Move into a house that has a smaller price tag on it and you could keep more of your paycheck, perhaps as much as ten percent or more of your paycheck. But, moving has unique expenses like shipping, transportation and labor. You’d also have to shop for a new home, play closing costs and inspection and mortgage fees.

Lower housing costs without leaving the home you love

And if you love where you currently live, moving may be the last thing that you want to do. Yet, you still need more money. Look over these tips to learn how you could keep more of your paycheck without moving,

  • Roll credit card balances into lower interest accounts. Pay attention to the fine print. Some cards start low then jump as high as 23% a year after you open the account.
  • Combine student loans into one low interest account. Check with your bank to see if they offer this service. If not,consider getting the service from another lender. If you choose this route,make sure that the total monthly payments and total interest that you will pay on the combined loans is lower than what you would have had to pay had you not combined the loans.
  • Rent out a portion of your home. You could receive several hundred dollars a month if you rent out one floor of your house.
  • Take on part-time freelance work. By working as a freelancer, you could work from home and increase your overall income. Set your own hours, deciding if you’re only going to work three, five or ten hours a week as a freelancer.
  • Conduct a monthly yard sale. A good yard sale can bring in a thousand dollars or more. Organizing a yard sale is also a good way to keep your house clear of clutter.
  • Create and stick to a budget. This is a habit that can pay off for years. Identify how much you are going to spend on food,clothing, entertainment, home upgrades and travel. See if you can cut back $100 a month on unnecessary spending.
  • Pay yourself first. Invest in an IRA or another savings plan before you go shopping.
  • Switch to lower cable, telephone and Internet plans. Are you paying for cable channels that you hardly ever watch? Consider switching to a lower priced plan. You may also find a better rate with a competitor.
  • Avoid giving into your children’s whims to buy them more toys or electronic gadgets. Steer clear of emotional spending to keep more of your paycheck without moving.

It doesn’t take a major repair to send you dipping into your savings to maintain your home. Routine lawn, roofing or wiring care can add up. Let your home owners association raise its fees or your local municipality raise property taxes and you’ll have less of your paycheck to keep. Fortunately, there are choices that you could make that allow you to enjoy keeping a larger portion of your income,without you having to move or log more hours at work.

When you’re buying a home, there’s a lot to think about. Your finances probably have the biggest impact in the entire home search process. The amount of a down payment you have and the amount of loan you’re approved for help decide what you can buy. 

When you hear about closing costs, what do they entail? How much will you need to cover these costs? Many people get to the closing table for their home purchase and feel unprepared. You’ll need a certain amount of cash on hand when you finally close on a home. Learn more about closing costs, so that you understand everything that you need to know about your home purchase.    

Closing costs are spelled out pretty plainly in just about every kind of real estate contract. These costs are the fees associated with the title companies, attorney, banks, lenders and everyone else who is involved in the purchase of a home. The closing table is also the time when you provide your sizable down payment. The closing costs that are being referred to are considered a separate expense independent of the closing costs.

Closing Costs Vary

Closing costs can range from anywhere between 2 and 8 percent of the purchase price of the home. You can’t really “choose” what’s included in the closing, so you’ll need to have an idea of how much money you’ll need to write a check for. Lenders can give you an estimate of about how much closing costs will be. 

Negotiations 

Certain things like the realtor’s commission fees can be negotiated and can be paid for by the buyer or the seller. The good news is that you can roll your closing fees in with your mortgage in some cases. You may also be able to negotiate with your lender to pay the closing costs for you in exchange for a higher interest rate. 

What’s Included In Closing Costs?

Depending upon where and what type of home you’re buying, what the closing costs actually cover varies. Here’s just some of the things that closing costs cover:

  • Appraisal
  • Escrow fees
  • Credit reports
  • Title search
  • Title exam fee
  • Survey fee
  • Courier fee (Most transactions are done electronically, but in some cases this may be necessary)
  • Title insurance
  • Owner’s title insurance
  • Natural hazards disclosure
  • Homeowner’s insurance (Your first year of insurance is often paid at closing)
  • Buyer’s attorney fee
  • Lender’s attorney fee
  • Transfer taxes
  • Recording fees
  • Processing fees
  • Underwriting fee
  • Pre-paid interest
  • Pest inspections
  • Homeowner’s association transfer fees
  • Special assessments

These fees vary widely by state and the type of property that you’re purchasing. Not every fee is required, but the above is just a list of many of the possible fees that could be included in on the closing of the home you choose.

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