Aug 16 2017 25796 1

Aug 16 2017 25796 1


Money Saving Tips for First Time Home BuyersImage title

Let’s not mince words here, despite how many different factors there are when it comes to jumping into the Dallas real estate market, despite how many carefully considerations there are to make when shopping for a home for sale in Dallas, there’s one concern that for most reigns above them all, the cost. Buying a home is no joke and balancing your expenses, not only right now, but planning for all the expenses that are associated with home ownership down the road, is no easy task. This is true for everyone in the market for a home, but even more so for first time home buyers.

That’s why it’s worth taking a look at what some of the experts in the business consider to be good money saving tips for those who are dreading that big down payment and first wave of expenses in the home buying game.

Keep Two Eyes On Where Your Money Goes

Often times, when it comes to better budgeting and getting a handle on your finances in a meaningful way, the first and most important step is simply understanding and keeping track of where your money comes from and where it goes. Keeping track of your expenses, the categories you spend the most money on besides the necessities, and where exactly your pay check ends up month by month is the best thing you can do to start down the path of better saving.

How do you spend your extra cash? If you think that there’s no extra because you have too much month at the end of your money, it’s time to look a little harder. You need to know where your money is going.

The best way understand your spending is to track your spending for at least a few weeks. You can do this easily by charging all expenses outside of your monthly fixed costs to one credit card. When you get your monthly statement, the company will either put your spending into categories, or allow you to categorize your purchases. This will give you a clear picture of your spending so you know if you’re being wise with your money. There are also plenty of apps and applications that help you track your money and spending.

When you divide your money into categories, and physically divide it into specific checking, savings, and investment accounts, you can learn how to save better and spend money on things that matter most to you.

Put in the Time Shopping For a Mortgage

When it comes to buying a home, one of the most important decisions you’ll make is the mortgage you end up getting, and this isn’t a decision that can be made properly without shopping around and really looking at all your options. The first thing to do before shopping for a house is to get pre-approved for a mortgage. To get the lowest interest rates, shop your options with multiple lenders.

So, do your research to choose the mortgage that’s right for you. Whether you are opting for a 15 or 30-year mortgage, look around for the best terms based on current interest rates. Even half an interest point difference can cost, or save, thousands of dollars over the life of a 30-year loan.

Don’t start shopping for a house before you get a pre-approval for a mortgage. Understand there is a difference between a mortgage pre-approval and a pre-qualification when getting a loan. You absolutely want to be pre-approved. A mortgage loan pre-approval means that, barring anything unforeseen, a lender has committed a specific amount of funding to you based on your credit worthiness, which gives you more bargaining power when house hunting. Saving a half a percentage point on a $200,000 home loan can save you $64/month, or $23,000 over the life of a 30 year mortgage.

Bolster Your Credit First

If we’re talking about steps to take early in the home buying process, long before you even start shopping for an actual home, cleaning up your credit should absolutely be one of the first. If you already have impeccable credit, great! But most people could use some credit boosting practices before they dive into the world of mortgage and loan hunting.

If you’re trying to buy a home or a car, you will likely be financing your purchase instead of buying it outright with cash. In order to qualify for a loan, you will need to have a decent credit score. If you have a great credit score, you may be able to get a loan with a lower interest rate. That can mean thousands of dollars in savings over the life of the loan. If you need to clean up your credit, you may have to wait a few months to make your big-ticket purchase. This will also give you time to save for your down payment or first installment.

Saving Money and  Real Estate Agents

Saving money is no easy task, especially when it comes to a big ticket purchase as daunting as first time home buying in DFW. But it doesn’t have to completely intimidating, with a little help from experts in the business. That’s why partnering with qualified professionals like the realtors on our team is such a good idea. Every step of the process gets easier and more fruitful when you have experienced Dallas real estate agents on your side. If you’re looking for your dream home for sale in Dallas, start your journey with us and contact us today!

Candie Hernandez Headshot
Phone: 214-477-5595
Dated: August 16th 2017
Views: 78
About Candie: Although not originally from Texas, it has become my home after 30+ years of living primarily in the...

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