Buying a house is not cheap, everyone knows that. Aside from paying for the mortgage, a homebuyer must also think about the cost of the utility, design, and of course insurance. It’s very important for any potential homebuyer to prepare their finances before they start house hunting.
Yes, buying a house can be super expensive. Fortunately, there are tons of tricks that you can do in order to save money when paying for your brand new home.
It’s all about the credit
Credit scores highly affect the result of your mortgage application. Low credit scores lead to a high mortgage pay out. Before buying a house, make sure that you have a good credit score.
Loan modification
Yes, you can modify your loan. You can ask for a reduced interest rate, longer loan period, and lower monthly payment. It’s all based on the place where you will get your mortgage – so choose wisely.
Look for less expensive home
Vying for a less expensive loan means getting lower monthly payments and lower interest rate. Having a cheaper house doesn’t mean that you are downgrading yourself. You are simply being practical. You can always balance the cheapness of the house through house decoration and design.
Cheaper insurance
Find a cheaper policy for your property. Find an insurance that covers the basic needs of your house. Do not opt for any add ons for it will only make things more expensive.
Choose location wisely
Property taxes are usually higher to cities and other urbanized area in the country. Find a location that still suites your lifestyle and still puts low taxes on properties. You should also think about the cost of living in your prospect areas.
Regular extra payments
You’ll save much more if you make extra payments every time you pay for your mortgage. Use a mortgage calculator to find out how much money you can save by paying extra.
Always negotiate
Asking for concessions for the property that you want can lead into a lower and better asking price. Heed the help of your agent for tips on how to get the good final price for the property that you desire.
Mapping out your finances and looking for certain loopholes can certainly land you the price that you want. Go to our portal to check out properties that suit your lifestyle.
Image source: http://www.persquare.com.ph/for-sale/house-lot-central-luzon-region-3-bulacan-san-jose-monte/affordable-lofted-house-lot-at-kelsey-hills-lorea-model-san-jose-monte-bulacan-for-sale_81541 – Driven Marketing Group
