Three homeowners who scored lower mortgage rates — and how they did it

Buying a home is just as much about life's circumstances as it is about math. Maameefua Koomson wanted to establish a home base where she could host her siblings. Sean Stoyanowski was eyeing a forever home with room to grow his family. Garrett Duyck wanted stability for his four kids.

Recent Bankrate research finds Americans are systematically overpaying for mortgages, costing them $65 billion more per year than if they'd gotten the lowest mortgage rate available to them. But there are things you can do to achieve the American Dream without the extra cost. Koomson, Stoyanowski and Duyck each did something as simple as it is effective: they compared more than one mortgage rate before buying – a step experts agree can help you secure a lower rate.

The past four years have been very tough on buyers. Average mortgage rates have been stuck above 6%. But in today's market, doing the work to get a lower rate is one thing you can control. And the upside is huge: shaving just half a point off your rate — from today's 6.54% average down to 6.04% on a $400,000 loan — puts about $130 back in your pocket every single month. That's more than $1,500 a year you're not handing to your lender, and

Fuente original: Yahoo Finance (https://finance.yahoo.com/real-estate/articles/three-homeowners-scored-lower-mortgage-120000750.html)