A low interest rate mortgage is the fondest desire of every potential homebuyer.

How do you get a low interest rate mortgage? Well, while you can try to negotiate yourself with a commercial lender, you might also want to think about a mortgage broker.

A mortgage broker will do some of the footwork on your behalf. A mortgage broker may know about smaller lending institutions which are offering a much more competitive interest rate than a big bank or finance company. However, mortgage brokers will not necessarily work with all potential lenders. They are also not completely unbiased because they may prefer certain lenders who provide them with the best commission. So, you will always have to do some checking of your own. Having said that, a mortgage broker may find some great opportunities for you to get the lowest possible interest rate.

Once a mortgage broker identifies some good low interest rate mortgage opportunities it's up to you to be sure that the mortgage, and its options, match your needs.

Also, don't just take the broker's word for it that a company is a good one…check! You have to remember that the mortgage broker will be getting a commission if you take your mortgage with the company they recommend. Since they get a commission they are not completely 'unbiased'. For instance, they could recommend a company which gives them a better commission level. So, check before you say yes.

In the end, even if you use a broker, do some research yourself. You'll be more confident when you do sign on the dotted line. More importantly, you might even find a better low interest rate mortgage deal than the one you're being offered.