Most mortgages are the most significant loan they will ever take on. The terms and rates you agree to on your mortgage will follow you for years. What you do in the lead-up to applying will say everything that needs to be said about your mortgage rate. There’s no time too early to start investing in strategies to get the best mortgage rate possible.

Here are some tips for getting better mortgage rates than you may see on the market today or in the past.

Don’t Go with What’s Common

Most homeowners opt for a 30-year fixed-rate mortgage. If this is what’s best for you, take it. If it’s not, arrange something different for your mortgage.

Improve Your Credit Score

The higher your credit score, the better. Focus on credit utilization. Ensure you make the minimum monthly payments on your existing credit cards.

Don’t Apply for New Credit Cards

Try not to add any serious inquiries to your credit report in the year leading up to a mortgage application. This will help you appear financially stable and healthy to a lender and demonstrate that you can make monthly mortgage payments.

Talk with a Mortgage Agent

Your bank may not offer you the best mortgage rate. It may come from an alternative lender, a credit union, or a bank. Talk with a mortgage agent or specialist who can evaluate different lenders and compare rates for fixed—and variable-rate mortgages.

Make a Larger Down-Payment

A larger down payment means more equity in your home from day 1. It improves your loan-to-value ratio (LTV) and demonstrates financial stability to a lender, potentially helping you get a better mortgage rate.

Pay Down and Eliminate Your Debts

Anyone with a high debt-to-income ratio should focus on paying down all existing balances before applying for a mortgage. Pay off as many loans and credit cards as possible. The CMHC recommends a Gross Debt Service ratio below 39% and a Total Debt Service ratio below 44% to qualify for an optimal mortgage.

Increase Your Income

Increase your income. Apply for higher-paying work. Work to get promoted. Take on a second job. There are many ways to increase your monthly take-home. The higher your income, the better your mortgage rate will be.

Income Stability Matters

Employment should be stable. This signals you’re less likely to default. Be honest about your income and employment. If things aren’t stable, move to more job security and better pay.

Become a Prime Mortgage Borrower

Prime mortgages are given the best interest rates. To qualify, you must have a credit score of at least 670, a 10-20 percent down payment, and a low debt-to-income ratio. Work hard to get into this borrower category or better.

Build Up Some Cash Reserves

Lenders want to know what you have in savings as well. If there’s a job loss, they want to see how you can pay your mortgage. Set aside 3-4 months of mortgage payments in a separate savings account where you can cover your amounts in the event of financial difficulty.

Research for a Better Interest Rate

Whether you shop around for a better interest rate through a mortgage agent or on your own, you can save tens of thousands of dollars. Consider alternative lenders, different banks or credit unions, and any institutions offering mortgage loans.

Time Your Home Purchase

If you can wait until interest rates are low, time your home purchase for low mortgage rates. While you can’t wait forever, if you want to take a chance and the right home hasn’t come along yet, consider staying if there’s evidence—as there is right now—that interest rates could come down further.

Choose a Shorter Amortization Period

The shorter the amortization, the less interest you’ll pay. Though this may not directly impact your mortgage rate, it may sway you to accept a specific one. Know you will pay less interest.

Lock in Your Mortgage Rate

Lock it in after you have your lender and an offered interest rate. Use a fixed-rate mortgage to keep your mortgage rate throughout the term. The only downside is that if interest rates drop over your term, you won’t be able to take advantage because you will be locked into what you have.

You Can Renegotiate at a Later Date

You may be able to renegotiate mortgage rates and terms later. This has its pros and cons, but it can save you money in the right circumstances. It may also sway you to a different lender, alter the type of mortgage you have—such as going from a variable rate to a fixed rate—and alter the length of the loan.