There's a lot to consider in buyinga home and gettinga mortgage. But there are just 2 main ways to save money on your mortgage – pay less for your new home or get a lower rate mortgage.
1. How much can I afford?
Interest rates are at historical lows right now, but they are bound to rise during the 20+ years you spend paying off your mortgage. As a general rule, allow for interest rates to double in the future. While we were researching this article, we found an Australian best mortgage tips page, and they are paying double US mortgage rates right now! Higher rates will happen in the future.
2. Research! Start with the area
Too many buyers start with the houses. Instead try starting by researching your preferred area and then each of the surrounding areas. Visit each one, you may find you can be more flexible in your choice of area. More flexibility gives you a greater choice of properties and more choice allows you to buy better.
3. Then research the market
There are some great online resources like RealtyTrac which allow you to set up daily information flows. You will soon begin to get where the market prices are.
4. Then research the property
There are some great online resources like RealtyTrac which allow you to set up daily information flows.
5. View the property twice (at least)
Try different times of day, try when it is raining. Look for cracks in walls, musty odors, and signs of mold or insects.
6. But don’t look too keen
This gets harder the more you visit! Try not to look too keen, it strengthens the vendors hand in negations.
7. Forget the small stuff
A former real estate agent said this to us. “The lady asked whether the kids swing would stay with the house and I said yes. The lady went on to buy the house – it was like buying a kids swing with a $400,000 house attached”.
Don’t be this lady!
8. Auctions
Set your budget and write it on a piece of paper. Auctions are set up tomake nervous people bid too high. Take your time and pull that paper out of your pocket from time to time to help you focus on the budget.
9. Mortgages - compare
Mortgages are big dollars. There is a whole industry of people who will sit with you and try to make you feel comfortable. Forget them. Do the online research and get the very best deal you possibly can. Then go to your preferred lender and get them to do better.
10. The big long term saving – pay off early
Pay off a little extra each month, and you will be on your way to a big saving over the life of your mortgage.
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