7 Money Saving Tips For Making A Down Payment

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7 Money Saving Tips For Making A Down Payment
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• The amount that you can afford to put towards a
  down payment is arguably one of the single most
  important things to consider when buying a home.
  Affecting both the amount that you need to
  borrow, and the financing options available to
  you, a down payment is crucial for enabling you
  to buy the property of your choice. While down
  payments are undoubtedly essential, saving for
  them can be tricky, and some people really
  struggle. With this in mind, here are 7 money
  saving tips that can help you reach your mortgage
  goals far sooner

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• 1. Make clear goals that are realistic
• Initially, you need to determine how much youll
  need for a down payment, and working with a
  mortgage broker is one of the most effective ways
  to do this. With their knowledge of the local
  housing market, they can help you make a target
  thats realistic and achievable.
• 2. Try to streamline your regular expenses
• After your mortgage broker has helped you find a
  down payment target, you can calculate your
  monthly expenses and find where you might be able
  to reduce those costs.

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• 3. Set a budget that you can stick to
• A good budget will enable you to save money,
  while still being able to pay for the essentials
  without being out of pocket. The 50/30/20 ratio
  allocates 50 of your income for essential needs,
  30 for wants, and 20 for savings or debt
  repayment.
• 4. Check if your bank can automate your savings
• Nowadays, many banks have tools that can transfer
  a designated amount of your pay cheque to another
  account, automatically, helping you to better
  control your spending and stay on target for your
  down payment goals.

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• 5. Remember that down time is important, but
  vacations can be costly
• You shouldnt have to deny yourself everything
  when saving for a down payment, and you of course
  deserve to have some time to recharge your inner
  batteries. However, its worth remembering that
  vacations to expensive destinations can quickly
  destroy your budget, and that local, more
  affordable options may be more suitable until a
  time when you arent saving quite so hard to buy
  a new home.

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• 6. Look for ways to supplement your income
• Could you take on a second job or rent out a
  spare room to add a little to your monthly income
  every month, and boost your savings to reach your
  target quicker?
• 7. Ask for help
• You may not be keen on the idea of asking friends
  or family for help making a down payment, but it
  can help you reach your goal quicker. Just
  remember that your lender will need to be able to
  verify the source of your down payment, so any
  financial support that you receive must be in the
  form of a gift, and not a loan.

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• You can achieve your down payment goal with ease,
  provided your mortgage broker has helped you set
  a realistic goal (and if you choose an
  experienced one, they will), and youre prepared
  to stick to a budget and restrict your spending
  until youve reached the full amount.
• Mortgage-broker-Calgary is your best resource for
  finding a mortgage for your property. Luke Wile,
  is the best mortgage specialist in Calgary and is
  proud to serve clients from across Canada, while
  being centered in Calgary, Alberta. Luke is proud
  to serve his clients with a personalized approach
  to finding his clients the best and lowest
  Canadian interest rates and terms offered by the
  major banks and private lending institutions. If
  you are looking for current mortgage rates in
  Calgary, with Luke Wile you can get fast and
  personal expertise for your mortgage. Contact us
  today!