How to save money when buying a house

Read on and find out how you can save money when you make one of your biggest financial decisions in your life.

09:59 17 June 2013

Buying a house is definitely a major decision as it obviously costs a lot of money. However, there are ways on how you can save. These are the following:

 

• Have a great credit score. If you’re planning to buy a house in the next 3-5 days, exert conscious effort to ensure that your credit score is nothing but impressive. Aside from your capacity to pay, this is one of the things that lenders will take into consideration when approving your mortgage and when deciding on the interest rates.

 

• Save for bigger down payment. One of the things that you can do to ensure that your loan will be approved is to save for at least 20per cent down payment. It’s better if you can pay more. This lessens the risks that lenders have to take when they approve your mortgage loan.

 

• Don’t be afraid to negotiate. Lenders are more than willing to talk about and negotiate legal fees, interest rates, and monthly repayments. If you’re not getting the figures you’re looking for, try other lenders. Ask for quotes and compare fees and interest rates.