I am a first time home buyer and any advice is greatly appreciated.
I am going to start shopping soon for getting a mortgage and I need to know what strategies I can use to avoid paying more than is necessary. I want to be smart about both shopping, as well as making payments.
Obviously a lower interest rate is good, but what other terms and conditions should I look out for?
- How can I save money on my monthly mortgage payments?
- What should I know about buying down my mortgage interest rate?
- What sort of rebate or tax credit programs should I look for?
- Do mortgage brokers have junk fees I can avoid or negotiate?
- What kind of preparation should I do before I start shopping for a mortgage?
- Do the payment plans the bank offer work, and are they a good deal? (For example all the flyers about making a payment every two weeks instead of once a month)
- Should I worry about taxes and future taxes while I am shopping?