7 Ways to Save When Buying a Home

Buying a home is a large financial transaction. It will likely be the largest financial transaction in one’s lifetime. Therefore, saving as much money as you can during this transaction is prudent. Here are 7 ways a home buyer can save money when buying a home.

1. Do Online Research: There are a lot of very informative sites online that offer great advice on the home buying process. Considering how large of a financial transaction that buying a home is it is wise to get as much information on home buying as you can. Sites such as marylandnewhomepurchase.com and Bankrate.com are valuable resources for home buyers.

2. Negotiate the Price of the Home: When putting in an offer on a home with the help of your Realtor do not be afraid to take an active part in negotiating the price you will pay for the home. The seller will list the home at the price that they want to sell the home at. However, the price can often be negotiated down if you attempt to. Reasonably negotiating the price of the home is often possible and can save you some money.

3. Get the Lowest Possible Interest Rate Loan: When buying a home it is best to get several interest rate quotes from different lenders/mortgage brokers/banks. Securing the lowest possible interest rate can save you tens of thousands of dollars in interest payments.

4. Get a Home Inspection: Buying a home without a licensed home inspector inspecting it is a BIG risk. A home inspector will check the structural and mechanical condition of the home. These inspections do sometimes uncover very serious issues with the home that to the eye looks in great condition that you would be stuck paying for at a later date if you bought the home as is with no inspection.

5. Look Long and Hard but Swiftly for your Home: In the moment it can be very easy to fall in love with one of the very first few homes that you looked at. But remain swift and still look at any other available homes in the market because you may just find another home that is available at a better price that is just as nice as or nicer than the other. It is important to be swift in looking so that you do not lose the opportunity to go back and put an offer on the house that you decided that you want to buy.

6. Apply for Available Down Payment Assistance: The down payment on a home can be a very substantial amount of money. If you are eligible to apply for some down payment assistance then this would save you tremendously. Keeping that money in your bank account could prove to be very helpful.

7. Make Extra Principal Payments each Month: The amount of interest payments paid on a home is substantially a LOT OF MONEY over the term of the loan. If you simply pay the equivalent of an extra 1/12 of a mortgage payment each month in addition to your regular mortgage payment in a separate mortgage payment and specify for that money to go directly toward the principal balance of your loan you could pay off you loan many years sooner than scheduled. The savings here is HUGE and worth it. For more information on this visit Forbes.

If you are going to buy a home be wise about it and try and save as much money as you can during the process.

Author:.

A traveller by day and reader by night' is how I would sum up my life. My wanderlust led me to quit my cushy job at 28 and finally embark on a journey around the world. Since then, I have lived in many countries and soaked in as many books as possible during my travel journeys. Among them, the "Book of Mirdad" is still my personal favourite and holds a special place in my heart. My progression towards writing was inevitable and happened quite naturally. I have been writing for a few years now an...

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