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4 Ways to Save Money

4 Ways to Save Money

Home loans are expensive, so saving even a little (in percentage terms) can lead to hundreds or thousands of dollars in savings.

1. Shop Around

Again, it's essential to get at least three quotes from different lenders preferably different types of lenders (a mortgage broker, an online lender, and your local credit union, for example). Everybody has different pricing, and you'll learn a lot in the process.

2. Watch the Rate

The larger (and longer) your loan, the more your rate matters. You pay interest on your loan balance year after year, and those interest costs can be tens of thousands of dollars. Sometimes it makes sense to pay more up front even buying "points" on your loan if you can lock in a low rate for the long term.

3. Pay Attention to Mortgage Insurance

If you put down less than 20 percent, you'll most likely have to pay mortgage insurance. This insurance isn't for your benefit it protects the lender in case you stop making payments and they can't recover their funds so it's best to avoid this expense. Evaluate alternative ways to come up with 20 percent, and find out how to remove mortgage insurance as soon as possible. With some loans, like FHA loans, you can't really get rid of that cost unless you refinance.

4. Manage Closing Costs

When you get a home loan, you'll need to pay numerous expenses. There are application fees, credit check fees, origination fees, appraisal costs, and more. Some lenders charge higher and lower costs, but you always end up paying one way or another. Be wary of "no closing cost" loans unless you're sure you'll only be in the home for a short period.

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