Many potential home buyers are more than capable of making their monthly mortgage payment but lack the savings necessary for the minimum down payment to purchase the home of their dreams.
While there are mortgage options that require very little, or even no down payment, such as FHA mortgages and VA loans, not every home or buyer can qualify for them. In many cases, providing more than the minimum down payment upfront can help decrease the loan’s interest rate, which may wind up saving you save you a substantial amount of money.
Over the last few years, there has been no shortage of news stories and studies highlighting proven ways people are saving money by making some relatively easy lifestyle choices. The following are a few of our favorites here at HomeBridge:
Brown Bag It To Work: According to a USA Today story, Americans spend an average of $3,000 a year eating out and roughly $11 per day on lunch alone. If that money were saved, or better yet, invested smartly, it would add up to a significant amount of savings in just a few years.
Cut The Cord: If you have cable or satellite TV at home, consider trimming back to what’s available via the Internet and digital antenna packages. Digital antennas allow you to get local channels, for free, and you’d be surprised how many shows you can stream to your television using low-cost add-on applications and devices.
Turn Spring Cleaning Into Seasonal Selling: One person’s trash can truly be another’s treasure in our Internet-connected world. Do a regular inventory of your closet, garage, etc., and start selling items you no longer use or need. There are multiple websites and apps that will let you do this for free.
Turn Your Downtime Into Profit: Remote based jobs aren’t just for graphic designers and software engineers. Websites, ranging from UpWork to Craigslist, regularly have job postings looking for people to help with basic computer tasks that can be time-consuming, but not incredibly difficult to accomplish.
Become A One-Car, Or No-Car, Family: In many parts of the country, this is a very viable option, but one few people spend time looking into. Track what you spend on gas, car insurance, repairs, etc., each month, and compare that to using a car on demand apps, rideshare, and similar service. They’re great for local commutes and running everyday errands. If you need a car for a trip outside of town, you may be surprised at what renting one for a short period of time will cost you compared to your regular car-related bills.
HomeBridge’s goal is to be the most recommended home mortgage company in the country and a big part of that is simplifying the loan process for the benefit of the home buyers and industry professionals we work with. If you’re interested in speaking with a mortgage professional about the different loan options we can make available to you, click here for a list of convenient locations nationwide.