Financial Management:
Your Blueprint to Home Ownership and More
Why is Financial Management Crucial for Your Journey to Home Ownership?
Navigating your finances is like building the blueprint of your life. It’s a comprehensive strategy that encompasses planning, directing, organizing, and controlling your financial activities. One of the most pivotal elements in this blueprint? Saving for a down payment on your future home.
Building Your Dream, One Dollar at a Time
Financial management is not an isolated act but a comprehensive strategy. It involves managing income, controlling expenses, and investing wisely. These activities should work in harmony to help you achieve broader financial goals, like buying a house or planning a secure retirement. A well-managed financial portfolio provides the foundation on which you can build your future, starting with your very own home.
How Much Do You Need to Save Before Buying a Home?
Down Payment
What Is It?: The down payment is your initial investment in your new home.
- How Much to Save: While the industry standard suggests 20% of the home’s purchase price, many loans exist for those who can’t meet this benchmark. With a conventional loan, a down payment as low as 3-5% may be accepted.
- Tip: The bigger the down payment, the smaller your monthly mortgage payments will be
Moving Expenses
What Is It?: The cost of physically relocating your belongings to your new home.
- How Much to Save: The average cost is around $1,500 for a local move and up to $4,000 for a long-distance move.
- Tip: Costs can vary greatly depending on the volume of belongings and the distance covered. Consider DIY options if you’re looking to save.
Closing Costs
What Is It?: These are the fees associated with your mortgage loan and other services required to finalize the home-buying process.
- How Much to Save: Plan for about 3-6% of the total loan amount.
- Tip: Some of these costs can be negotiated or rolled into your loan, but it’s best to have the money at the ready.
Ready to own a home? Follow these easy steps to accelerate your down payment savings and get those keys sooner:
Implement these tips today and be on your way to owning your dream home tomorrow!.
8 Quick Tips to Save for a Down Payment Fast
Ready to own a home? Follow these easy steps to accelerate your down payment savings and get those keys sooner:
2. Open a Separate Savings Account
Keeps you from spending your down payment on daily expenses. Any extra money goes straight in coming in goes right in there and you aren't tempted to spend it.
4. Automate Your Savings
Ensures consistent contributions
without the temptation to skip. Set it
and forget it.
6.Cut Frivolous Spending
Catch yourself when you make an impulsive purchase. Try to break your
Amazon.com habit, and maybe you don't need the latest model Iphone.
1. Find Extra Means of Income
Side hustle is a word that gets thrown around a lot these days but in the "gig economy" there is ample opportunities to boost your cash flow. Whether it's through freelancing, or babysitting, or delivering food every little bit contributes making your home dreams a reality.
8. Use Windfalls Wisely
Extra cash like bonuses can make a big dent in your down payment fund. Putting that directly into your down payment saving account prevents you from spending it elsewhere.
3. Revise Your Budget
Redirecting funds from non-essentials speeds up down payment savings. Figure out what you can live without.
5. Opt for Low-risk Investments
Grow your savings faster than a regular account would. Though any investment bears a risk, stay away from highly volatile assets like penny stocks or meme crypto coins.
7. Ask For a Raise
Time to get out the performance report and put on your best confident smile. A raise could be just the thing you need to boost your savings potential to the next level. Remember to be grateful, find try to catch the boss in a good mood.
Implement these tips today and be on your way to owning your dream home tomorrow!.
Final Thoughts: The Last Mile on Your Journey to Homeownership
As you navigate the path toward securing your dream home, saving for a down payment stands as one of the most crucial milestones. But remember, this is more than just a financial endeavor—it’s a commitment to a future, a lifestyle, and, most importantly, to yourself.
So go ahead, set your goals, employ discipline, and lean on the resources available to you. As you reach the finish line in this saving marathon, take a moment to appreciate the journey you’ve been on. You’re not just buying a home; you’re investing in a future filled with possibilities.
Use your savings wisely, not just to unlock a door, but to invest in a lifetime of security and happiness.
If you are ready to take that step through that door, we would like to get you started on the next step in the process, apply for home mortgage with Starboard Financial and lets get the keys in your hands.
About Starboard Financial
Starboard Financial is a full service lender offering a variety products to meet all home financing needs.
We underwrite upfront which makes closing much smoother and simpler for our customers and partners.
We’re in the people business and provide a wide variety of loan programs with great rates and next-level customer service.
The closing date is not a suggestion, it’s everything!
Experience the Starboard Way today!
About Starboard Financial
Starboard Financial is a full service lender offering a variety products to meet all home financing needs.
We underwrite upfront which makes closing much smoother and simpler for our customers and partners.
We are in the people business and provide a wide variety of loan programs with great rates and next-level customer service.
The closing date is not a suggestion, it’s everything!
Experience the Starboard Way today!
“It’s about relationships and creating easy transactions!”
Mark Blodgett - Owner
“It’s about relationships and creating easy transactions!”
Mark Blodgett - Owner
“It’s about relationships and creating easy transactions!”
Mark Blodgett - Owner
info@starboardfinancial.com 4145 E Baseline Rd, Gilbert, AZ 85234 | NMLS# 156931 NMLS Consumer Access
© 2021 Starboard Financial Management, LLC – Mortgage Made Easy
© 2021 Starboard Financial Management LLC – Mortgage Made Easy
