Budget-Friendly Savings Tips for Your First Mortgage

It's 2020 and some of you may have decided to buy your first house. If so, this is the blog for you! Our mortgage loan officers at the Lake of the Ozarks are here to give you a few budget-friendly savings tips for your first mortgage in this week's blog. If you are interested in hearing more about our mortgage options, please give us a call at First Bank of the Lake. We can be reached at (573) 348-2265. We put YOU first! Buying your first home may seem intimidating at times because this is a new process that you've never experienced before. Our Lake of the Ozarks bank wants to make this process as easy as possible for you. Our friendly staff would love to hear from you!

Budget-Friendly Savings Tips for Your First Mortgage

Stick to your plan for getting to your down payment.
Having a substantial down payment when buying your first home can be so helpful when it comes to keeping your payments affordable. It also can make your look very good to your mortgage lender. It can show them that you are a serious buyer with the substantial means of paying back a mortgage on time and fully.

Consider getting a second job part-time.
When you're buying your first home, it's important that you have enough money saved up beforehand. You should not only have a substantial down payment saved, but you should also have an emergency fund saved. This is money separate from your down payment and your regular payments. This money would be there for emegencies such as:

• HVAC Repairs
• Roof Repairs
• Plumbing Issues

...etc. When you become a homeowner, you need to be prepared for the unexpected, financially. When you're renting, your landlord is typically responsible for all of these types of repairs. That changes when you buy a home, now you're responsible.

Choose to build your savings automatically.
You need to rework how you save your money. Put a set amount aside from every paycheck that is strictly for your mortgage. Some banks allow you to set this up to happen automatically online, so you don't even have to think about it.

Build Your Savings Automatically With First Bank of the Lake!

Build savings automatically — link your Free Kasasa Saver® to your free Kasasa® checking. Free Kasasa Saver® is saving simplified. Connect it to your Kasasa Cash® or Kasasa Cash Back® checking to build your savings effortlessly. When you earn cash rewards in your Kasasa checking, those earnings transfer into your Kasasa Saver. Kasasa Saver also earns up to 0.75% APY! That’s Kasasa at First Bank of the Lake — free accounts that reward you for banking locally. Learn more and give us a call today for more details. We can be reached at the phone number listed below.

*Annual Percentage Yield is accurate as of publication date and may change at any time after the account is opened. Fees may reduce earnings on these accounts. Additional conditions and requirements may apply. See bank for details.

Want More Awesome Finance Tips? Sign Up For Our Newsletter!

First Bank of the Lake - Striving For Excellence

Member FDIC. 

Like Us On Facebook

Follow Us On Twitter

Connect With Us On LinkedIn

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100

Osage Beach, MO 65065

(573) 348-2265