It’s an economic jungle out there. With housing prices falling in many areas of the country and the Fed scrambling to keep interest rates on an even keel, it’s not surprising that some folks are a little cautious when it comes to finances.

But while the rest of the country has been experiencing many of the extreme highs and lows that have accompanied the subprime-market mess, here in Texas, real estate and housing prices have remained quite stable.

Sure, the housing market has slowed down during the last 12 months, but housing prices are stable, Texas homes have held their value (because they weren’t overvalued or overpriced to begin with), and Texans who are considering a home purchase this year can benefit from interest rates that are in the still-low 6% range.

And if you’re a current homeowner, you can always stand to save money when it comes to home maintenance, daily living, and your greatest investment – your home itself.

First, get your house ducks in a row, starting with property taxes. Check to see what your current county or city property tax assessment is (what the county says a home is worth), and compare it to what your home is actually worth in today's real estate market.

Why? In many states, especially California and Florida, homeowners are paying 20% to 40% more than they should be, based on the current home value. While we won’t have quite those drastic discrepancies here in Texas, since our real estate market has been stable, it can’t hurt to check, just to be sure.

Second, if you’re planning to buy a home, or refinance your current home, this year, make sure you have your mortgage documents inspected by an organization like the National Mortgage Complaint Center, which helps homeowners and homeowners-to-be go over their mortgage papers with a fine-toothed comb – looking for excessive fees and making sure your mortgage costs are realistic. Your Texas REALTOR® can also help with referrals to reputable lenders.

When it comes to mortgages and lenders, it really pays to shop around. The Federal Trade Commission (FTC) advises contacting at least six lenders for information about rates (APRs), points and fees; online, www.bankrate.com is a great resource for this.

Also, homeowners can save many thousands by looking around for the shortest-term mortgage you can afford. Did you know that, on a $100,000 fixed-rate loan at a 7% APR, you’ll save more than $75,000 in interest on a 15-year mortgage compared to a 30-year mortgage? Your payments will be higher, but if you can swing it, it’s certainly an option to consider.

Next, make sure your homeowner’s insurance policy is updated and that you have the coverage you need, Review your policy once a year to ensure you don’t miss out on special savings or discounts with your current insurance company – or the opportunity to pay less with another company. For example, some companies offer longevity discounts if you’ve bought insurance from the company for more than 10 years.

Also, make sure you factor in the replacement cost when deciding how much insurance to buy – and remember that “replacement” in insurance terms means the cost to rebuild your house to its current condition.

When it comes to home improvements, there are a lot of simple things you can do now to ensure savings on energy costs and utility bills. For example, as winter turns into spring, it’s a great time to ensure plug air leaks and caulk windows. Call your local utility and make an appointment for a free home energy audit. An inspector will come out and help you identify potential leaks and ways you can save money.

Now is also a good time for a roof inspection. Most roofs last about 15 years, so if you’ve been in your house for a while, it’s probably time for a checkup. While you’re up there, check for cracked or peeling exterior paint, which can allow moisture to build up and cause air leaks.

Finally, if you’re planning on home improvement projects this spring and summer, be sure to get several bids from reliable contractors who have been recommended by friends, your Texas REALTOR®, or local homebuilders and remodelers associations. Ask for written, fixed-price bids for the work, and don’t sign any contracts that require full payment before satisfactory completion of the work.

It might be a jungle out there, but armed with the right information, you can save money where it counts the most – right here at home.