Your Lake of the Ozarks Mortgage Lender: Quick Savings Tips to Prep for a Down Payment

Saving for a down payment for a home can be intimidating. It's actually one of the factors that keep many potential homeowners from purchasing. A traditional loan has a stigma of needing a 20% down payment and that simply isn't always the case. There are many financing options that don't require the traditional 20% upfront. While the whole 20% isn't always required, there may be a smaller percentage of the loan needed as a down payment when you buy a home at Lake of the Ozarks. Our team of mortgage professionals in Lake Ozark, MO is here to point out a few tips for saving up for a down payment!

Lower Monthly Bills

The cost of many services creeps up over time. For example, your phone bill, cable bill, and recurring subscription payments may have increased from when you first signed up. You can actually call your provider and ask about a lower rate. It does take some time spent on the phone with the billing departments of the services you use, but getting a lower monthly payment is well worth the time invested!

Sell Unused Items

If you are like many of us, you have items laying around or in storage that you don't use anymore. Consider selling items that you no longer want or use. That's just one less thing to move when it comes time to purchase your new place! It's also a quick way to get some extra cash in your hand!

Cancel Unused Subscriptions

Many people have subscriptions that they do not even use. The charges come out of your account every month without you even thinking about it. Take a look at any monthly subscriptions you may have signed up for and examine which ones you are actually using. Cancel any unused subscription services that you have coming out of your accounts.

Keep an Eye on Your Spending

If you really sit down and look at your monthly bank statement, you may be spending more than you realize. When you're out shopping, really consider if the item you're considering purchasing is worth it. Is spending money on that specific item now going to help you reach your goal of owning a home? Putting that extra question in your purchasing decisions can help you cut back on extra spending! Watching the amount of money that goes out each month can really help you get on the fast track to saving!

Cut Back on Eating Out

Eating out or drinking out (yes, we are talking to you sitting there with your $5 coffees :)) can add up quickly! The cost of food and service is on the rise -- make an effort to cook at home. Eating at home a couple nights a week and brewing a cup of coffee at home instead of out can make a big difference in your budget!