Are there ways to save your money when buying a new home?  Sure there are!  Financial planners will give you an abundance of advice using big terms on how to save your money.  I’d rather have the dish in plain language.  Pick and choose the ones that seem right for you.  Don’t feel you have to use them all, although if you can, great!

 
* Recycle the proceeds of your previous house sale into a down payment.  This will lower the amount of money you need to borrow.
* Ask about seller financing.  Somewhat risky, but if a sound contract is written, both parties benefit.
* Put down 20% of the sale price.  You’ll save yourself the mortgage insurance.  If you don’t have it upfront, make sure you notify your lender when you’ve paid in the 20% and that they’ve stopped charging you for it.
* Try to assume the existing house loan.  You’ll have a lower note than if you bought the house at market value.
* Pay points to lower your interest rate.  Sure it’s a chunk of change at the outset, but those lowered rates will save you thousands across the life of the loan.
* Play the “Who Wants to Hold My Loan?” game.  Lenders want your business.  Get them to compete a little for it.
* Good with your hands?  Buy a fixer-upper.  Nothing like a little sweat equity to make you smile.
* What’s one of the best deals around?  Foreclosures.  Banks are desperate to offload houses they’ve had to foreclose on.  These bargain beauties may need a little TLC, or not, but you’re guaranteed to get it for a deep discount price.