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5 Fastest Ways to Save for a Down Payment for First-Time Buyers

5 FASTEST WAYS TO SAVE FOR A DOWN PAYMENT FOR FIRST-TIME BUYERS WHETHER YOU HAVE EXCELLENT CREDIT OR YOU NEED A POOR CREDIT MORTGAGE, YOU WILL NEED TO PAY A DOWN PAYMENT IN ORDER TO QUALIFY FOR THE LOAN THIS DOWN PAYMENT MAY RANGE FROM A FEW THOUSAND TO TENS OF THOUSANDS OF DOLLARS, AND WHILE SAVING IT MIGHT SEEM IMPOSSIBLE AT FIRST, THERE ARE SOME WAYS TO MAKE IT SIMPLER. OPEN A SAVINGS ACCOUNT #2 - REDUCE YOUR DAILY EXPENSES FROM 1% TO 5% PER YEAR If you are like many people, you pay every month for things like cable television and cellphone service. Do you really watch that premium movie channel that costs you $20 extra per month? If not, cancel it and put those funds in the bank. #1 - OPEN A SAVINGS ACCOUNT A savings account does more than give you a place to put your money. You could collect up to 5% depending on the amount you have in the bank. #3 – HAVE A YARD SALE Go through your clothes, your kitchenware, your gadgets, and even your garage. You can put anything you no longer use up for sale to add to your savings FULFILLMENT OF YOUR account. FONDEST DREAMS #4 – REFINANCE EXISTING DEBTS If you have a credit card with high interest, or if you are paying on a high-interest auto loan, you might be able to refinance those debts and save yourself a couple hundred dollars per month. #5 – SAVE YOUR CHANGE This might seem a little silly at first, but it works. Every time you spend cash on something, save the change and put it in a jar at home. You will not miss that money immediately, but you will be glad you have it when it comes time to make your down payment on your poor credit mortgage. When you can incorporate one or more of these strategies into your savings plan, not only are you helping to secure your private home loan, but you are also practicing strategies you can use for life. These savings tips can help you prepare for emergencies, education, and even retirement. SOURCE: MORTGAGE CWF - 866-342-5099 - SECOND MORTGAGES PROVIDER IN TORONTO & GTA

5 Fastest Ways to Save for a Down Payment for First-Time Buyers

shared by usefultips on Nov 13
Down payment may range from a few thousand to tens of thousands of dollars, and while saving it might seem impossible at first, there are some ways to make it simpler.




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