Top 3 Ways To Save Money In Your Purchase

    Top 3 Ways To Save Money In Your Purchase

    Home Buying

    December 10 2018

    Welcome to another episode of Monday Mortgage Madness! In today’s article we are going to reveal 3 ways to save some money in your transactions before closing on a home.

    1. When you order your appraisal be mindful of a couple things:

    Have it done upfront. Any health or safety related.You have to make sure all repairs get taken care of, before you move into a new property.

    During the inspection portion of the home appraisal, the appraiser considers both the interior and exterior of a home to get the best value of the house.


    Exterior-wise, the appraiser will consider:

    • The total land area or acreage of your property
    • The condition of the property
    • Any lead or peeling paint, but only if the house was built prior to 1979


    • Working furnace
    • Working air conditioning
    • Number of rooms, although they will also consider windows and closets
    • Garage, although it does not contribute to the square footage of the home
    • Upgraded basement, although it does not contribute to the square footage of the home
    • Built-in appliance upgrades
    • In-ground pool


    If you decide to make upgrades in your home, you need to make sure they are completed before you schedule an appraisal. Unfinished projects reflect poorly on the home value and you will be affected by appraisal extra fees.

    The same goes for the presentation of your home. While an appraiser cannot take the overall cleanliness and style into account, the estimated value of your home may be affected by holes in the wall or peeling paint, for example.

    Home Appraisal Checklist

    The appraiser will also look for anything needing repairs. Here are some things to check out before your appraisal:

    • Check your electric garage door opener to make sure it’s working
    • Secure a handrail on steps or stairwells
    • Secure second floor doors with decks
    • Secure a railing to any and all raised decks
    • Ensure all utilities are functional with no safety issues
    • Ensure water, electricity and air conditioning is functional
    • Address any plumbing, roof leaks or stains
    • Check for cracks in the walls, ceiling or foundation
    • Check for water intrusion through the foundation
    • Ensure your roof is sound and has at least three years of economic life remaining

    By addressing all these, you’ll be better prepared for an appraisal inspection and you’ll likely improve your home’s value.

    2.  Funds need to be verified


    Evidence of Proof of Funds for Balance of Down Payment

    Then we have the funds required to close escrow, the balance of the down payment plus closing costs.

    The process is always the same: the buyer needs to present certain documentation and get it verified.Here are a few sample types of documentation:

    • – Original bank statement
    • – Online banking statement
    • – An open equity line of credit
    • – Copy of money market account balance
    • – Certified financial statement


    3-.Keep your credit cards at same balances

    Many of you may not know that making moves such as buying furniture before closing on a home, may make a big difference actually.

    When you are in the final stages of getting a mortgage, it’s a good idea to stop using your credit cards, or at least cut way back on credit card spending. Stay patient and be cautious and you’ll secure your future house.


    So that’s all for today, hope you found this article useful so far and don’t hesitate in reaching me out if you have any questions or need a consultation.

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