1. Increase Your Credit Score
Increasing your credit score will help your loan become cheaper. This is because when you’re credit score is high the lender fees and interest rates decrease because these aspects are tied together. Be aware of the limit on your credit card and the amount your putting on it. The recommendation is to keep the amount charged to your credit card below 15% of the actual limit. This will make it easier to make payments above the minimum required and this can help increase your FICO score.
Also when you are thinking of purchasing a home and getting it financed try not to apply for new lines of credit or getting a new car. Opening accounts can make a ding on your credit score and can hinder your chances of getting approved for a mortgage.
2. Purchase a Home in the Winter
Spring and summer are the prime times for buying a home; but buying a home in the winter can be the smarter choice. Yes, there is snow and colder weather, but there are fewer people on the hunt for a home so there are less people to compete with. The fewer people to compete with means your initial offer will most likely be accepted. Also, with excess supply and lower demand the prices for homes is going to drop and can save you anywhere up to $20,000!
3. Using an Experienced Top Local Real Estate Agent
Getting the perfect agent to help you on your home buying journey is crucial; not only are they knowledgeable in the market but in real estate contracts as well. They can help you, the buyer, negotiate and find ways to save you money within the contract. As well as, helping the home buying process go as smoothly as possible. Your real estate agent will you looking out for you as the buyer every step of the way.
4. Get Quotes from Multiple Lenders
When buying a home, getting multiple quotes from different lenders is the smart way to go. This is because each lender charges different fees and interest. This allows you to see if you are getting the best offers and can give leverage to negotiate to lower those rates. You are also able to speak with different loan officers to see whom you feel most comfortable working with knowing they are doing the most they can for you.
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