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Buying a home through a cost savings program like the Veteran's Administration, a community financial services firm's initiative or similar program is a great way to save money on the overall cost of owning a home. Participating in these types of programs can also reduce your monthly mortgage payments.

Mortgage savings through an established program

Yet, everyone may not qualify to participate in a mortgage cost savings plan. For example, some organizations only offer mortgage discounts to people who work at their organizations and make a low salary.

To take advantage of other mortgage cost savings programs, you might need to be a member of an association or you might need to be a long standing customer at a bank. Unions also offer mortgage cost saving programs.

Fortunately, not qualifying to participate in a mortgage reduction program at work or through a lender or association doesn't exempt you from saving money when you buy a house. There are ways that you can save money on your mortgage independently.

Don't wait to start saving money as a homeowner

In fact, if you're serious about homeowner savings, you'll be creative and keep looking for ways to save money. You won't accept that owning a house is expensive and simply keep spending unnecessary funds on your house.

Below are homeowners' savings actions that you could start reaping benefits from now. Specifically, you could:

  • Unplug electrical appliances while you are at work and away from home on vacation
  • Close refrigerator and freezer doors as soon as you get what you want out of the appliances
  • Make sure that your washer is full before you wash laundry
  • Hang laundry outside on the clothesline or in your basement instead of using a clothes dryer
  • Limit your use of your dishwasher to occasions when you have a lot of guests over your house
  • Pay utilities and other household bills on time to avoid incurring late fees, fines and penalties
  • Buy healthy foods like leafy greens and fresh fruit to cook with instead of eating out at restaurants
  • Bundle homeowner's, auto and life insurance plans
  • Bundle cable, Internet and phone services if doing so will reduce these payments
  • Regularly price compare costs on utilities, insurance and household expenses
  • Ask service providers if they have a loyalty price reduction plan that you can participate in through your employer or after you've been their customer for a certain number of years

Cut out these costs and you could stay financially on track as a homeowner

Your mortgage payments are the same from month to month if you have a fixed mortgage. What fluctuates are expenses like your utilities, home repairs and home maintenance costs. It's these costs fluctuations that can sink your budget. It's these costs that can tempt you to send in a mortgage payment late.

Avoiding getting in over  your financial head as a homeowner is fairly simple. Honesty and awareness are key. As soon as you start to struggle to pay your mortgage, home repairs and for house maintenance work, look over the last two to three months of your bills.

Reduce or eliminate usage of products or services that you really don't need. Also, focus on growing your savings. Put money away for unexpected repairs. Give yourself enough financial cushion to enjoy living at your house stress free. After all, you didn't buy a house just so you could worry endlessly, pacing the floor and staring at the ceiling late at night wondering how you are going to afford to stay in the house you love.