The first step to owning your own home is a specific financial goal. You need to calculate how much the apartment costs, how much the down payment is, how much the mortgage payment will be. Personal finance expert Ekaterina Goncharova told socialbites.ca.
“Please note that with a relatively small down payment, the monthly payment amount may be unaffordable for you. Then it is worth taking more time to save,” the expert explained.
According to him, a comfortable monthly payment does not exceed 30% of monthly income. This figure should be taken as a basis for calculating the amount of down payment. According to Goncharova, it is important to replenish your mortgage account regularly. To do this, the financier recommended using the “envelope” strategy, when at the beginning of the month you transfer certain amounts to piggy banks for different purposes. For example, put 3 thousand rubles in an envelope “for down payment”. Another way to save is to create a savings account with the AutoSave function in the bank application; this will simplify the process and save you from having to think about transferring money to your piggy bank every month.
The second step is to draw up your own financial plan: set savings for a down payment as the main financial goal for the near future. According to Goncharova, many people are now saving. The expert explained that a financial plan is not only about priorities for spending and saving; you need to analyze which expenses you can reduce (unnecessary subscriptions, overpayments for products, inconvenient tariffs) and redistribute this money to mortgage savings. The financier suggested thinking about whether it is possible to earn money from your hobbies and save the income from them for a down payment.
Goncharova gave examples of savings: a TV that no one watches cannot be sold on specialized online platforms, it is better to buy good products for a month in wholesale stores, tax deductions can be obtained for going to the dentist, paying for tuition or buying a gym membership.
The financier emphasized that for a mortgage you need a good credit history, so that you can count on the most favorable conditions. Therefore, Goncharova advised to take and pay off other loans on time, in parallel with savings. This is the third step.
The financier urged to monitor all regularly updated preferential mortgage programs; Goncharova concluded that maternity capital can also be used for a down payment on a home loan.
Before this in Russia done Portrait of a family mortgage debtor.
Earlier, on July 1, 2024, preferential mortgages at a rate of 8% were canceled in Russia. What will this lead to? material “Newspapers.Ru”.