Tips to save money for new home buyers

When buying a new house it will cost more money to you. It is important for us to save money after getting a new house.  So, what comes next after being handed your house key? There’s a few thing you need to pay attention when own your first property.

Tip #1 – If You Can, Get a Shorter-Term Mortgage

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– Choose a shorter loan term rather than longer term. You could saving more. The shorter loan also means lower interest rate. But there’s a challenge because your monthly payment will be higher. Make sure you can afford to pay it, otherwise stick with long term mortgage.

Tip #2 – Get Rid of Your Private Mortgage Insurance (PMI)
– SOmetimes your lender require you to buy private mortgage insurance(PMI), a policy that protects any losses the lender might take if you don’t paid. It ain’t cheap and cost more. Get rid of it and find another lender.

Tip #3 – Shop for the Best Home Insurance Rate

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– Insurance is important for new home buyer. You need to purchase insurance to cover if there any total loss of your home. Get the best rate and coverage insurance.

Tip #4 – Consider a Home Contractor for Some Projects, But Not All
– Do it yourself for simple thing. When hire contractor make sure you have any friend that know basic of home repairing or etc. Sometimes contractor will charge more even though they don’t repair or renovate the place.

Tip #5 – Consider Bundling Your Internet, Cable, and Phone
– Buy the cable into bundle. Make sure it is ready because the cable company could charge more only on the cable.

Tips #6 –  Check-list What to Do

– You need to make a check-list what to buy and what not. Don”t just buy furniture or do renovation without any planning. Look at your house space whether it is adequate for the furniture. Most of new home buyers make some unnecessary renovation and it could become huge expenses that could waste your money.

Tips #7 – Be Creative

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– Most of new home-owner buying new furniture to make their home beautiful. Sometimes you don’t need to use much money for decoration. You can use the recycle thing to make your house unique. You can try this 20 low-cost decorating ideas. No need to spend much money.

Source :- Homes Yahoo

That’s some basic tips. Maybe it will help you as new home-owners.

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Fixed deposit is steady income for us. This saving is guarantee return from our saving.As

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