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7 ways to save thousands on your mortgage

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4. Go for a shorter loan term

Many homebuyers get a 30-year mortgage, which generally requires lower monthly payments than a short-term loan. However, you will save a large amount of money and pay the mortgage faster with a 15-year mortgage or another one in the short term.

For example, if you apply for a $ 180,000 mortgage loan with an interest of 3.77%, you will pay more than $ 120,000 in interest during the term of the loan. Obtain a 15-year mortgage, which generally offers a lower interest rate but slightly higher monthly payments, at 3.25%, and will pay more than $ 40,000 in interest. That is a saving of around $ 80,000.

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