When it comes to homeownership, if you are a home buyer who is purchasing your first home, you will need to have a downpayment. Your downpayment can be as little as five percent of the purchase price up to $500,000 and then incrementally more for purchases over that amount. Here are some ways to save for that home ownership dream:
1. Have a plan and create a budget. Ask yourself - how long will I need to save to have my downpayment available when I find my dream home? If the answer is two years, plan on “investing” approximately $1,042 a month, which in that time will turn into $25,000 invested into an account that can provide some good returns, such as a TFSA.
2. Be sure to eliminate your credit card debt, unsecured lines of credit, and other extra debt to be able to qualify for your mortgage.
3. Work on reducing your monthly payments - do you live alone? Maybe consider getting a roommate to split your costs of dwelling.
4. Sell what you don’t need. Have items kicking around that you don’t use anymore? Consider selling that cappuccino maker that collects dust and you no longer use.
5. Look at getting a part-time job that can provide some additional income and put the funds into that special homeownership savings account.
6. If you work any overtime put those funds away and live off of your regular pay.
Be sure to call me for ways to help make your dreams of owning a home a reality!
~ Jeff Teed, Mortgage Agent
Mortgages KW
jeffteedmortgages@gmail.com
519-788-3775
Verico Best Mortgage Loans #16265
Comments