Have you ever tried purchasing Alabama real estate but feel like it is an impossible task because of the prices? Well, the good thing is saving money on a house in Mobile, Alabama, isn't as tricky as you might think – especially when you have the right tips in hand. And the best part? These helpful tips don't involve you cutting back on too many things. So if you want to save money on houses in Mobile, Alabama, keep reading this article to learn about six tips that will help you out.

6 Tips For Saving Money On Houses In Mobile

1. Measure Alabama Real Estate For Accurate Tax Records

If you think your property taxes are too high, make sure the county assessor data is accurate. But how does this work? It's actually surprisingly simple. You start by verifying the square footage of your home to make sure the tax assessor got it right. Unfortunately, county tax assessors are notorious for displaying an inaccurate square footage of some houses. Thus, they could report your home as being too big, sky-rocketing your tax payments.

If your home is smaller than the reported measurement, your taxes will be lowered. An old appraisal will show you the current recorded measurement. However, if you don't have access to this information, you can get your home measured for accuracy. The cost of this service depends on your house's size. But it might be worth the price if you feel your house’s square footage isn’t as big as what’s being reported.

2. Buy Down Mortgage Points

Another option you have is to buy mortgage points. Mortgage points are the fees you pay a lender to reduce your mortgage loan's interest rate, which then decreases the overall interest you pay on your mortgage. The way it works is one mortgage point is one percent of your home loan amount. A good example is, if your home loan amount is currently $150,000, you would buy one point for $1,500 and you’d prepay the interest with a smaller monthly payment.

As good as this may all sound, one thing to keep in mind before you move forward is, with buying mortgage points, you'll end up paying more upfront at closing. Financial experts warn that when buying down points, you may have to wait a while to recoup the savings. Lenders can even offer calculators that predict when you'll break even to confirm how long you'll need to be in the home to make it worth the upfront spend.

3. Request Discounts

If you have an existing relationship with a bank, you can ask about relationship discounts as a way to lower your loan payments. Basically, relationship discounts can get you special loan terms if you have other accounts at that bank. Depending on the bank and your other accounts with them, your loyalty may be rewarded in a variety of ways including a lower interest rate or reduced fees on your overall loan. One downside to this is, depending on your bank, you might need to have large deposits.

4. Look At Mortgage Terms

One thing you should definitely look at is your mortgage term. 30-year fixed-rate mortgages are the most common. However, some lenders offer longer terms, such as 40-year mortgages. This longer term can see you save around $100 every month, but you'll pay more interest during your loan's lifetime. Beyond extended terms, lenders may offer other loans to help you reduce monthly payments. Adjustable-rate mortgages are becoming more popular thanks to the lower introductory interest rates.

5. Conduct An Energy Audit

Saving money on a house doesn't have to mean reducing only your mortgage or property taxes. In fact, you can keep your money in your account by conducting an energy audit. The study's findings could lead to considerable reductions on your current utility use. Beyond that, you may want to think about installing solar energy systems. While they may be costly to install, they do end up paying for themselves and may even boost the value of your Mobile, AL home.

The way this study works is by pinpointing trouble areas in your home that could be eating away at your energy consumption. This results in lowering your energy consumption and reducing your carbon footprint. To put simply, it shows you your energy efficiency – or using less energy to do the same job. You can either have a professional home energy assessment done, or you can do it yourself. Either way, this study analyzes a few different factors, such as:

• Overall energy usage, including water and electricity.
• Determining whether there's any energy loss in the property.
• Assessment of heating and cooling equipment.
• Recommendations on lifestyle changes to positive impact energy usage.
• Audit to determine improvements and their potential impacts on energy costs.

6. Don't Use Deposit Money For Unanticipated Expenses

You've used these tips to begin saving money on a house. However, emergencies can threaten your hard work, rendering you without a way to purchase any Alabama real estate. Thankfully, you can contact us at Alabama Title Loans Inc. to either get a car title pawn or a payday loan instead of having to use your saved money! To learn more about either our title pawns or our payday loans, you can either give us a call, chat with us online, or fill out the online form on the website!

Save Money On A House With These Tips

With the above tips in hand, you can certainly begin saving money on a house in Mobile, Alabama. Using these tips can help you get into Alabama real estate sooner rather than later and still have some extra money in your pocket. And with us by your side, you don't even have to let emergencies get in the way of saving money for houses in Mobile, Alabama. Simply complete the online form and you'll be well on your way to receiving the urgent cash you need to get your plans back on track.

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.