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Saving Money and Find the Best Mortgages

By Crowin Smith Subscribe to RSS | February 14th 2012 | Views:

After working hard and earning some money, you have finally reached the point where you want to buy your own house. This would all be simple if you have the money to pay in cash. But chances are, the average Australian doesn’t have sufficient savings to purchase properties. That is why the majority turn to mortgage loans. Let’s face it, home ownership today is a lot easier to achieve compared to the past couple of decades.

Fixated on the idea that you will hunt for the best mortgages, what you might miss out on is the fact that you still need to save money for it. The point is to be able to buy your own house – be it straight cash or mortgage – you have to start by saving money.

You should establish a price range. How much do you plan on spending for a house? What you want to avoid in this situation is purchasing a property that you literally cannot pay for because it is too expensive. The pitfall of ‘biting off more than you can chew’ is you might end up screwing your budget. The worse thing that can happen when you fail to meet your financial obligations is foreclosure. One way to avoid this is to use a mortgage calculator to find out how much you can borrow. A mortgage calculator, depending on which aspect of a home loan it caters to, can provide you with easier access to the mathematical aspects of a mortgage.

Once you have established a price range, the next thing you need to do is analyse your current budget. How much do you earn? What are your expenditures? How much money do you actually save? These questions should be answered altogether before you can map out a strategy on how you can effectively save for your home. A home buying household budget calculator can help you review your existing budget by telling you how much of your income is left once all the expenses are counted out.

Another way to save would be to seek short-term investments like CDs and bonds. There are banks that offer a special savings account for new home buyers. The objective here is to look for opportunities where you can grow your money. It would be nice to put them in safe investments to get profit in return.

You can also consider working extra hours if you have the time. Find opportunities to earn extra without overworking yourself. While earning extra might sound good, you shouldn’t do it at the expense of your health.

Last but not the least, try to cut your monthly costs. Check your pipes for leaks. Limit electricity consumption or just cut off your cable. These maybe the simplest of things to do but still, their impact can help you save money and find the best mortgages.

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