Saving for a down payment

Are you looking for a condo in Manhattan for sale? While there are plenty of offerings, you may be surprised to learn that you don’t yet qualify for a mortgage. Why? Because you haven’t got enough funds to put down as a down payment. Banks and financial institutions are very strict when it comes to lending out their money. Luckily, there are ways you can save quickly to reach your goal of home ownership. Here are just a few ideas:

  • Stop eating out: Yes, after a long at work, it can be cumbersome to come home and cook; but eating out can really take a bite out of your budget. Try cooking on the weekends and freezing enough for the week. If you currently eat out 5 times, a week, cut down to 2.
  • Skip your morning latte: Buy a coffee maker and a to-go mug, and you’ll save hundreds of dollars a month.
  • Consider a second job: If you want to save up fast and you don’t want to give up the luxuries of your morning latte, and eating out routine, then consider getting a second job. Commit to putting all of those funds into your down payment account.
  • Prioritize: You have to really want this. When you think about how badly you want to own your own home, then it will be easier to say no to those new pair of shoes, or that entertainment center that’s on sale.
  • Pay off your credit cards: Maxing out your credit cards can hurt your credit when it comes to qualifying for a mortgage. Pay them off (the one with the highest interest rate first) and any other consumer debt you may have.

Finding a condo in Manhattan for sale is the easy part; the hard part is making sure you have enough for the down payment, the condo fees, and the mortgage payment. But it is achievable if you follow the ideas above.

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