Buying a House in 2024 – How to Make the Most of Your Mortgage

Couple that is search for the best means of Buying a house in 2024. Young man and woman playfully under a roof made of foam board.

If you’re already searching, you probably know that buying a house in 2024 is a stressful prospect. Interest rates are still high at the moment as the Federal Reserve continues efforts to minimize inflation. And while we’ve heard that rates are likely to drop during the year, the question of when and how much is up in the air. Pair that with continuing shortages in housing inventory, and the price of a house in 2024 could make you cringe. With the financial environment unfavorable, some potential home buyers are holding off for a friendlier market. But not everyone has that luxury!

You might be making a necessary move for a job, at the end of a lease, or need to better accommodate your family. Sometimes, there are circumstances that just can’t wait for a better interest rate. Does that mean you’re in for a miserable home-buying experience? Not necessarily! Ahead are tips for getting the most out of your money, even when buying a house in 2024 means facing a market that isn’t on your side.



Getting pre-approved for a mortgage is always a great idea, but it’s a crucial move if you are buying a house in 2024. Knowing that rates are going to be higher than you had hoped, you’ll want to leverage every possible advantage going into price negotiations, and pre-approval gives you firm standing. Among the advantages of making an offer with a pre-approval on your side:

  • It’s a significant benefit if you get into a bidding war – a not unlikely scenario due to low inventory. Many sellers will favor buyers with a pre-approval letter since this gives them more assurance of a swift and successful sale.
  • Pre-approval helps speed up the process, which is especially important if you plan to vacate your current dwelling by a set date or want to snatch up a good deal before a rival buyer has a chance to outbid you.
  • Pre-approval letters are good for up to 90 days, giving you the flexibility to continue to shop around if you are outbid, discover “deal-breakers” after a home inspection, or change your mind about a home you had your sights set on.
  • Sellers who are themselves in a hurry to leave might be more amenable to a pre-approved buyer, even if a slightly higher bid comes in, giving you a unique advantage that won’t stress your funds further.



The inflated prices you might be seeing when buying a house in 2024 will make this a challenge, but if possible, you’ll want to have at least 20% of your new home’s value covered by your down payment. This is typically enough to bypass the necessity of PMI – private mortgage insurance. Paying PMI will increase your monthly payment and ratchet up the overall cost of your home. While committing that 20% might be a stretch, that money is better spent going into your overall house payment directly.

On top of those obvious benefits, lenders tend to be more inclined to approve a loan if you have a significant down payment to offer.

As nice as a hefty down payment can be, it just isn’t an option for every home buyer. In that case, FFCCU might be able to get you approved for as little as 3% of the cost in down payment. If you aren’t sure what the best choice is, consult with a mortgage expert.



Your search for the perfect home has you weighing a lot of options – it can be as stressful as it is fun. But don’t forget the other search you need to be conducting: a hunt for a suitable mortgage lender!

Lenders aren’t all the same. Even beyond offering different rates, different lenders will vary their terms, closing costs, promotional offers, etc. Finding the right lender just might offset some of the increased costs you can expect when buying a house in 2024, so spare the time to do some digging. Have all of your documentation ready to go, so that you can get the clearest picture of what your experience with a particular lender is going to be.



Lenders will expect you to demonstrate how reliable you are to ensure that your home loan is very likely to be paid back. Bolstering your credit (if it isn’t already excellent) is a great step to take before trying to buy a house in 2024. While positive changes take time to reflect on your credit score, it’s also important not to do anything that will hurt your score. Continue to make payments on time, and ideally, get any credit cards with an outstanding balance either paid off in full or as low as you can. At the same time, closing any credit cards or other forms of revolving credit can hurt your score.

In addition to a solid credit score, you’ll want to avoid any other “red flags” for inconsistency. Avoid taking on any additional debt (like a new credit card or new vehicle loan), stay with your current employer, and avoid transferring money between multiple accounts. As you are shopping around for a lender, take care that they are not making hard-credit inquiries, as too many of these in a short time period might hurt your credit score.



If the housing market isn’t on your side, you need to have a lender who is. Mortgage and home buying can be complicated, even if this isn’t your “first rodeo.” Don’t roll the dice with your financial future! At FFCCU, we make the complexities of mortgage a trivial pursuit. Our mortgage loan originators will be with you at every turn.

Are you game? Visit to get started today.