Speaking of doing your research right, there are various programs created to help first-time buyers when it comes to down payments, closing costs and lower mortgage payments. You might be eligible to receive down-payment grants even if you’ve previously owned a home. It’s in your best interest to look for such programs, but many future buyers disregard this aspect.
Discount points consist of fees paid directly to the lender at closing in order to lower the interest rate of your loan. But there’s a catch. One point is the equivalent to 1 percent of your mortgage loan; in numbers, this means $1,000 for every $100,000. If you can afford it, buying discount points can save you loads of money but only if you’re planning to live in that home long enough to recoup the interest that you paid for those points.
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