In 49 states, women pay higher mortgage rates than men – on average, paying 8 to 10 points higher. That translates to nearly $7,000 more over the life of the mortgage. If a homebuyer has received only one preapproval, but has not spoken with more than one loan officer, getting another option can widen options and help prevent overpayment.
During COVID-19, the three major reporting agencies are offering free weekly credit reports, which are usually only available free only once per year. Early research and planning before applying for a mortgage can help borrowers navigate to a credit score most conducive to a competitive interest rate.