More than ever, it is important to have a healthy down payment when purchasing your Windsor Ontario real estate, whether it be your primary home or an investment property. Since the housing crisis, mortgage companies have learned some valuable lessons from those home loans in previous years. Putting down ten percent or more is critical in securing a home mortgage. Of course, it can be daunting to save $20,000 or more. But here are a few ideas to make the process easier.
1. Set a Goal: Establish exactly how much money you will need for your Windsor Ontario real estate and when you realistically want to achieve it. A precise amount and a deadline will keep you focused.
2. Set about automatic payments in a separate savings account: Each month have the specific amount you want to save transferred to a high yield savings account established specifically for your down payment. Check to see if your employer can deposit a portion of your paycheck into this account. That way, you will never see it, nor miss it.
3. Downsize your budget: These budget busters are the first things that should be eliminated to get you closer to your savings goal. Have a gym membership that is costly? A large car payment? Credit cards? Can you live without cable? Time to slash these if you answered yes to any of these questions. Think of the money you will save once these or similar expenditures are gone!
4. Keep a record of your expenses: You will be surprised at how much money is thrown away each month. Tracking your expenses, no matter how small, can show if you are tossing valuable money away. There are many phone apps that can help you keep tract of your expenses to make it easier.
5. Don’t Get Discouraged! It may seem like it’s an impossible task to save for a home or any Windsor Ontario real estate these days. But remember, good things often take time and you will be rewarded soon enough!