- 1). Order a copy of your current credit report from AnnualCreditReport.com. Then work diligently to clear up any negative credit entries. Just doing this could easily save you many thousands of dollars over the life of the loan, because the better your credit is, the better your mortgage interest rate will be.
- 2). Find a good real estate agent; she can help you save a ton of money. Skilled agents can assist in tracking down great deals, understanding home values, and locating the best homes on the market. Their services cost you nothing, so take advantage of their knowledge.
- 3). Shop carefully to find the best real estate deals, and don't automatically assume that foreclosures are the best value. Compare location, total square footage, and the features of each home to decide which ones are the best deals.
- 4). Look for homes with some cosmetic challenges. If you're willing to paint, clean, and do some minor repairs, you can save a ton of money when you buy. Many buyers quickly pass by homes that need work. If you do some minor work yourself, you can potentially save thousands of dollars.
- 5). Compare rates and fees among several lenders. Interest rates and closing costs can vary wildly from one lender to the next, so ask for a good faith estimate from each lender. Then compare the bottom line numbers of each to see which one is offering the best deal.
- 6). Order a home inspection as soon as you've located a potential home. Spending a few hundred dollars now to find potential problems could easily save thousands of dollars in repairs down the road.
- 7). Negotiate closing fees. Some fees are nonnegotiable; however, many can be adjusted if you're willing to simply ask for a discount. Let the closing company know that you're comparing prices, and you could get hundreds of dollars knocked off the bottom line.
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