The “lowest” interest rate is really the rate that fits your unique situation. Your finances, credit score, and even the type of loan you need all play a part in determining your interest rate.

If you hear an advertisement promising the “lowest rates,” know that it is impossible for any lender to claim the lowest rates. It’s important to take a close look at the various factors unique to your situation. For example, the interest rate for a homebuyer with an 800 credit score, a sizable down payment, and the ability to pay points at closing may be quite different from other borrowers.