This is how you save six figures on a home purchase 👇
A lot of people don’t realize this but… one of the biggest expenses of homeownership is mortgage interest. Here’s how to save BIG:
✔️ Shop Around for Lenders: When getting pre-approved, you have a 14-45 day window where multiple lenders can pull your credit without affecting your score. Get quotes, ask for written closing cost estimates, and compare both rates and fees.
✔️ Switch to Bi-Weekly Payments: By making bi-weekly payments instead of monthly ones, you’ll make an extra payment each year, saving you a ton in interest over time.
✔️ Make an Early Payment: Your first mortgage payment skips a month. If you close in September, your first payment is due in November. But if you make a payment in October, you decrease your principal right away, saving you thousands in the long run.
✔️ Look into Grants & Programs: Many states and banks offer reduced mortgage rate programs for first-time buyers. Grants are also fantastic because you’re borrowing and paying interest on less money.
✔️ Negotiate Rate Buy Downs: There are permanent and non-permanent rate buy-downs that sellers can help pay for, depending on your negotiating power.
✔️ Refinance When Rates Drop: Buying before rates drop means less competition and likely a lower sales price. If rates do drop, you can refinance and enjoy the best of both worlds.
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