When you are buying a home in the Triangle NC real estate market, one of the smartest financial decisions you can make is shopping around for your lender instead of going with the first quote you receive.

Many buyers assume mortgage rates are the same everywhere. They are not. A recent Realtor.com® analysis of nearly two million loans found that borrowers who compared multiple lenders saved an average of $44,000 over the life of a 30-year mortgage. In a high-demand market like Raleigh and the surrounding region where every dollar matters and home prices continue to rise, that level of savings can significantly impact your comfort and financial security.

This guide explains how to lock in a better rate, reduce your monthly payment, and save money long after you move into your new home.

Your rate depends more on you than on the market

Mortgage rates rise and fall based on the larger economy, but the rate you personally receive depends heavily on your financial profile.

Realtor.com’s study showed that even when average rates hovered around 6.6 percent, borrowers with stronger financials were able to secure rates closer to 6.25 percent while others paid closer to 7 percent. That half-point difference is enormous. On a $425,000 home, that equals more than $60,000 saved over a 30-year loan.

You cannot control the market. You can absolutely control the rate you qualify for.

The single biggest savings comes from comparing lenders

Shopping for a mortgage takes time, but it is the most straightforward way to lower your long-term housing costs.

Rates in the study varied by as much as 0.55 percentage points between lenders. For a typical home purchase in the Triangle NC area, here is what that difference looks like on a $425,000 home with 20 percent down:

• About $122 in monthly savings
• Roughly $1,464 saved per year
• Nearly $44,000 saved over the life of the loan

To secure your best offer:

• Contact at least three lenders on the same day
• Request a written rate quote from each
• Compare total loan cost, not just the rate
• If you have a preferred lender, ask others to match or beat their offer

A few extra calls can result in years of improved financial breathing room.

Credit score and down payment milestones that pay off

You do not need a perfect credit score to buy a home, but improving your credit even slightly can make a noticeable difference.

Moving from “good” (660 to 720) credit to “very good” (720 to 760) can reduce your rate by approximately 0.11 percentage points, which translates to about $24 per month or more than $8,000 saved over the life of a 30-year mortgage.

Increasing your down payment is another powerful way to lower long-term cost. Raising your down payment from 10 percent to 20 percent eliminates private mortgage insurance (PMI) and often earns a better interest rate. On a $425,000 home, this can translate to roughly $281 less per month and more than $100,000 saved over 30 years.

If reaching 20 percent down feels unrealistic, explore:

• FHA loans requiring as little as 3.5 percent down
• VA loans with zero down for eligible veterans
• USDA loans with zero down in qualifying rural areas
• State and local grant programs for first-time buyers in North Carolina

There are far more paths to homeownership than most buyers realize.

Property type affects your rate too

Your mortgage rate is influenced not only by your financial profile but also by the type of property you purchase.

Historically:

• Primary residences tend to receive the lowest interest rates
• Second homes and investment properties usually cost about half a percent more
• Condos, co-ops, and manufactured homes often come with slightly higher rates due to lender risk assessments
• Single-family homes and planned communities often qualify for more favorable terms

If you are exploring different types of properties across the Triangle NC region, talk with your lender early so there are no surprises when you find the right home.

More smart ways to save before and after closing

Even after you lock in your mortgage, there are ways to keep reducing your monthly housing expenses:

• Compare home insurance quotes annually instead of staying with one provider
• Bundle home and auto insurance to reduce premiums by 10 to 20 percent
• Invest in energy-efficient upgrades to lower utility bills
• Review your property tax assessment and appeal if the valuation is higher than market value
• Use auto-pay when offered to receive loan servicing discounts

Small improvements stack up, especially when combined with a well-chosen mortgage.

Work with a buyer’s agent who knows how to negotiate

A skilled buyer’s agent in the Triangle NC market can save you money before you ever apply for a mortgage. The right agent helps you:

• Understand neighborhood-specific pricing trends
• Identify homes that represent real value rather than hype
• Compete strategically without overpaying
• Include smart contingencies to protect your investment
• Negotiate seller credits or concessions to lower out-of-pocket expenses

In today’s competitive market, negotiation experience translates directly into long-term financial benefit.

The bottom line for homebuyers in the Triangle market

Buying a home is not just about finding the right property. It is about making smart decisions from start to finish that keep your budget stable and build equity over time.

Start by comparing lenders. Strengthen your credit where possible. Be intentional about your down payment. Continue saving even after closing.

I help informed buyers by pairing them with seasoned, professional lenders all the time. If you would like recommendations for a lender that best meets your needs and specific situation, I am here to help. I have a plethora of trusted professionals for you to speak with that can help put you in the best possible situation to achieve your goals.

Thanks for reading!

Brandon Yopp