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TIPS FOR SAVING FOR A DOWNPAYMENT

Monday, January 16, 2023   /   by Ameil Gill

TIPS FOR SAVING FOR A DOWNPAYMENT

TIPS FOR SAVING FOR A DOWNPAYMENT


With the high inflation that we have seen this past year, saving seems to be more difficult than ever, and saving up enough to buy a home can feel almost impossible.


Here are a few ideas and strategies to help save for a downpayment:


1. Crack down on your budget.
Make sure you have a monthly budget in place and follow it.
2. Reduce or cut back on dining out or getting takeout. Plan out your meals, check for local sales and coupons, and buy in bulk if possible.
3. Skip a vacation this year, and plan a staycation instead.
4. Set up automatic transfers from your checking to your savings account each month.
5. Put away tax returns, raises, bonuses, etc. into a high-yield savings account.
6. Pick up a side hustle like freelancing, ridesharing, pet sitting, or babysitting, or get a part-time job. Remember, it’s short term to achieve your goal of homeownership!


Although 20% down allows you to avoid monthly mortgage insurance, there are loan programs that allow for as little as 3-5% down.


Have questions about the home buying process and where to start? Send me a message, I’d be happy to send you a FREE copy of my homebuyer guide!

REMAX Realty One Inc. - The Gill Team
Ameil Gill
50 Burnhamthorpe Road West Sussex Centre Ste #102
Mississauga, ON L5B 3C2
416-884-1359

Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®.
Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2023 Last Updated January 29, 2023
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