Shorter term mortgages, such as 15 years instead of a 30-year mortgage, usually offer lower interest rates so ultimately you will pay less for your house. The downside is that your monthly payments are higher, you just make fewer of them. This is not the same as an ARM which … [Read more...] about Shorter mortgages can cost you 30% less on your home

If you can afford a larger down payment than the 5-20% that most lenders will require, ask your lender to calculate what your monthly and total payments will be if you put more down up front. Consider what else you could do with that money, such as payoff higher credit card … [Read more...] about Consider paying more now, less later

The U.S. Department of Housing and Urban Development offers free Foreclosure prevention counseling and homeless counseling services. They also link to approved agencies that will provide other counseling services for a fee, or at no charge "to persons who demonstrate they cannot … [Read more...] about Get free counseling from the U.S. Department of Housing and Urban Development if you qualify

Get the seller's disclosure and review it for known problems. Ask an agent's advice for how to effectively negotiate on those items - in some cases you might be able to get money back and then handle getting the items fixed on your own.A LOZO expert posted this tip. … [Read more...] about Don’t look past key disclosures, and use them to negotiate for additional savings

Some closing costs - such as taxes, title and prepayment of mortgage premiums - are unavoidable and non-negotiable. However many costs are applied by your lender and can vary greatly - such as application fees and document fees. Compare costs and negotiate just like you would any … [Read more...] about Negotiate your closing costs