Saving for a Mortgage Down Payment
As overwhelming as it may feel having to save for a down payment for a home, you can ease the stress and burden you may feel if you take the essential steps to feel financially secure. A few small changes to your budget plan is a great start if you do feel overwhelmed. Explore potential financing options you may have not been aware of. Start saving today to save more money and reduce your mortgage.Your down payment amount is a way of determining the type of mortgage you will get. If your down payment is 20% or more of the property value, you will get a conventional mortgage. If your down payment is less than 20%, you’ll get a high-ratio mortgage. In this case, you will be required to buy mortgage insurance from a provider such as Canada Mortgage and Housing Corporation (CMCH). Strategize today and effectively save for your mortgage down payment. At the beginning of each month, put aside a certain amount of money. Pay with cash instead of using cards – you will find yourself spending far less. Receiving work bonuses, pay raise, tax refund? Save that extra money and put it aside. Be diligent with your spending and limit yourself from spending money you could be saving on eating out or buying the latest tech gadgets made available to you. It’s easy to lose track of your main priority expenses and go towards spending frivolously but it’s even more important to put emphasis on saving towards your future. Fund your dream home today by saving for your down payment! Call The Mortgage Division today at (416)-621-7501 to learn more tips to help guide you financially and provide security for your future.