Thursday, October 28, 2021

Tips to Quickly Save for a Mortgage Down Payment

Saving for a down payment can seem like an intimidating task. Our mortgage lender at the Lake of the Ozarks sees every day how overwhelming a down payment seems to someone wanting to buy a home. The reality is, it doesn't have to be! There are home loan options at the Lake of the Ozarks that don't require a traditional 20% down payment, but it's still a great idea to start saving before you wish to purchase a home at the Lake of the Ozarks. Check out some of the ways you can quickly save below!

Pay Off High-Interest Loans

Interest can be a big financial drain. If you work toward paying off those high-interest loans, you'll automatically save on that payment every month. Put that extra savings away for your down payment -- you're already used to living without that extra cash you were paying toward your high-interest loan. 


Put Savings in a Money-Making Account

A checking account essentially offers no return for having your money in the account. Seek an account that offers a high-yield return and start building your savings in that account to encourage faster growth on your money. Your money might as well be making you a little money while it's sitting in savings!


Cut Your Spending

Critically analyze your monthly spending and make cuts wherever possible. While it may not seem like a lot, that $5 drink and $15 meal out a couple times a week can add up quickly! If you want to save for a home, you'll likely need to make the decision to do without the extras in order to reach your goal in a timely manner. 


Increase Your Earnings

If you've been in your job for a while, consider asking for a raise. If a raise is off the table, it's a great time to come up with a side hustle for extra cash. Get creative and find something you enjoy doing that can make money at the same time! If you do start making more money, put all of the extra earnings toward your savings. You were living without that cash before you started earning more so act like it's not even there and stash it away for your down payment. 

If you're thinking about buying a home at the Lake of the Ozarks, Team Lasson is here for you! Allow us the opportunity to help you discover the best home loan option for your unique buying situation! We'll help guide you through every step of the process and be your sounding board as you prepare for this big milestone purchase. Call (573) 746-7211 or visit our website at www.yourlakeloan.com for more information.


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Michael Lasson
Senior Loan Officer
NMLS #: 493712

4655 B Osage Beach Parkway
Osage Beach, MO 65065






**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.

 


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