Whats your biggest expense?
If youre like most people, its putting a roof over your head.
And its getting more expensive.
Bybuying a house, you have more control over rising housing costs.
Yes, borrowing for a home is expensive.
Here are some options:
1.
Check out various programs onMakingHomeAffordable.govor contact your mortgage servicer.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Go ahead and start now, but be sure to bookmark this post so you could easily return later.
Well keep it updated as offers changes or expire.
A down payment of 20% is the most obvious way to avoid paying for PMI.
Credit.com sayssome lenders still offer 80/10/10 programs.
You generally need acredit score of 700or higher to qualify.
Did you know?
If you are at that point, check to verify the PMI has been dropped.
If its a smaller house (not just cheaper), you may also save on maintenance and utilities.
Downsize
If you already own a house but want to cut costs, considerdownsizing your home.
Refinance Your Mortgage
Before you refinance, you have to be clear about your goal.
Is it just lower payments you need, or do you want to lower your long-term costs?
Or are you looking to do both?
You also have to be careful about loan costs.
Surprise fees are one of the primary complaints from borrowers, according to arecent survey.
Thats when your savings in interest paid will have covered the costs of refinancing.
If you move (and sell) before your break-even point, youll have lost money by refinancing.
Curious about refinancing?Click here to see a table with thebest refinancing ratesin your area.
If you think your home is worth less than the assessor says, ask for a review.
Lenders haveminimum requirements for homeowners insurance, so the policy you buy must meet their criteria.
Aloan payment calculatorcan show you how much youll save with regular extra payments.
Of course, you could also save on interest by getting a 15-year loan to start with.
Use Credit Card Offers
Do you ever get 0% interest credit card offers?
It sounds appealing right?
Check it out here!
