Buying a new house can be tough for many individuals who must trade in a sizeable chunk of their savings in return for a piece of property to call home. Deciding to purchase a new house is just the tip of the iceberg as the entire process from start to finish can be both mentally and financially draining. However, there is no need to feel down as the government, banks and even realtors provide prospective new home buyers with various discounts and rebates to help them in transitioning from their old house to their newer one. Individuals should look into the following suggestions if they wish to save on the purchase of their new house;
Loans and Mortgages
Don’t have the financial muscle to pay for a new house yet? Getting a promotion soon? Well, then you should look at securing a loan or mortgage to pay for your house upfront. However, securing a home loan from a bank is not an easy process as you need to have a good credit history and income stream to be considered for a loan. If you meet the above criteria, then you should go ahead and apply for a loan to take a step toward buying your dream house.
Down Payment Assistance Programs
Many state controlled government departments along with local homeowners’ programs offer various types of financing services to home buyers in order to assist them in making a sizable down payment when they purchase a house. If you are a new home owner, some banks might also offer lower interest rates on loans and mortgages and may even negotiate a smaller down payment to the seller on your behalf if you meet their eligibility criteria.
Home Buyer Rebate
Thanks to the proliferation of the housing market, many realtors have started offering incentives to customers in order to secure business from them on a long term basis. Nowadays, some real estate agents offer up to 50% in commission refund to their clients which customers can use towards covering their closing costs or to finance renovations in their new house.
If you happen to be a first time home buyer, then you can also apply for different programs which can save you from paying taxes in the foreseeable future if you meet the desired criteria. Government institutions in some states also grant a tax rebate to first time homebuyers in order to promote selling and buying of property to keep the industry going.