How Homebuyers Could Potentially Save Hundreds of Dollars a Month

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Homeowners in the neighbourhood of their dreams.

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Here are the big ones,according to real estate experts.

So, getting a mortgage without it is one of the best ways to save money.

But how do you avoid PMI?

And if that doesnt work, look for a specialty mortgage.

Many specialty loans offer no PMI as well on a loan specific basis, he said.

This tax can be 1.8% to 2.9% pending the amount of the mortgage.

With typical home prices in New York, the savings here can be rather significant.

The catch is it can only be done with condos and townhomes, so not co-ops.

Not accounting for things like homeowners insurance or property taxes, your estimated monthly payment would be $2,811.

Now, say you could refinance that same loan for a 6% interest rate.

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Doing this could bring your monthly payment down to about $2,581.

Thats $230 in monthly savings.

Another option that Pitchon-Getzels suggested is to do a temporary buydown.

Alternatively, he suggested doing a permanent buydown.

Youll need to pay discount points to lower your interest rate, but the effect is permanent.

Depending on how much you get your rate lowered, you could save substantially.

This improvement qualified them for an interest rate reduction of 0.75%, saving them around $200 monthly.