If you believe that interest rates will soon be on the rise, a fixed rate loan will give you the security of a set interest rate and payment. Since most lenders believe that rates will rise, you will have to pay more for the fixed rate. Some lenders or mortgage brokers may try to talk you into some type of an adjustable loan that they believe will be advantageous for them. The fixed rate loan is the one you should use as your basis of comparison with any and all types of adjustable rate loans. Because of this, it is critical to know the best fixed rate loan that you can get. If you do not, your comparison with adjustable rate loans will be skewed.
You should always ask your lender or mortgage broker if you are getting the best rate being offered. Make it clear that you are not asking if this is the best rate you can get. You want to know if it is the best rate anyone can get. If the answer is no, ask for the specific reasons why you are less creditworthy than the strongest borrower. If you believe any of the drawbacks to getting the best rate can be rectified, ask what you must do to qualify for the best rate.
Always get specific information. If the lender tells you that your debt ratio is too high, go through your debts with the lender to see which ones you need to pay down or pay off. The extra money you saved from examining your spending habits may be used to get a better loan.