15-year mortgages have lower rates than 30-year mortgages but higher monthly payments.
💡 The "best" rate is one that allows you to build equity without becoming "house poor." If rates drop later, you can always refinance.
Compare "Annual Percentage Rate" (APR) rather than just the interest rate.
Avoid opening new lines of credit during the home-buying process.
Once you find a rate you like, "lock" it in with your lender.
Putting 20% down often eliminates private mortgage insurance (PMI) and lowers your rate. Market Conditions
While 6-7% may feel high compared to 2021, it is still lower than the 18% seen in the 1980s. Loan Structure
You can "buy down" your rate by paying upfront fees (discount points) at closing. How to Get the Best Rate Possible 1. Shop Multiple Lenders Get at least three quotes.
