Contact Us: 1(800) 557-8958

6 Steps To Help You Save For a Mortgage In San Francisco

6 Steps To Help You Save For a Mortgage In San Francisco

6 Steps To Help You Save For a Mortgage In San Francisco

There are a few simple lifestyle hacks that can help you save for your mortgage down payment faster. Try these easy changes to boost your bank balance:

Set a target

To really know how close you are to being able to afford a down payment you’ll need to know how much you need. On a $1m home split between 2 buyers:

Traditional Mortgage: $100k per person

HomeSavvy 10% Down Mortgage: $50k per person

HomeSavvy 5% Down Mortgage: $25k per person

If you’re buying with more than one other person the number will be even lower.

Track Your Spending

Download a budget spreadsheet to keep track of how you’re spending your paycheck every month. Understanding what your money is being used for is a great way to find areas where you can cut back to save for a down payment.

Create A Budget

Use the budget spreadsheet to work out how much you need to spend on necessities (rent, utilities, health insurance, etc.), and luxuries (entertainment, unnecessary purchases, etc.). Experts recommend that you spend no more than 50% on needs and 30% on wants. This will leave you 20% to put into your savings. Again, be brutal on your spending habits!

Check Your Monthly Subscriptions

Look through your bank statements to see what monthly payments leave your account. If you’ve not used a service in the last couple of months cancel it. Ever dollar you save is a step closer to owning your own home.

Make The Most Of Cheap Or Free Activities

San Francisco offers a huge range of cheap and free things to do each week. Take advantage of trying new things and exploring new parts of the city while trying the free fun going on in the Bay. It’s almost like you’re being paid to have fun…

Take On A Side Gig

Hustle your way to your home’s down payment with a side job. Spending a few extra hours on additional work will help bump up your down payment every week.

How long will it take you to save for a down payment?

Share This Listing With Your Network

Comments are closed.

Simple Share Buttons