Save Money When Buying a Home
Buying a home is a big financial decision, and there are many factors that affect how much it’ll cost you. Here are some tips to help you save money during the process.
Improve Your Credit Score
A higher credit score can qualify you for better interest rates. Paying bills on time, reducing debt, and fixing errors on your credit report can boost your credit score.
A+ Tip: You can check your credit score and sign up for credit monitoring in the Affinity Plus mobile banking app or online banking, right on the Accounts screen. All for free!
Consider a Government-Backed Loan
If you're a first-time homebuyer, you might be eligible for a government-backed loan, like an FHA loan or a VA loan. These loans have lower down payment requirements and closing costs.
Get a Thorough Home Inspection
Before you close on a home, get a home inspection to identify any potential problems so you can negotiate repairs with the seller. Uncovering problems early can save you from unexpected costs down the line.
Don't Be Afraid to Negotiate
You might be able to get a better deal by negotiating the purchase price, repairs, and closing costs.
Look For Ways to Save on Closing Costs
Closing costs are the fees associated with buying a home, and they can add up quickly. You can save on closing costs by shopping around for different lenders, negotiating with the seller, and paying some of the costs upfront.
Lastly, Be Patient
While the housing market can be competitive, you shouldn’t feel like you need to rush into anything. The right home at the right price will come along eventually.
