Call us for your next real estate closing 770-924-1400  •  400 Creekstone Ridge, Woodstock, GA 30188

Our dollars aren’t going nearly as far as they used to and everyone’s looking for a few places where they can cut corners. It only stands to reason that one of the biggest purchases a person can make will call for some extra care and consideration when it comes to savings. 

Save 20% Down and Skip the PMI

Private mortgage insurance is the bane of most home buyers’s existence. If your credit is less than ideal or you have a mortgage that requires less than 20% down, you’re likely to get stuck with PMI. PMI fees vary slightly, but on average that’s an extra $100 per month piled on top of your mortgage and interest. Improving your credit or saving up for the full 20% down payment can save you THOUSANDS of dollars over the life of your loan.

Buy in Winter

House hunting season is typically between April and October. People are much less inclined to move during the winter months, so the demand for houses is much lower, possibly driving prices down. If you’re going this route, make sure you check out our guide for selling your house in January.

Negotiate Closing Costs

Every home purchase involves some kind of negotiation. It’s imperative, especially if you’re looking for ways to save money that you don’t balk at negotiating! You and your realtor can work together to get some or all of the closing costs included in the purchase price of the house. Closing costs can be up to 10% of the purchase price of the house, so that’s a large chunk of change left in your pocket! 

Closing costs aren’t the only thing you can negotiate for when you’re buying a house, you’d be amazed what you’re able to achieve with negotiations!

After: Make extra payments!

Making one extra payment on your mortgage a year can cut an entire year off the end of the life of your mortgage. While it doesn’t save you money in the immediate sense, it can save you thousands in the long run if you even just round your payments up to the nearest ten or hundred. You want the extra to be applied to the principal and you will be surprised how much you can save! An Amortization Calculator can help you visualize how much.

Closing on a house soon?

The purchase of any home in Georgia requires a licensed real estate attorney present at closing. If you’re taking steps to close on your house in the next 30-60 days give us a call! At Frank B. Pallotta Law we are licensed Real Estate Lawyers with 20 years of experience helping our clients in Georgia navigate the closing process. Reach out to us with your questions. We’re here to help.