Want to learn how to save up enough of a down payment for one of the many Land O Lakes, FL homes? Then you’re in luck – thanks to the recession’s impact on the Florida real estate market, now has never been a better time to relocate your family and enjoy the infamous Florida lifestyle!
Yet with all of the financial responsibilities that are clamoring for your attention – not to mention your money – saving up for a down payment on a piece of Land O Lakes real estate might seem like the final straw that will break both your back and your budget. Now that “no down payment” mortgages are long gone, you might think that it will take decades until you can scrape together enough money for a sizable down payment on a home. However, with all of these tips and tools under your belt, you’ll be signing your name on the mortgage contract sooner than you think:
Make It Automatic. It’s easy to save up for a large down payment if you can do it without a second thought! Many savvy savers take advantage of automatic saving plans that are available through their banks – and you should take a page out of their book! Simply get your payroll office or bank to deposit a certain amount of your paycheck into an account set aside for your down payment. If you don’t see the money, it’s easy to forget about it until it’s swelled into a decent down payment.
Sell An Asset. If you want to give your savings a jump start, then find valuable assets that you may have tossed aside and sell them! Whether you have a car that’s just taking up space or you have a few valuable collectibles that you no longer need, sell it to give your savings an encouraging boost. Be sure to get a good offer before you sell your assets, however, since you want to get as much money as possible.
Put Extra Paychecks To Good Use. If you get a yearly bonus for your excellent performance in the work place, don’t spend it on extra holiday presents – instead, immediately put it towards that down payment on your home. It’s a great way to give your savings a huge boost, and will put you that much closer towards the home of your dreams. If you get paid twice a month, you may have already noticed that you get a third paycheck every few months. Consider these “extra” paychecks that should be put towards your down payment, since your household budget (which you have, right?) is based off of a month with two paychecks. In general, any extra money that you receive should be tucked away for your new home!
Get Help From The Government. If you’ve been scrimping and saving and are still coming up short, then you can get help from the government by looking into several down payment assistance programs. However, don’t depend on these programs for all of the down payment, as mortgage lenders will frown on your loan application.