Have you ever thought about becoming a homeowner? There can be a lot of perks to becoming a homeowner and many have bought homes here at the Lake of the Ozarks this year. With the being said, our bank at the Lake of the Ozarks is here to give you a few creative ways to start saving for that first home in this week's blog. Interested in hearing about our mortgage rates at the Lake of the Ozarks? Please call First Bank of the Lake today at (573) 348-2265 and speak with one of our friendly mortgage specialists.
Creative Ways To Start Saving For That First Home
Get a second job (part-time) working remotely.
As you can see, many companies have moved to working remotely since the COVID-19 pandemic started, but some have decided to stay remote. This could be your opportunity to get a convenient work-from-home part-time job, in addition to the current job. Do a quick job search to see if there are any openings.
Save your tax refunds.
While it can be very tempting to spend your tax refund on something extravagant, just think about the positive impact you could have on down payment savings by adding to that!
Go without unnecessary leisurely expenditures for a while.
Cut back on spending money on/at things like fine dining, coffee shops, clothing stores, and vacations for a while. You may be surprised at how much you can save by cutting back a little bit for a while.
If you rent right now, consider moving to a small apartment with cheaper rent so that you have more money to save for your down payment when you do go to buy a house.
Let's say you are currently renting a 2 bedroom/1 bath condo at the Lake of the Ozarks for $800 a month. Do you really need that much space right now? If not, try downsizing to a 1 bedroom apartment and saving for your down payment by not having to pay such high rent each month.
Home Loans at the Lake of the Ozarks
All of us here at First Bank of the Lake hope that you enjoyed learning more about how to save for your first home in this week's blog. Our mortgage professionals are here for you if you are interested in buying your first home this year! 1st Home. 2nd. Home. Your Dream Starts Here! We’re 1st with Competitive Rates, Flexible Terms, and Low Closing Costs! We make the home loan process easier. Learn more and give us a call today at the phone number listed below. You can also follow us on our social media platforms listed below to stay up to date on our latest announcements. We would like to wish you an easy stress-free home search!
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