When making the decision to buy a house, the amount of expenses, terms, and the entire process can be confusing. Christine Richards and Richards Realty Group aspire to not only be your perfect fit, but to help first time home buyers understand the information that can be overwhelming. Here’s our top 5 mortgage tips to save you money! 


Find The Right Lender


Finding the right lender will save you money in the long and short-term of your mortgage. Lenders that have good interest rates, communicate clearly, and walk you through the process can ultimately make your home buying experience a lot easier! This will also save you time and money from research to closing.


Make Extra Payments


Once your mortgage rate and terms are established, a great way to save money is to make extra payments! This can save the money that you would be spending on interest payments and while it may seem like the same amount upfront, taking interest off of your total investment is the ultimate life hack to save money! 




Understanding your budget, strengths, and weaknesses when it comes to your home and mortgage is a huge advantage. Not only is it good to set a budget for your big purchases like a home, but factoring these payments into your everyday spending can make sure that your finances are where they need to be. Not overspending sounds like a simple way to save money, but once it’s a part of your routine it will feel like second nature!


Understanding Mortgage Terms


Mortgage terms can cause some confusion for first time home buyers. Understanding your mortgage can ensure that you know how much you have to pay, therefore aligning properly with your budget and expectations. A few key basics are:


  • Annual Percentage Rate (APR) is the interest rate, any points, mortgage broker fees, and other charges that you pay to get the loan.


  • Equity is the amount your property is currently worth minus the amount of any existing mortgage on your property.


  • A fixed-rate mortgage is a type of home loan for which the interest rate is set when you take out the loan and it will not change during the term of the loan.


  • Your payoff amount is how much you will actually have to pay to satisfy the terms of your mortgage loan and completely pay off your debt and is different from your current balance.


Work with the right realtor


Working with the right realtor can make a huge difference in the entire home buying process. Having someone on your team who is experienced, knowledgeable, and passionate is an advantage that can save you money and time. Christine Richards understands the Texas housing market! When it comes to either buying or selling a home, you need an experienced negotiator on your side. Previously Christine Richards has spent 5 years negotiating injury claims where she acquired an extensive knowledge related to negotiating and will put that knowledge and skill to work to get the best price for you.

Saving money is a great practice wherever you buy your home. We hope these top 5 mortgage tips to save you money were helpful! If you’re looking for a realtor, book an appointment today!