Getting the best deal possible when shipping for homes for sale in the tri-cities WA region may require a bit of real estate savviness. Here are five tips to save money when house shopping.
1. Hire an Experienced Real Estate Professional
Having a local real estate agent who’s familiar with the neighborhoods and current markets is one of he best ways to save money when buying a home. Agents understand the in-depth negotiation process and real estate contracts and can streamline the process from start to finish. The best aspect of the deal is that the seller typical pays a realtor’s commission.
2. Prepare to Put Down a 20 Percent Down Payment
Avoid being stuck with paying for private mortgage insurance by coming to the bargaining table with a 20% down payment. Beyond dodging additional insurance premiums, you’ll likely get a better mortgage rate overall with a significant deposit.
3. Boost Credit Scores
The better your credit rating, the cheaper home loans will typically be for you. If you’re score is low or borderline:
- Pay down credit card balances
- Keep balances below 15% of your credit limit
- Avoid applying for new credit accounts or loans
4. Consider a Fixer Upper
Homes that need some TLC tend to sell below the market value, so they offer the best deals for those wiling to put in some repair work. Money saved in the sale can be reinvested into the home as the new owner puts their personal touch and preferences into the repair or restoration process. Be sure to get a home inspection report before making an offer on a fixer upper.
5. Investigate Various Mortgage Loans
Certain situations may mean you qualify for special loans that can equal big savings. Veterans can qualify for VA loans that may require no money down or mortgage insurance. The USDA has created loans specifically for low-to-median income families who are considering homes for sale in rural areas that also require no down payment and offer much lower interest rates.
Interested in saving money on tri-cities WA homes for sale? Contact Retter and Company’s experienced agents for customized advice today.