If you're preparing to purchase a home in the near future, it's best to start getting your financial plan finalized. Our mortgage lender at Lake of the Ozarks can help you prepare! We know saving for a down payment is a big step in preparing to purchase a home at Lake of the Ozarks. This step can also be intimidating, especially if this is your first home purchase. The traditional 20% down isn't typically required, depending on your loan type. That being said, it's still important to save for a down payment when purchasing a home. Team Lasson is here with some savings tips you can put to work!
Create a Realistic Budget
Sit down and create a budget. It's best to set attainable amounts for your budget to help you stick to it. If something seems unrealistic, you're more likely to give up on it entirely. Once you have a budget that is realistic, you're more likely to commit and reach your savings goals!
Increase Your Income
There are a few different ways to go about increasing your income. If you have been performing well at work, you could consider negotiating for a higher salary or commission rate. Selling items online has increased in popularity in recent years. Jump on the bandwagon and start selling your unused items online. You could also consider turning your passion or hobby into a side-gig that increases your income. Keep in mind that there are different requirements for counting additional income, so check with your lender if you are trying to use this income to qualify for your loan program.
Decrease Your Expenses
Track where your money goes each month. Once you realize what your expenses are, you can start deciding which expenses you can cut out of your monthly expenditure in order to fast track your down payment savings plan. Cutting out expenses like cable, multiple streaming services, and other subscriptions can be a great benefit, even if it is only for a short term while you build up your savings.
Save In an Account That Makes Money
Set the money you are planning to use for your down payment in a savings account where it can make money while you are building up the account. This only helps your effort of saving for your down payment. Savings or investment accounts in which you can quickly access the funds don't typically offer a high yield but we recommend talking with your bank or investment company about the options you have for a down payment savings.
Cut Back on Everyday Spending
Try to cut back on your daily spending and put that money toward your savings for your down payment. Swap out that $5 coffee you grab every morning and brew a cup at home instead. You may not realize how much you're spending on minimal cost items throughout the week and being strict with your spending can help increase your savings in order to reach your goals faster!
As you prepare to secure a mortgage loan near Osage Beach, MO, our team can help you through the entire process. Getting pre-approved for a home loan at Lake of the Ozarks is the recommended place to start with your home search. Give us a call at (573) 746-7211 or visit our website at www.yourlakeloan.com to get started!
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