Mortgage interest rate saving ideas

Home mortgage interest rates are at a six-year high and could rise even more. Home buyers and homeowners need to consider these steps to reduce home loan interest rate costs.
Step 1: Check other offers.
You can negotiate or renogotiate with bank and non bank lenders and some mortgage brokers and mortgage lenders as the big banks are undercutting each other on interest rates to win your business.
So if you're after a home loan, check all mortgage lenders and ask them for a discounted interest rate.
At the moment, the big banks advertise standard discount of 70 basis points to 7.37 per cent if you borrow larger amounts, usually more than $250,000, but banks are having to offer bigger discounts becuase the non bank mortgage lenders are gaining ground.

Step 2: Increase your mortgage repayments
This won't reduce your mortgage interest rate, but will cut the term and that can mean massive savings in total interest paid.

Step 3: Compare basic loans interest rates
Mortgage lenders have basic home loans at reduced mortgage interest rates.
Check these out but they may have no savings over the heavily discounted standard home loans that are fully featured.