Five ways homebuyers can beat 7% mortgage rates and save thousands
We asked real estate experts to share their best ideas for how to pay as little as possible for a home mortgage.
TL;DR
- Shop around with multiple mortgage lenders and consider brokers, as they may offer lower rates than traditional retail lenders.
- Improve your credit score to above 700, particularly crossing the 720 threshold, to secure better mortgage rates and increase purchasing power.
- A 10% down payment can offer a significant rate benefit, and using remaining cash to pay down debt might improve your credit score and mortgage pricing.
- Negotiate with sellers for concessions like closing-cost assistance, repairs, or mortgage-rate buydowns, especially in markets with increased competition.
- Consider housing markets where affordability is higher relative to local incomes, as this can be a more powerful saving than minor rate reductions.