How to Save Money During the Home Buying Process — Without Cutting Corners
A collaborative guide from Savannah real estate expert Mary Beckmann & local lender Ryan Ribeiro
Buying a home is one of the biggest financial moves you’ll make — but that doesn’t mean you have to overpay or take unnecessary risks to stay on budget. In fact, there are plenty of ways to save money during the home buying process without cutting corners or compromising your peace of mind.
This month I teamed up with local lending expert Ryan Ribeiro from Edge Home Finance to create this short guide into how you can save money and get the best rates during your home buying process without cutting corners! To help you navigate the smartest money-saving strategies. we shared tips from both the real estate and lending sides of the experience. Continue reading below for our guide to save you money.
Here are some tips as a realtor that I share with all of my buyers to help them save more money while searching for their dream home and to stay within their realistic means during the home buying process to save you in the long run.
What’s one of the best ways buyers can save money during their home search — even before they make an offer?
Look within their budget. Buyers can save money by staying within their budget.
What are some common mistakes that buyers make that end up costing them more in the long run? It’s not common, but skipping inspections is a big mistake. Inspections identify issues with the property before you close on the property. It’s better to know what you’re getting into from the beginning. Chasing cosmetic trends is another thing that can cost buyers up front. Cosmetic issues are typically an inexpensive fix, so finding a property that needs some simple updating can save money and allow the buyer to make the property their own.
3. What negotiation tactics or contract strategies do you recommend that can help buyers save money at closing or during the transaction process? Each transaction is different, but using a trusted realtor to negotiate the sale is key. There are at least five parts of a purchase and sale contract that can be negotiated… sales price, length of due diligence, closing date, special stipulations, length of financing and appraisal. Using a trusted realtor who knows how to best advocate for their client is important.
4. What’s one area where buyers should not try to cut corners, and why? I’ll give you three areas… 1. Don’t skip the inspection, 2. Don’t get overly emotionally involved in the transaction, and 3. Always trust your gut.
5. Any bonus advice you’d give buyers who are trying to be budget-conscious but still want to make a smart investment? Choose a property you can afford. Buyers often get caught up in the idea of a beautiful turn key home, but it’s a stretch to buy it. My advice is to see the potential in one that’s well within your budget. Property ownership isn’t just about paying a mortgage- it includes paying for insurance, property taxes, ongoing upkeep and maintenance.
Looking to get started on your home buyer journey? Or have questions about where to go to get started in the process? Let’s connect!
Mary Beckmann
maryschafferbeckmann@gmail.com | (912) 777.8657
Realty One Group Inclusion
Hear from our local lending expert Ryan Ribeiro for his take on how to save money while searching for your dream home. Ryan is a loan officer at Edge Home Finance Corporate with the Savannah Mortgage group.
What are a few smart ways buyers can save money on their mortgage without compromising service or financial stability?
The seller paid 1-0, 1-1, or 2-1 buy down is a great way to save money on your monthly payment if the seller is willing to pay for it. Another way is to shop for reasonable homeowner’s insurance to bring down your escrow payments. Also, keeping a healthy credit score coupled with a down payment will help get you a better interest rate in turn bringing down your monthly payment.
What are some key things buyers can do before applying for a loan to improve their eligibility or overall cost? - Maintain steady employment for at least a two year period, try to pay down or off all liabilities, SAVE money, keep your credit score as high as possible. These are the primary factors that play into getting you the best rate and getting qualified for your new home loan.
What fees or costs during the lending process are often overlooked — and how can buyers avoid surprises? - Sometimes lenders who are quoting to show lower rates, will bake in discount points and call them “origination fees” which is deceitful and directly driving up your cash to close but making you happy with a better rate. There is always a happy medium and a good lender will demonstrate that to you and be truthful upfront.
Are there any common misconceptions about saving money on a mortgage that you’d like to clear up? Similar to the previous answer but in more detail, a good mortgage is a happy medium between a good rate with a payment you can afford and reasonable closing costs. Watch out for baked in discount points and always get a couple quotes from a broker who can search his or her investors to get you the best deal possible.
A lot of borrowers will see a low monthly payment and this can be a direct result of mis-quoted taxes and insurance within your escrows. A lot of lenders will under-seed the taxes and insurance using incorrect Tax/HOI values to lower the monthly payment during the quoting process. When the actual numbers are put into the file downstream, your monthly payment and cash to close will be much higher. I like to use real numbers upfront so my customers know
What’s one local or lesser-known loan program or opportunity that could help buyers save more in the Savannah area? - There are down payment assistance programs though GA Dream and CHENOA that can be helpful but qualifying for these programs can be challenging. These are on a case by case basis.
If you are looking for more information, have any questions on the above or are looking for specific guidance with your own journey, reach out to Ryan directly at the information below.
Ryan Ribeiro | Savannah Mortgage Group | US Navy Veteran
Loan Officer - NMLS# 2024469
EDGE HOME FINANCE CORPORATION
C: 912-944-9127
Company NMLS # 891464
Buying smart doesn’t mean buying alone. With guidance from both an experienced real estate agent and a transparent, trustworthy lender, you can make confident decisions that protect your budget and your long-term investment. Whether it’s negotiating your contract wisely, understanding your mortgage options, or avoiding hidden costs, the key is being informed and supported every step of the way. We hope these insights from our Savannah-based team help you feel more prepared — and empowered — as you take the exciting next step toward homeownership.