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5 ways to save when buying a home

Understanding the mortgage process and trimming costs along the way is rough because most people don't buy homes often enough to know the savings tricks.

Bankrate's specialty is cutting the complicated mortgage process into pieces and finding ways for home buyers to save on their purchase.

 
Tips for big savings
1. If you are deciding whether to lock in an interest rate or float ...
Savings solution: Understanding how rate locks work will save money and heartache.
Avoiding common rate-lock mistakes
 
2. If you are wondering if the house is in good condition ...
Savings solution: A home inspection by a quality inspector can eliminate costly surprises after closing.
Hiring a home inspector
When a basic inspection isn't enough
 
3. If you don't have enough cash for a down payment ...
Savings solution: You may qualify for special down-payment programs, espcecially if you're a first-time home buyer.
Programs that cure the down-payment blues
 
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4. If you can only come up with 10 percent for a down payment ...
Savings solution: You'll have to buy private mortgage insurance to get into a home with less than 20 percent down, but it may be worth it.
PMI: What it is, how it works and how to work around it
 
5. If you want to know how much closing costs will be ...
Savings solution: Knowledge is power. Find out how to avoid last-minute closing-cost changes.
Prevent closing day disasters
 

 

 
-- Updated: March 27, 2003
   

 

 
 

 

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National Mortgage Rates
OVERNIGHT AVERAGES
Rates may include points.
30 yr fixed mtg 4.30%
15 yr fixed mtg 3.30%
5/1 jumbo ARM 3.58%



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