The Ultimate Guide: Saving Money for a Mortgage Deposit

If there is one thing that is the costliest in this part of the world then it has to be housing. Americans spend three-fourths of their lives striving to create a corpus to be able to buy their own piece of heaven. Notwithstanding the fact that rent here is so high that it is so much more difficult to be able to create a capital fund to be able to climb even the first rung of the ladder of your dream home.

But dreams can turn into reality with a lot of determination and of course with a lot of mindful planning:

When I wanted to buy my own home, the challenges were many. The odds of buying my home against mortgaging as collateral are so high that it worried me that my home could be repossessed if I was not timely on my financial commitments. That scared me a lot. I still shiver at such prospects.

Of course, today I own my home and that is why I am writing this piece which will help first-time homeowners in being able to save money for their mortgage deposit.

First question first: what did I do?

I did not want to spend all my savings and put it into the pocket of my landlady. I decided to ask my parents if they had the aptitude and the space to let me into their house for as much as one or one and half years till I was able to secure my deposit amount.

I was also big on using coupons for all my shopping from grocery to medicines to home décor. I found the coupons at extremely useful; check them out too.

I told them my share of duties and the bill sharing ratio and they were quite happy actually. In time, I had enough to be able to set out again.

I understand this cannot be the case with everyone though, so the next best alternative is to find cheaper rooms. Look for cheaper rooms that don’t come with added liabilities such as parking and extra equipment. You can search on Craig’s List to be able to successfully find one near you so that you can live there temporarily till you have enough in your hand to invest in your dream home.