5 Ways To Save Money On A Mortgage

Save Money On A Mortgage


By Andrew Curtis

A mortgage is the biggest loan you’ll ever take out. There are several ways in which you can reduce costs up front and in the long run in order to make things more affordable. Here are just five of the best ways to save money on a mortgage.


Prepare your personal finances

Being in a good financial position will not just increase your chances of being accepted by a lender, but it will also allow you to access better deals. You should try to keep a clean financial record for the six months before applying to a mortgage - your statements should show proof of a stable income, few cases of unnecessary borrowing and evidence that you earn more than you spend. Having a good credit score is also important - this can be achieved by consistently paying bills on time. Don’t be afraid to spend six months to a year improving your financial health if your credit score isn’t great and your spending habits don’t look good.


Place down the largest down payment that you can

The higher the down payment that you offer, the less you’ll pay in the long run. On top of being able to pay cheaper monthly rates, you’ll pay less interest overall. If you’ve saved up a 5% down payment, consider whether you can turn that into a 10% down payment by waiting it out a little longer and saving a little harder.


Use a mortgage calculator

Mortgage calculators can give you a more accurate idea of how much you’re likely to spend in the long run. When shopping around for mortgages, they can be a useful tool for helping you to budget. You can find mortgage calculators online at sites like MortgageCalculator.org. You can use property listings and free mortgage estimates to calculate the costs (you don’t have to wait until you’ve got a property lined up and a mortgage valuation as by then you’ll already be fairly committed).


Use a mortgage broker

Mortgage brokers can help you to shop for the best deals. They often have access to exclusive deals that you won’t find on the market. They can also offer advice and help with the application process. Using a broker will involve paying extra fees, however you’ll usually make up these costs in mortgage savings, providing that you choose a reputable broker (always spend time reading reviews of brokers to ensure that you choose a reliable one).


Look into home buyer programs

There are home buyer programs out there available to first time buyers that can help to reduce many of the upfront costs. These are worth looking into and taking advantage of. This guide at Forbes.com lists a few of the special loans and financial assistance programs that are out there. It’s worth noting that individual states and even individual cities have their own programs in place - these could involve contributing some money towards your down payment savings or allowing you access much lower down payments.

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