Winter is upon us and with it cold weather, and the prospect of snow around the corner. As the new year approaches, many of us take the opportunity to look forward to our plans for the new year. If one of yours is buying a home, you’ll want to take this frigid season to save all you can for the down payment and other expenses that come with buying. With fewer activities and a developing pandemic, there’s no better season to stay in and keep cash in your pocket to put towards a new home. Here’s our top tips on saving for a Maryland mortgage in the winter.
Taking Control of Energy Costs
In winter, few things can affect your seasonal budgets like fluctuations in energy costs. Depending on the size of your current residence, staying warm in the winter can come with an uncomfortable price tag. Fortunately, there are steps you can take to bring costs down and squirrel away savings for your Maryland mortgage. Several options may require an upfront cost but will save you money over the long winter season. Some recommendations include:
Invest in a Smart Thermostat
Take advantage of technology and save cash. Smart thermostats help analyze and control your energy use. Interfacing with applications, they can help reduce heating in less-used rooms, lower temperatures when you’re out of the house or during warmer hours, and more. Smart thermostats help you begin to analyze and account for inefficient energy usage.
Schedule an Energy Check Up
If you’ve ever compared energy bills with a neighbor, you might realize that something isn’t adding up. This is probably because your home or energy system isn’t as efficient as you thought. Older HVAC systems can lose efficiency over time. Drafty windows and doors can create entry points for air to escape. An attic lacking proper insulation can cause heat to stream out of the top of your home. Bringing a professional along to determine the health of your home’s energy systems is a great way to help save in the long run.
Go Simple with the Lighting Arrangement
While we understand wanting to get into the spirit of the season, there’s also something to be said for going modest. Lighting displays on homes, especially those that utilize blowups and animatronics, can run up electricity costs without you even realizing it.
Consider Staying In
We get it, the winter can make you easily cooped up. With frigid weather, it may seem like the best way to spend free time is to go out to the moves, a restaurant, a bar, or other activities. However, when you’re saving for a Maryland mortgage, even those little expenses can add up. Your goal is to keep as much cash in your pocket as possible. Instead, try alternatives. Game nights, movie nights, even ordering in can help you save money here and there. And those savings can compound. A few hundred dollars can go towards closing costs, inspection, appraisal, and more.
Monitor Hot Water Use
A hot shower on a cold day can feel wonderful. But the truth is that operating your water heater, especially in the winter, can be rather expensive. Consider cutting showers shorter, lowering the temperature on your water heater to its “warm setting,” and using warm water when washing dishes or clothes as opposed to hot. These small steps can help you save over time on one of your largest contributors to energy exepenses.
Choose the Right Maryland Mortgage Broker
When you’re ready to buy, there are a lot of expenses you’ll have to anticipate. That’s why it’s important to have the right Maryland mortgage broker in your corner who can help you secure the best available mortgage rate. At Federal Hill Mortgage, we’ve helped thousands of clients achieve their home buying dreams. Apply today to get started.