 TITLE: Should I Buy Mortgage Points? CONTENT: Additional Ways to Lower Interest Rates or Costs on Your Loan\n-------------------------------------------------------------\nBuying mortgage points isn't the only way to lower your mortgage's interest rate or how much you pay in interest overall. Here are some additional options you'll want to look into:\n*   **Shop lenders and loan types.** It can pay to get offers from multiple mortgage lenders, as each lender may have its own method for determining the interest rate it will offer you. Additionally, your rate could depend on the type of mortgage you get and whether it has a fixed or adjustable rate. Shop around to see which ones you'll qualify for and which will be best.\n*   **Increase your down payment.** While you'll need to come up with extra cash for a large down payment, doing so could lead to a smaller loan amount and lower interest rate. Putting at least 20% down can also help you avoid paying for mortgage insurance, which can lower your monthly payment.\n*   **Decrease the loan's term.** If you can't afford a higher upfront cost but could take on a larger monthly payment, a shorter repayment term can lead to a lower interest rate.\n*   **Find a less expensive home.** Buying a cheaper house is another way to reduce your monthly payment and down payment amount.\nOnce you have a mortgage, you may be able to refinance to get a lower interest rate. Or, if your lender allows it, you could make bimonthly payments to decrease how much interest accrues overall. END