If you're in the market for a mortgage loan, there are five smart things you can do right now that will help you qualify for the lowest possible rate.

The tantalizing rates lenders put in their ads are for borrowers with the best credit scores, substantial down payments and the biggest gap between how much they earn and how much they owe each month.

Smart move 1. Pay every bill as soon as you get it. More than anything else, lenders want to know that you'll make your payments on time, month after month after month. If your credit history shows you've skipped a payment, or just been a few days late with your check to a credit card or utility company, they'll consider you a bigger risk. And bigger risks pay higher rates. But a late check only weeks or even a few months before applying for a mortgage will be taken particularly seriously.

Smart move 2 . Make a larger down payment. Lenders have learned that the more money you put down on a home, the less likely you are to default. So ask if you're near a cutoff point. If adding a few thousand dollars would lower your rate by a quarter-point or more, consider dipping a little further into your savings.

Smart move 3. Reduce your debt. Lenders look at the total amount you owe and your monthly payments. They want to be sure that you can afford to make all of your current payments and the new mortgage payment they are about to pile on top of that. Reducing your debt load will also improve your credit score, especially if your credit card debt is bouncing up against your credit limits. Your goal should be to reduce those balances to less than 50% of your available credit. The lower the better.

Smart move 4. Don't apply for new credit cards or other consumer loans. That prompts those potential lenders to check your credit report. When they do, those inquiries are noted on your history and they can lower your credit score by up to 12 points.

Smart move 5 . Shop around. Get realistic quotes from at least three lenders. It's particularly important that you don't limit yourself to your bank, existing lender, or the mortgage broker in a nearby mall. Our extensive database of mortgage rates is a great place to start looking for the best deals.

The tantalizing rates lenders put in their ads are for borrowers with the best credit scores, substantial down payments and the biggest gap between how much they earn and how much they owe each month.

Smart move 2 . Make a larger down payment. Lenders have learned that the more money you put down on a home, the less likely you are to default. So ask if you're near a cutoff point. If adding a few thousand dollars would lower your rate by a quarter-point or more, consider dipping a little further into your savings.

Smart move 3. Reduce your debt. Lenders look at the total amount you owe and your monthly payments. They want to be sure that you can afford to make all of your current payments and the new mortgage payment they are about to pile on top of that. Reducing your debt load will also improve your credit score, especially if your credit card debt is bouncing up against your credit limits. Your goal should be to reduce those balances to less than 50% of your available credit. The lower the better.

Smart move 4. Don't apply for new credit cards or other consumer loans. That prompts those potential lenders to check your credit report. When they do, those inquiries are noted on your history and they can lower your credit score by up to 12 points.

Smart move 5 . Shop around. Get realistic quotes from at least three lenders. It's particularly important that you don't limit yourself to your bank, existing lender, or the mortgage broker in a nearby mall. Our extensive database of mortgage rates is a great place to start looking for the best deals.

Many homebuyers will have to pay more. The only issue is how much more.

You can't undo the damage a bunch of missed payments have done to your credit report, or save another $20,000 overnight.