Buyers' Resources : Money
Buying :
Credit Report :
Mortgage Calc :
Negotiations :
Insurance :
Money :
Moving Checklist
Saving Money!
Avoid costly Private Mortgage Insurance by putting
20% or more down on your purchase or if you do not have the down payment
now ask you lending institution to reappraise your home after two to
three years. In all likelihood your home will have appreciated in value
to the point where you will have 20% equity including your original down
payment. Lenders may charge a re-appraisal fee which normally runs
around $250.00.
Catch home defects before they become your problem by
employing a home inspector, pool inspector, roof
inspector, etc. The cost you pay for these services upfront can save you
money later.
Don't pay more in property taxes than you need to. Be
sure to claim your homeowner's exemption if this is your primary residence.
To reduce your closing costs, try to schedule your
closing at month end to reduce your pro-rated mortgage payment and
property taxes incurred from the time you close until the end of the
month. Finding a lender who does not charge discount points and loan
origination fees can also reduce your closing costs. You may also want
to negotiate some closing cost assistance with the seller or consider a
government or non-profit sponsored down payment assistance gift program.
