How to afford a house when mortgage rates are high

Widening your home search can also help you find more affordable options. Consider looking at neighborhoods outside your preferred one, letting go of some"nice to have" features or even compromising on some"must haves."

"When possible, get recommendations from people you trust who may have recently purchased a home, or you could ask your realtor or insurance agent as well," says Darren Tooley, senior loan officer at Cornerstone Financial Services."Once you have a few potential options, be sure to read the reviews of the companies as well as the specific loan officers you will be interviewing, and then start making calls.

"Comparison shop loans and pit lenders against one another," Supplee advises."Get quotes from five to 10 lenders, then take the lowest rate/fee quote to your preferred lender and ask them to beat it."Traditional 30-year fixed-rate mortgages may not be the best fit for everyone, especially when mortgage rates are high.

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