1) Biweekly mortgage payments save thousands of interest dollars and shave years off a 30-year loan. Go to our Calculator Page to compute your savings.
2) When rates are high, consider buying down your rate by coming up with more money to finance the mortgage. Go to our Calculator Page to check your real savings.
3) Be house-wise. Sell the big house, or don't buy more house than you need. Get an affordable townhouse or smaller home.
4) If you know your home has greatly appreciated in value, get an appraisal. Then cancel private mortgage insurance (PMI) once your mortgage reaches an 80 percent loan-to-value.
5) Get pre-approved for your mortgage, rather than just pre-qualified. It strengthens your bargaining position with sellers and their real estate agents and can save you money.
6) If you live in an area with increasing home prices, buy a rental property. Live in it for two years to avoid capital gains when you sell.
7) Refinance to take advantage of exceptionally low interest rates.
8) Leave some breathing room in your budget. Consider a smaller mortgage that won't tie up too much money -- not more than 25 percent of your gross monthly income.
9) Rent out a room in your home if you have more space than you need.
10) Ask about builder incentives to reduce loan costs.
MORE MORTGAGE & LOAN ARTICLES...
- LOAN LIMITS FOR RESIDENTIAL HOME LOANS
- MORTGAGE BROKER VERSUS RETAIL BANKER
- HOME LOAN PRE-QUALIFICATION VS. PRE-APPROVAL
- TYPES OF PREPAYMENT PENALTIES
- NO CLOSING COST LOAN, HOW IS THIS POSSIBLE?
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