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January
23

Ways You Can Save Money to Buy a Home

Perhaps you are seeking more space or simply ready to start the next chapter in life. Either way, buying a home is a goal shared by many! Learning different ways you can save money to buy a home will get you on the right track, preparing you for exciting adventures ahead. From creating a budget to managing credit, you'll be glad you took these steps to homeownership.

Cut Back on Small Luxuries

Unfortunately, with saving money requires you to determine what you need to cut back on spending. Consider skipping the morning drive-thru coffee, you would be surprised by how much money you save at the end of the year! Other small luxuries that can be put on hold are cable TV, magazine subscriptions, manicures, and going out to eat. Although this may seem like a challenge, remember these are only temporary (and definitely worth it)!

Create a Budget

Set a goal for how much you desire to put into a down payment for your new home. This allows you to create a budget, giving you a timeline as to how long it will take to reach the set number. Setting aside a specific amount for current rent, bills, and other living expenses will show you how much you're left. Determine how much you're willing to transfer to your savings each month after bills have been paid and you'll be saving money in no time!

Save Your Tax Return

It can be tempting to spend the hefty tax return check that you've been anticipating all year. We suggest depositing the check directly into your savings so you are not tempted to spend the extra money. This is an easy way to instantly boost the number in your savings and speed up the home buying process.

Get Out of Debt

It may sound contradicting to save money while paying off credit card debt, but both can be done! While it's important to save money for a down payment on a new house, it's just as important to pay off outstanding debt. Your credit score greatly influences the loan amount and interest rate you will receive. Having a higher credit score will lower your interest rate, allowing you to save money in the long run. Making minimum payments on credit cards is an easy way to pay off debt while building credit.





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August
25

 

 

Buyers and sellers in the housing market have many fees to consider when purchasing and selling a home. One of the costs, closing fees, can be confusing to understand who pays for the fee. Learn more about closing costs when buying or selling a property.

 

Buyer Costs

Closing fees can be present for both buyers and sellers. Typically, the buyer is faced with more line-item expenses than the seller (who typically pay more). Most buyers are getting loans to make the purchase of a home and many charges stem from the loan itself. A buyer should receive something called a loan estimate form early on in the sale process. The document spells out all approximate costs a buyer will face when making the purchase of a home so there are no surprises at closing. Some buyers may use the information on the loan estimate to shop for different lenders, interest rates and costs.

 

Buyers getting a loan will see some of the following costs:

  • Appraisal fee

  • Origination fee

  • Prepaid interest

  • Prepaid insurance

  • Flood certification fee

  • Tax servicing fee

  • Credit report fee

  • Bank processing fee

  • Recording fee

  • Notary fee

  • Title insurance

 

It is prudent to go through all listed fees line by line with the mortgage professional to understand what the fees include and how they apply to the loan. Aside from expenses of getting a loan or buying a home, some expenses (such as property taxes or HOA fees) are pro-rated and paid at the time of closing. If an individual is buying a home and closes toward the end of the property tax period, it is likely the person will need to pay the balance of taxes upfront. This also includes prepaid loan interest. If a person closes toward the end of the month, the lender may ask for first month's payment up front.

 

Negotiate Sharing Costs

Part of the negotiation on a home sale can include asking the seller to pick up some of the closing costs as part of the negotiation. Credit for $5,000 reduction in purchase price can save a fair bit of money in the closing costs up front, even if it only saves a little bit monthly over the life of the loan.

 

Sellers Commission

The seller will usually bear the biggest brunt of fees: the real estate commission. Commission is based on a percentage of total sale price. In addition to real estate commission, sellers may have to pay the balance of property taxes, if it has not already been done, as well as any prorated homeowners association dues.

 

It can pay big dividends to pay attention to closing costs so as not to get charged fees which can be negotiated or lowered. Any real estate agent will be happy to work with individuals and families on home closing paperwork to provide the most for overall satisfaction.

 

 


 

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