You'll save thousands on your monthly payments and interest charges by reducing your mortgage rate.

Kim Porter is a freelance personal finance writer. She has written about personal finance topics for AARP Magazine, Bankrate, Credit Karma, NextAdvisor, U.S. News & World Report, Reviewed, Credit Karma and more. When she's not writing, you can find her training for her next race, reading, or planning her next big trip.

Mortgage rates won't drop signifcantly in the next few months, but you don't have to put off your homebuying plans. 

The mortgage rates you see advertised online are simply averages based on what borrowers are being offered at a given time. Depending on your financial profile, you could qualify for a significantly lower rate. By taking steps to improve your credit score and negotiating with multiple lenders, you can secure a better deal. 

In other words, if budgeting for a near-7% rate on your home loan is challenging right now, there ...