Tips for Lower Mortgage Rates – April 29, 2024

Video Transcript

Mortgage rates open the week higher than what you’re used to. And for a lot of home buyers that means higher monthly payments, less purchasing power, and a whole lot of nerves about the randomness of markets. But if you’re under contract to buy a home or about to be, remember that you can exert control on the mortgage rate.

You’ve got three quick things you can do. These are all easy. One, talk to more than one mortgage company.

You comparison shop on the daily, comparison shop here. Different lenders, different rates. That’s a fact.

Two, ask about paying Discount points. Discount points are an upfront fee in exchange for lower rates that last the duration of your current mortgage. That’s option number two.

And number three, if you are a first-time home buyer with 3 percent down at least look at conventional mortgage loans backed by Fannie or Freddie, which give automatic discounts to average income earning households. You can see a list of 10 ways to lower your mortgage rate on our main channel. I’ve linked it as a related video here.

Check it out. I’m Dan with Homebuyer.com. Happy homebuying.