It is no secret that current mortgage rates are discouraging to homebuyers. 

Homebuyers looking to get the best deal on a mortgage need to be prepared to shop around and compare rates. 

It is possible to find a lower mortgage rate in today's market - you just need to know where to look. 

Shopping Around for a Lower Mortgage Rate

One of the best ways to find a lower mortgage rate is to shop around and compare rates and terms from multiple lenders. 


Shopping around can be done online or in person, but make sure you compare apples to apples. Some lenders will offer lower rates for certain types of loans, so it's essential to make sure you are comparing the same kind of loan before making a decision.

Negotiate a Lower Mortgage Rate

Another way to find a lower mortgage rate is to negotiate with your lender

If you have good credit and a solid financial history, you may be able to negotiate a lower interest rate on your mortgage. 


Mortgage rates are not set in stone. If you are willing to negotiate, there is a good chance you can get a lower rate. The key is to be prepared and to know what you're doing.

Do your homework. 

Before you start negotiating, it is important to know what mortgage rates are currently offered by other lenders. This will give you a good starting point for negotiations.

Be prepared to walk away.

If you don't get the mortgage rate you're looking for, do not be afraid to walk away from the deal. 

Know your budget.

It is crucial that you have a clear idea of how much you can afford to pay each month. Sticking to your budget will help you stay firm during negotiations.

Paying Points

Paying points on your mortgage is paying extra money upfront in order to get a lower interest rate. 

Each point costs one percent of your loan amount. So, if you take out a $200,000 loan, each point would cost $2000. Paying two points would cost $4000 total.

You have to ask yourself whether or not paying points makes sense for you. 

Choosing to pay points boils down to how long you plan on staying in your home. If you're only planning on living there for a few years, it probably doesn't make sense to pay points because you likely won't recoup the cost of the points before selling your home.

However, if you're planning on living in your home for a more extended period of time, paying points could save you a significant amount of money over the life of your loan.


It is Possible to Find a Reasonable Mortgage Rate

If you're looking for a lower mortgage rate, remember that it is still possible to find one that works for your budget in today's market. 

With a bit of shopping around and negotiation, you can get the mortgage rate you need.



The Glass House Real Estate Team

The Glass House Real Estate Team

We are passionate about empowering home buyers and sellers. Our team brings a wealth of knowledge and experience. We will help you seamlessly navigate the home buying or selling process stress-free.