Buying a home is an expensive lifetime investment, so it’s important to be smart about how you spend your money. Besides getting a good deal on a house, there are several ways to save money.
- Use an experienced, local real estate agent
- A good agent will save you a lot of time and money. They are experienced in the home buying process and have the expertise that is vital to make sure you do not overpay, and to ensure the process goes smoothly. An agent will be able to negotiate many things in the contract that you didn’t even know you could save.
- Get loan quotes from multiple lenders
- Interest rates and fees will vary from lender to lender, so it’s important to et at least 3 to 4 quotes from different mortgage companies. Not only can you use these quotes to negotiate lower fees and rates, but they give you an opportunity to speak to several different loan officers. Just like choosing an agent, it’s important that you are comfortable with your loan officer.
- Increase your credit score
- The higher your credit score, the cheaper your loan will be. Lender fees and interest rates are tied directly to your credit rating, so the higher it is the better. Before applying for a mortgage loan, you should pay down your credit card balances and refrain from opening new credit cards or applying for another loan. Both are quick fixes that directly affect your credit score.
There are many other great ways to save money when buying a home, and we would be happy to answer any questions you might have. Just give us a call at 704-251-9741!