Saving For A House in Florida
Though you will be getting a mortgage to buy your Florida home, saving a sufficient money to make a sizeable down payment can make a huge difference in your monthly payments. Remember, the larger is the down payment, the lower your mortgage interest rates and monthly payments.
While there are many things you can do to help while saving for a house in Florida, it is usually a good idea to cut down on some extra expense. By making a few adjustments and changes, you might find yourself in the position to buy a house quicker than you would have thought.
Save any company bonus, tax refund or any unexpected money you receive for your down payment instead of spending it. Thinking about how it will help you buy your Florida home makes these little sacrifices well worth it.
If you are finding it difficult saving money, you could try increasing your income by getting a part-time job or working freelance on some skill you have like photography, writing or painting. The added income is always welcome.
Generally, try to reduce your expenses where possible and shift that extra cash into a savings fund. Even drinking fewer cups of Starbuck coffee, getting cheaper cell phone plans, jogging on the road instead of paying for an expensive gym membership will make a difference. Just saying bye bye to a eating out a few times a week, or more if you can stomach it, will contribute a lot to your down payment savings.
Once you’ve saved as much as you can, it’s time to explore what mortgage options work for you. Some lenders accept as low as 3.5-5% of the house’s purchase price as down payment, which is where we come in. With just some basic information, we will be happy to help explore what mortgage options work best for your financial situation and make sure all that hard work you did saving pays off.
Florida County Mortgage Service Areas