Redrawing Your Loan

How to Save on the Cost of Purchasing a Home

April 18, 2017 The Amateurs Digest 0

Purchasing a home is no small decision and must be carefully thought out and planned for before you sign on the dotted line of that mortgage contract. It’s a good idea to have a financial advisor to help you with the financial planning needed to get the best deal and work out ways to save on the cost of purchasing a home.

One easy way to save money that any financial planner will tell you about is to save up a larger than normal deposit. Not only will you save on interest because there will be less principal to pay off, you’ll get a better deal and not be forced to pay for the lender’s mortgage insurance. This insurance is to protect the lender from the risk of loss if you should default on the loan for some reason.

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