There are several ways to save money on a mortgage:

• Shop around for the best interest rates and terms.
• Consider a shorter loan term, such as a 15-year mortgage, which typically has a lower interest rate.
• Make a larger down payment to reduce the amount of interest you’ll pay over the life of the loan.
• Consider refinancing your mortgage if interest rates drop.
• Avoid paying points or fees if possible.

While it’s ideal to put down 20% to avoid paying private mortgage insurance (PMI), you can put down as little as 3% with some loan programs. Keep in mind that a larger down payment will reduce the amount you need to borrow and lower your monthly payments.

A fixed-rate mortgage has a set interest rate for the life of the loan, while an adjustable-rate mortgage (ARM) has an interest rate that can change over time. While an ARM may have a lower initial interest rate, it can increase over time and result in higher monthly payments. A fixed-rate mortgage provides stability and predictability in your monthly payments.

To improve your credit score, focus on paying your bills on time, paying down debt, and avoiding opening new lines of credit. It’s also important to review your credit report regularly to ensure there are no errors or fraudulent activity.

Choosing between a 30-year and 15-year mortgage depends on your financial goals and budget. A 30-year mortgage typically has a lower monthly payment but a higher interest rate and more interest paid over the life of the loan. A 15-year mortgage has a higher monthly payment but a lower interest rate and less interest paid over the life of the loan. Consider your financial goals and budget when deciding which option is right for you.