Buying a home in today's market can be challenging, with high interest rates and low inventory. But there are still ways to save money and make your dream home a reality!

Here are a few unique ideas:

• Consider a shorter-term mortgage. With a shorter-term mortgage, you'll pay higher monthly payments, but you'll also pay less interest over the life of the loan.
• Get a gift from family or friends. If you're eligible, you can receive up to $17,000 in gift money to use for your down payment.
• Look for down payment assistance programs. There are a number of government and non-profit organizations that offer down payment assistance programs to first-time homebuyers and low-income borrowers.
• Negotiate with the seller. Even in a competitive market, there's still room to negotiate on price, closing costs, and other terms.
• Get pre-approved for a mortgage. Being pre-approved shows sellers that you're a serious buyer and can afford the home you're interested in. This can give you an edge in a competitive market.

In addition to the above tips, here are a few other unique ways to save money on your mortgage:

• Buy during the off-season. Home prices tend to be lower during the winter months.
• Consider a fixer-upper. Fixer-uppers can be a great way to save money on a home purchase, but it's important to factor in the cost of repairs and renovations.
• Choose a less expensive location. If you're willing to be flexible with your location, you may be able to find a more affordable home.
• Consider buying a smaller home. If you don't need a lot of space, buying a smaller home can save you money on your mortgage payments, property taxes, and utilities.

No matter what your situation is, there are ways to save money on your mortgage. It's important to do your research and compare different options to find the best solution for you.

Protect Your Credit

When you're shopping for a mortgage, it's important to protect your credit. Multiple hard credit inquiries can lower your credit score, which can make it more difficult to qualify for a loan and get a good interest rate.

That's why we at The Sherry Riano Mortgage Team rate shop for you across 25+ banks and lenders. We'll get you pre-approved for a mortgage with just ONE hard credit inquiry, so you can shop for the best deal with confidence. If you're ready to buy a home or at least start the conversation, contact us today to learn more about how we can help you save money. We'll work with you to find the best mortgage solution for your individual needs and budget!

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