Free Money When you Buy or Sell a House?

Posted on Nov 30, 2017 11:11 AM EST
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Numerous industries, including the real estate industry, offer rewards when you make a purchase. Some may be more effort than they are worth, but many are very generous and well worth looking into.

Businesses are increasingly using rewards and bonuses as a regular method to increase sales. Rewards are notably prevalent in highly competitive industries, as well as industries with high margins.

For instance, rewards in the form of air miles have become such a big part of the airline industry, that few large airlines would dare not offer them. Car dealerships are also becoming well known for their increasingly creative reward programs which encourage customers to trade in their old car for a newer model.

Across the board, online industries from banks to retailers are also developing their own take on reward programs. Amazon Prime, another form of rewards program, has been a major driver of Amazon's penetration in the US. Another industry that's big on rewards is the online gambling industry. Websites that allow customers to play casino games and poker online offer very generous rewards and free plays to new customers. Just have a look and see which games you can play for free on this site.

The difference when it comes to real estate is that the potential rewards you can earn are really big. They also come with purchase that you are going to make a few times in your life anyway. While you shouldn't be buying a house to earn a reward, when you do buy a house you should make sure you get your reward.

Realty Rewards is one of these programs. Once you register, a mortgage lender will contact you and go through the process to make sure you are pre-approved for a home loan. Next, you will be paired with a real estate agent who will help you find the right home. Once you close on a new home purchase, you will receive one percent - up to a maximum of $20,000 - of the value of the purchase in cash. And you can earn the same reward when selling your home.

In the US the USSA Real Estate Rewards program is a special program specifically for those serving in the military. The program is part of a larger program offering insurance, investment products and banking services.

So, what's the catch? There isn't one - as long as you are getting a decent mortgage rate and paying what you would have paid for your house anyway. To make sure, that the deal is not, in fact, costing you more than your reward, it's a good idea to see what mortgage rates you can get elsewhere. It's also worth checking that you aren't overpaying for the home. The last thing you want to do is rush a decision just to get your hands on that reward.

Some rewards programs can be detrimental to your finances, if they encourage you to make purchases you wouldn't otherwise make. But if you are going to buy a house anyway, the reward can be huge, and its well worth investigating further.

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