1. Research your own credit past. This is probably the most important step to getting the best mortgage rate possible, yet many homeowners neglect to do this right away. If you don’t check your credit report regularly, there could be inaccuracies that lead to you paying a higher rate on financing for your home. Also, you should work consistently to improve your score so that lenders see you as a responsible borrower who will make payments on time.

2. Find a lender you trust. Working with the right lending institution can make or break your home buying experience. As well as researching mortgage rates in Canada or the United States, you should also look for different types of lenders. Most home buyers start with their bank, but there are also companies that specialize in mortgages that may offer packages more suited to your needs.

3. Get pre-approved for a mortgage. This will help you save time and energy in your search for a home. Getting pre-approved lets you know how much financing you can count on while you look for a home; this means that you won’t waste time looking at homes above or below your budget. It also means that once you are ready to make an offer, most of the work will already be done.

4. Use a mortgage calculator. Once you have found a lender and gotten pre-approved, your work is almost done! However, the key to saving money is to play with the math a little to see how much you can shave off of the total cost of your home. Different ways to do this include making a bigger down payment, increasing the amount that you pay each month, or increasing the number of mortgage payments you make each year.

If you follow these tips, you could end up saving as much as several thousand dollars in mortgage by the time you are done paying off your home. But remember, saving on a mortgage is not a process that ends once you have moved into your dream home. Make sure you have the latest information by using online resources like Rate Supermarket to know when it’s time to re-think your mortgage or refinance to save even more.