For others, a house without a garage is a deal breaker.

Security
Storing your vehicle in a garage can be safer than parking it on the street. A garage reduces the risk of theft, vandalism and accidental damage, which can go a long way toward providing added peace of mind. A garage may even lower your insurance rates.

Weather
Anyone who has gotten into a car after it’s been sitting outdoors on a sunny day knows that the sudden, sweltering heat can be unbearable. Even if you crank up the air conditioning, it takes time to cool off the car, and, in the meantime, your clothes can become drenched in sweat. This is particularly problematic if you’re on your way to work.

On the other hand, if you live in an area that’s prone to wintry weather, brushing, scraping and defrosting your car’s windshield can take up valuable time in the morning when you’re in a hurry to get to work.

Parking a car in a garage can eliminate these problems, saving you a lot of hassle as you deal with the elements throughout the year.

Storage
If you buy a house with a yard, you’ll likely need space to store a lawnmower, gardening tools and lawn furniture. If you and your kids enjoy riding bicycles, you’ll need a place to keep them safe, as well. That means you’ll need a garage or a shed. You might be able to build either, but that would take time and money, and local zoning laws might restrict your options. You could make things easier on everyone involved by putting a garage at the top of your must-have list.

Resale Value
Unless you’re confident that you’ll stay in your new house for the rest of your life, you should consider its potential resale value. A garage might not be a priority for you, but it could be a must-have for future buyers. Even if the house has many strong points, prospective buyers could immediately rule it out if it lacks a garage, or you might not get as much money as you would if it had one.

How Important Is a Garage?
For many homebuyers, a garage is a necessity. If you own a vehicle, a garage offers safety and convenience, as well as extra storage space. Even if you dont need a garage, you could decide to sell your home in the future and have a hard time if it doesnt have one. Weigh the pros and cons and discuss the issue with your real estate agent.

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