Save on Your New Home

Closing on your home is a milestone moment, and something to be very proud of. The home-buying process can also be overwhelming, but don't fret! There are ways to save thousands of dollars on the purchase of your home. 

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1. Find the Right Home Loan Specialist and Real Estate Agent 

The right home loan specialist not only gives you a mortgage, but they should be your guide through every step of the home buying process.

Also, having the right real estate agent is key to feeling confident when buying a home. Your real estate agent is instrumental in not only helping you find the right place, but in negotiating the price of the home.


2. Get a Total Cost Analysis 

A total cost analysis will breakdown your finances and loan options to help you see exactly what you will be paying over the life of your loan. It helps you compare the impact of different loan terms, interest rates, and down payments so that you can make an informed and confident decision.


3. Pay Down Your Debt 

Your debt-to-income ratio is the amount of money you owe, versus what you are bringing in. So, this is very important to consider when deciding how much you can borrow. Student loans, credit cards, and medical bills all play into this. 

Also, building a solid plan for how to pay down your debt is crucial. When purchasing a home, the less debt you have, the better your interest rate!


4. Improve Your Credit Score

You’ve heard about the importance of improving your credit score, but how does this help you save money on your new home? Having a high credit score can give you access to more favorable loans, credit cards, and more. Also, good credit opens the door to lower mortgage rates, which leads to less money being spent over the lifetime of your loan. 

So, monitor your credit score regularly. Also, educate yourself, and learn what factors go into a typical credit score. Making payments on time and keeping your credit card balances low saves you money in the future. 


5. Save as Much as You Can

The larger your down payment, the smaller your mortgage. Make sure you are able to put money down without losing all your savings. You still want to allow for moving expenses, furniture, vacations, and emergencies.

Also, If you don’t have a lot of cash saved for a down payment, familiarizing yourself with PMI payment options is an important step. 


Bottom Line

Purchasing a home is something you will never forget, so make sure it is a positive experience!  

If you are unsure of where to save money when purchasing a home, reach out to your loan officers for advice and tips. They are available to help you learn and save!