How To Save For Your Down Payment QUICKLY
Anyone who has lived at the Lake of the Ozarks long enough understands how tough it can be to rent here. If you have a pet or a limited budget for your monthly rent, it can be hard to find a rental property around here that works for your situation. The right rental property for you just may not be available when you're looking. All of that being said, you may start to think, what if I bought my own home at the Lake of the Ozarks? The housing market for buyers is fantastic right now at the Lake. Homes are selling at affordable prices in the area and if you're considering buying a home, you need to start thinking about your mortgage at the Lake of the Ozarks. That's where we come in. MHQ - Mortgage Headquarters is here to give you a few tips for saving for your down payment QUICKLY in this week's blog.
How To Save For Your Down Payment QUICKLY
SELL THE STUFF YOU DON'T NEED.
Think of this simply as a way to declutter and prep for your next investment goal – your home! You likely have some used furniture you no longer use or old clothes that you no longer wear. Sell it to make a few more bucks to use for your down payment. You can sell your items on sites like Craigslist, eBay, Facebook and Amazon to turn your clutter into someone else’s treasure.
WORK PART-TIME ON TOP OF YOUR FULL-TIME JOB WHEN YOU'RE ABLE TO.
While it may not be the most ideal solution for saving for your down payment, getting a second job can help to speed up making your goal. Even temporarily, earnings from a second job can help you make substantial contributions to your down payment savings. Once you know how much you need to save, make a commitment to work a second job for the next 6 months to a year and put all of those earnings into savings.
PUT AWAY MONEY FROM EVERY PAYCHECK.
Set up an automatic direct deposit into a savings account. Commit to never use these savings for any purpose other than your down payment. You might choose a fixed amount, like $200 per month. Or you can specify a percentage of each paycheck so you save more when you get a raise or bonus. Put any bonuses or commissions into to your savings account immediately so you don't get tempted to spend that money.
We know this may seem intimidating - the process of buying your own first home, but we want you to feel like you can ask any question. There are no wrong questions and we are here for you! Give us a call today at the phone number listed below. You can also stay up to date on our latest announcements by following us on our social media channels listed below. Watch for our mortgage tips!
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