5 ways to save thousands on your first home purchase
Purchasing a home will most likely be the largest financial investment you make. For first-time home buyers, it is a tremendous accomplishment, but not without its fair share of problems.
To be specific, financial problems.
Many first-time homebuyers get emotionally caught up in the home buying process and rarely do they think about the various financial aspects of buying a home and how they affect the bottom line at closing and beyond.
Contingency clauses are your friend
Contingency clauses shield you if the loan falls through, if you lose your job, or if the appraisal costs come in over the market value. Should one of these happen, you get the money back used to insure the property, also called “earnest money.”
Without this clause, you can lose the money and still be obligated to purchase the home. There are several possible contingency clauses. Make sure to talk to your real estate agent about the clauses necessary and specific to your situation.
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