It's no secret buying a home can be expensive. But there are many ways to save money when purchasing a home. TTCU is here to help you get the best deal possible so you can get into the home of your dreams. Here are 5 ways to save money on your home purchase:
Negotiate the price
of your home.
With the housing market slowing down, now is a great time to negotiate the price of your home.
There are a few things you can do to make sure you get the best deal possible. First, research the market value of the home. This will give you a good idea of what the home is worth. Next, make a fair offer. Don't try to lowball the seller, but don't overpay either. Finally, be prepared to walk away if you can't reach an agreement.
If you're prepared to negotiate, you can save yourself a lot of money on your home purchase.
Purchase mortgage points to lower your interest rate.
Improving your credit score can lower your interest rate.
One of the most important things you need to know about buying a home is the importance of your credit score. Your credit score will determine your interest rate, and a high interest rate can add thousands of dollars to the cost of your home.
To get a good idea of your credit score, you can use TTCU's Credit Scorecard feature located in the mobile app and online banking. This tool will give you a detailed report of your credit score and credit history. It's a good idea to check your credit score regularly, especially before you start the home buying process.
If you need to improve your credit score, there are a few things you can do. First, make sure you pay your bills on time. Next, try to reduce your debt-to-income ratio. And finally, dispute any inaccurate information on your credit report.
By understanding the importance of your credit score, you can save yourself a lot of money on your home purchase.
Receive $1,000 off closing costs with TTCU's Hero Program.
TTCU's Hero Program provides assistance to community heroes by offering a $1,000 credit toward closing costs on a home purchase or refinance loan.
Eligible professions include educators, nurses, EMS, firefighters, law enforcement, and military. To apply, visit texastechfcu.org/hero.
To learn about more programs TTCU has to offer, contact a mortgage lender.
Lower closing costs or interest fees by negotiating seller contributions.
Payment calculated at 2% below the Note Rate for the first year
Payment calculated at 1% below the Note Rate for the second year
Payment calculated at the Note Rate for years three through maturity
If you have any questions about negotiating seller contributions, reach out to a TTCU mortgage lender.
Purchasing a home is a huge financial decision, but there are ways to save money throughout the process so you can get into your dream home and stay in it. TTCU is here to help you get the best deal possible with our competitive rates and personalized products.
Schedule an appointment with a mortgage lender today to learn more about how we can help you save money on your next home purchase at ttcu.mortgage.