Saving from your monthly income to acquire your first home can be very difficult, especially if you have a low income.
But, you cannot overemphasize the excitement that proceeds with the growth of your savings and the excitement of becoming a homeowner.
Top Loan Expert Anthony Marinaccio, states that:
“Saving for a home comes with many responsibilities, being the most significant investment you might make in your life.
However, the joyful experience and fulfillment afterward outweigh the sacrifice”.
It may be tedious from the start, but when you put forward hard work, careful planning, a constant reminder that you would soon become a homeowner, and save prudently, you would be glad you did.
That will assist you to save for a home and make your home-buying journey and experience swift and exciting.
Most of the time, the easiest way to get going on a dream or target is to create an unshakable desire to achieve it. You shouldn’t be surprised that you need this in your journey to become a homeowner also.
According to the Mortgage loan Don, the moment you thought about getting your first home, let it come with a burning passion for fueling your desire; it will help the entire process – from saving, being consistent, to acquiring the property.
Rather than saving without a specific target cost, it is better to know how much money you need to acquire your first house. And to meet other financial obligations associated with becoming a homeowner.
It would be best if you considered expenses like homeowner’s insurance, energy and heating, home repair, and property taxes in your budgeting.
As noted by Mr. Anthony, create a budget plan, between 30% to 50% of your monthly income; there is no limit, it could be lower or higher; however, it is very reasonable to cut down your expenses and focus more on your savings for the house.
“Ensure that you stay consistent and disciplined to your plan such that whenever there is an emergency that requires spending, use part of the leftover after saving.”
Debt can often be inevitable because there will always be needs that we cannot meet; hence, the need to borrow.
Anthony’s budgeting formula has it that, before starting to save for your new house, make sure that you face your debt squarely and pay off every dollar. This way, you can put an excellent plan to your income, i.e., assigning worthwhile purpose to every single dollar.
Saving for a home and paying off debt at the same time can burn you out and leave you inconsistent with your plans.
Anthony Marinaccio isn’t just a loan officer, but also the Senior Vice President of a major lending company, which funded over 37 Billion Dollars in loans in 2019 alone.
With Marinaccio’s budgeting formula, you can save up more quickly and effectively. Start by writing out your income sources and the corresponding amount for each month:
Income 1 - $2,500
Income 2 - $1,500
Income 3 - $1,000
List out your most important monthly expenses:
Clothing - $200
Transportation - $600
Medical - $400
Food - $750
Saving - $700
Entertainment - $300
Personal - $250
Recreational - $200
Miscellaneous - $100
Total: $3,500
This leaves your balance as $1,500 which obviously should go into your Saving for the house as:
Home Payment - $1,250
Home management and repair - $250
When you are confident that you have a solid and active ongoing saving plan for your first home, then it is time to visit a loan expert and mortgage broker - Anthony Marinaccio is simply the best for this.
After saving for like one year or more, you can find out how much you can borrow. Mr. Marinaccio can help you determine the maximum amount of loan that you can take, which is determined based on your savings amount, income, expenses, credit history and asset, and how to go about it.
For more inquiries, contact Anthony Marinaccio via:
Facebook: Anthony Marinaccio – Guaranteed Rate
blog writer