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Strategies for Smarter Borrowing
To borrow smarter, consider strategies that can reduce your overall mortgage costs. Start by improving your credit score, as higher scores often lead to better interest rates. Additionally, saving for a larger down payment can lower your loan amount and potentially eliminate private mortgage insurance (PMI), which is required for down payments less than 20%3. Shopping around and comparing offers from multiple lenders is another effective way to secure favorable terms. Many online platforms allow you to see these options quickly, helping you make an informed decision.