By Guest Blogger, Erika R.
5 Money Saving Tips for First Time Homebuyers
Buying your first home is an exciting step in your life. However, it requires you to know exactly what you want and how to get it. Hiring a great realtor and finding an excellent mortgage center are two important steps. Once you have that covered, here are five things, provided by The Mortgage Centre, you can do to save yourself some money and streamline your first home purchase:
1. Know your market.
If you live in the area you are looking to make a purchase in, start looking now. Taking time to scout the market can save you some money. This gives you an idea of what you can afford, where the prime real estate is located, and what the prices are like.
If you don’t live where you are looking to purchase a home, the internet can be your best friend. Look at websites where you can view homes, see what people think of the area, and plan out the neighborhoods you want to look at.
2. Talk to your mortgage lender about all your loan options.
In different states or locations there may be lending options available that are unique to that area. Ask your lender about what options they offer. There may be loans that can save you money on closing or your interest rate.
3. Have a down payment in hand.
If you have cash in hand, this can save you from extra fees on your loan. Find out how much your lender requires you to have and start saving your money now.
4. Talk to your tax professional about tax breaks.
When you buy a new home, there are often tax breaks that will save you some money when you file your taxes. Make sure you take advantage of them.
5. When you find the right home, visit it.
Spend the time to see the house you love a few times before committing to it. The second visit may reveal a flaw you didn’t see the first time. On a subsequent visit you may realize that the neighborhood’s not quite what you wanted. Make sure it is a perfect fit so you don’t have to sell shortly down the road.
Following these easy steps can save you a lot of money on your first home purchase. First time homebuyers are just learning what it means to buy and own a home. Start your purchase off on the right foot, and enjoy the adventure of finding a great first home.
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