Saving to access a mortgage A home can be purchased in cash or by obtaining financing through a mortgage. However, whatever the scenario, it will be necessary to have a fund of money. We will tell you how much money is involved and what are the methods to collect it and access a mortgage. How much should I save to buy a house? In case you do not intend to access a mortgage, the savings you will need to buy a house is the value of the home in addition to the associated expenses and taxes. However, this formula is often discarded since it would take too long to save such amounts. Money needed to access a mortgage On the other hand, the reality is that accessing a mortgage also implies that you have some savings. First, banks typically do not lend more than of the appraised value of the home . If it is a second residence or a house to rent, they will probably not lend you more than of its appraised value.
What are the best savings methods?
To access a mortgage it will be necessary to complete a savings plan, there you must determine the monthly contributions you can make, the time it will take and the financial instruments that can be useful to you. Check your budget Your personal Brazil Email List budget will allow you to see what your income and expenses are . It is advisable to optimize these variables to increase the savings premium and, in this way, reduce the target time. The first way to adjust your budget is very obvious. It is about detecting the expense items that can be reduced. Once you have reduced these expenses, you will increase your savings bonus. However, it is necessary to keep in mind that you also have the option of working on income. A great way to save for a mortgage is to start managing debt. As you reduce debt, you will gain savings potential . You can start with those debts that are generating the most interest.
Take out a bank deposit
It is a product quite similar to savings accounts, however, in a fixed-term deposit the money deposit is not available until maturity. Even a savings account to buy a home is like a demand bank deposit, where the funds are fully available. The good thing Canada Email List is that, by leaving this liquidity block, the bank offers you higher interests. A good idea is to start by opening a savings account. Then, whenever you wish, you have the option of allocating part of the balance to a bank deposit. Keep in mind that the longer the deposit matures, the more interest it will give you. On the other hand, the most important thing is that you will be strengthening the relationship with your banking entity. In addition, you ensure that you cannot use that money for purposes other than saving for the purchase of a home. Financial investments: are they a good savings method? Financial investments are not includ among the best savings methods for buying a home for the following.