Buy A Home And Save Money Doing It!

(Picture: Aksarben Mortgage advisors Leslie Larson, left, and Guadalupe Arcos.)

Purchasing your own home is arguably the biggest purchase you can make, but did you know there are ways to save thousands of dollars on your purchase?

Aksarben Mortgage advisors have a wide array of knowledge about mortgages and the real estate market that can help you save thousands of dollars on your purchase.

1. Expand Your Search Area and Criteria

If you’re searching for a house in the city center or a specific area, but you now realize it’s very much out of your budget, you may want to try broadening your search area. 

But by re-prioritizing, the items on your wishlist or can give you opportunities you didn’t even think about, which can help you find a lovely home within your budget.

2. Be Sure You Know Your Credit Score

If you don’t already know your credit score, take steps to learn it!

“The higher the credits score the better the rate and you may be approved for more because the rate is better,” Aksarben Mortgage Advisor Leslie Larson said. 

“With each of our products, there is a minimum credit score so knowing your score ahead of time can help us determine what loan product may fit you best. Of course, we will look at all of them.”     

Many lenders will use the FICO credit score when they price your mortgage. Credit scores determine if you get a lower interest rate and better terms. 

Now, how do you get your credit score? Check your credit card or other loan statement; talk to a nonprofit counselor or use a credit score service. 

Warning: Many services and websites advertise a “free credit score.” Some sites may be funded through advertising and not charge a fee. Other sites may require that you sign up for a credit monitoring service with a monthly subscription fee in order to get your “free” score. These services are often advertised as “free” trials, but you have to be aware of when the trial period ends so you are not charged. 

Before you sign up to try one of these services, be sure you know what you are signing up for and how much it really costs

3. Boost Your Credit Score, If You Need To

If your FICO credit score is poorer than you expected, there are ways for you to boost it. You should raise your credit score before you apply for a loan because it can take months to see a change in your FICO score, depending on where your start and your end goal.

There are many apps and free services that can assist you in setting up a budget and fixing your spending habits. You can also reach out to us! We have years of experience helping homebuyers improve their credit to help them qualify for a better rate.  

“I would suggest keeping your credit use under 30% of your credit card limit.  When it goes higher, it begins to hurt your credit,” Larson said. 

“You could possibly report your rents to the credit bureau or get a secured credit card.  There is not a one-size-fits-all remedy… “ 

4. Look for Grants, Gift Funds and Down Payment Assistance

Several options are available regarding securing the funding you need to buy a house. Looking for certain down payment assistance options available in your area can be a game changer when it comes to taking your first toward buying your dream home. 

There are various programs and special benefits for people working in certain professions or with unique statuses, such as veterans, doctors, etc. 

The best way to explore your options is to connect with a local real estate professional and your lender to learn about the available programs in your location.

Call Aksarben Mortgage

Buying a home can be stressful, especially if you are on a tight budget. Applying these tips can help save you thousands on your upcoming home purchase.

If you’ve been house hunting and stepped out of the process because you’re worried about the rising costs, call or message our mortgage experts for advice on making it possible while staying on budget.

We can be reached at (402) 301-7098.

* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.