How to save $$$ BEFORE you negotiate

There are big ways to save $$$ when purchasing a home.

Not only that….there are ways to save $$$ when looking at your budget too.  My wife and I just did exactly that.

So what are ways you can save on purchasing a home?

     1. Shop not just your mortgage rates, but lender costs

Most of us know we need to shop mortgage rates, but not the costs as well.  I have a tried and true way for shopping mortgage rates and costs that saved a client $11k last week! 

     2. Understand how your home insurance works and shop your premium costs

Sometimes going the cheapest isn’t the best approach - you need to balance cost AND protection.  Feel free to check out my article, "Is Your Insurance Coverage Adequate?".

What are other ways you can save beyond purchasing a home?

     1. Write out all your expenses and how much you pay a month

The first key is awareness.  My wife and I revisited our budget this weekend and found that by renegotiating some bills, we could save an extra thousand a year!

     2. Are you paying PMI or private mortgage insurance?

Some of us are still paying PMI or private mortgage insurance.  Most lenders require this if your down payment was less than 20% when you purchased the home.

If you have lived in a home for a few years, there’s a decent chance your home value has risen above the 20-25% equity mark they require. Tread carefully here as the bank will likely require you to pay for an appraisal, but it may be worth it if they remove the PMI requirement.  

These are all ways you can save money before you even get to the negotiating step of a home purchase. Got any questions, or want to share how you’ve saved money? Don't hesitate to reach out and let me know!