If you are looking to buy a house in the near future, you are probably also looking for the best ways to save for your down payment. The larger the down payment you have, the lower your monthly payments will be, making this an important step in your overall financial plan. This becomes especially important if you can put at least 20 percent down. By doing this, you will be able to keep from having to pay private mortgage insurance, or PMI. These extra charges are required if you have less than 20 percent equity in your home and are not tax deductible.
There are some simple strategies you can take to maximize your down payment. As you plan to begin the home buying process, keep these ideas in mind.
1. Get Motivated
If you are truly interested in saving as much as you can, you will need to have the right frame of mind. To save money effectively, you have to really want to save it. It takes some willpower to forgo those things you normally do, like eating out, purchasing new clothes, and going on a weekend vacation. While you are saving for your down payment, you should do all you can to squeeze the most you can out of your budget.
2. Budgeting to Save
Your budget can be your best tool for saving money. If you are not already doing so, now is the time to start keeping track of all of your expenditures. See if there are places in your budget you can cut spending, like magazine subscriptions, eating out for lunch, babysitting expenses, and clothing purchases. You can also look for ways to decrease your spending by considering using coupons, carpooling, taking your lunch to work, and making your own coffee at home.
3. Develop a Savings Plan
You will also need a strategy for handling your savings before you actually purchase your home. Your best bet is to open a special savings account for just this money. Consider using a certificate of deposit (CD) account. Although you would be penalized for an early withdrawal, you will get a better interest rate than a regular savings account. And that penalty might just be a good incentive to keep from using that money for other purposes.
4. Reduce Your Debt
You will want to be sure to keep your credit rating as high as possible during the time frame before you buy your home. This means making sure that you are paying all of your bills on time. If possible, begin paying down your credit card debt as well, as this can help you get a better rate on your home loan.
5. Explore New Places to Get More Money
Consider implementing an automatic transfer from your paycheck to your savings account. That way, you will not see the money and will be less likely to spend it. If you are normally given expensive gifts for birthdays or holidays, let your friends and family know you'd prefer to have the money placed in your savings account. If you do pay off a credit card, car loan, or student loan during the time before you purchase your home, keep writing checks for that amount and deposit them into your savings account. Finally, consider a short-term second or weekend job to generate some extra cash flow. You can do this until you buy your home and will appreciate the extra money when you finally do sign your closing papers.
Saturday, August 21, 2010
Friday, August 20, 2010
OPEN HOUSES
SUNDAY, 8/22
1-4 P.M.
FOREST HILLS, $188K
SUNNY & SPACIOUS TOP FLOOR 1 BEDROOM APT. IN THE HEART OF FOREST HILLS WITH HARDWOOD FLOORS, LIVING ROOM, DINING AREA, KITCHEN, FULL BATH, 4 CLOSETS & WINDOWS IN EVERY ROOM. PET FRIENDLY BUILDING.
Hosted by Ashin & Diane
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BRIGHT SUNNY RENOVATED 2BR/1BA LARGE ROOMS THROUGHOUT. NEAR TRANSPORTATION, SHOPPING & SCHOOLS PS 196. AMPLE CLOSET SPACE IN LUXURY 24 HRS DOORMAN BUILDING, GARAGE $200, GYM $100. NO WAITING LIST.
Hosted by Neil
CLICK HERE for additional information on this property.
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69-40 YELLOWSTONE BLVD
FOREST HILLS, $205K
BEAUTIFULLY RENOVATED ONE BEDROOM APT IN 1 OF FOREST HILLS PREMIER BUILDINGS. SS APPLIANCES IN KITCHEN. HUGE LR/DR WITH PARQUET FLOORS. RENOVATED BATHEOOM, NEW VANITY LIGHTING & FLOOR. MASTER BEDROOM 4 WINDOWS. 2 BLOCKS TO SUBWAY, SHOPPING, & RESTAURANTS.Hosted by Jeffrey
CLICK HERE for additional information on this property.
OPEN HOUSE FOR THIS PROPERTY IS 1-4 PM BY APPT ONLY.
PLEASE CALL THE OFFICE FOR APPT, 718-544-4000.
Monday, August 16, 2010
What You Need To Know During Moving Season
It’s still moving season all across the nation and there are some things you need to know that will help your move go more smoothly. Because of the economic downturn, many moving communities lost several of their drivers and this has caused a backlog for moving this summer.
Moving companies are unable to keep up with this season's moving demand and, in some cases, the waiting list can be two months long. Therefore, we have some tips and advice to help you get prepared and have a stress-free move.
* Get quotes – Get your moving quotes now so you can book quickly.
* Create Inventory – Create a household inventory before you begin packing. This is a great time to take stock of the items you’ve acquired over the years. If you will be hiring a mover, write full descriptions of your things and its condition. This will help you in the end if things come up missing or damaged.
* Important documents – It is very important to gather all important documents and make copies of them. Make sure you keep all original documents with you during the move. Important documents can include birth certificates, social security cards, marriage licenses, insurance policies, wills, stocks and bonds, property deeds and titles.
* Document belongings – You can easily make a record of your belongings on video or by digital camera. This will help make a more accurate, visual record of your belongings in their current condition. Important information you should photograph on your belongings include serial numbers, brands, distinctive features, etc. Keep this with you during your move.
* Pets – Be sure your pet is up-to-date on all vaccinations before your move and carry the appropriate documents with you on moving day. Also, make sure your pet has their collar on with your information on it.
* Return and retrieve – Return all rented movies, library books and borrowed items. Retrieve anything you may have in storage, the cleaners or elsewhere.
With advanced planning, your move can turn into an adventure for all.
Monday, August 9, 2010
The US Open Coming to Queens, NY
The US Open is coming to Queens, NY this month. The qualifying tournament begins August 24th, with the official start date being on August 30th. You’ll get to see many up and coming tennis stars of the future during the qualifying tournament for free and this part you won’t see on TV. Queens can get a little crowded during this time, so prepare your days accordingly.
Here are some tips to make your day at the US Open more enjoyable while in Queens:
* Take the subway – Don’t try to drive yourself to the US Open, as parking can be expensive with a starting price of $15. The closer you get, the more expensive the parking price becomes. The subway will save time and money since you will only pay $2 and it’s just a short walk to the gate.
* Ground Pass tickets – Unless you have a corporate connection with lots of money, you should skip the expensive upper level by getting ground admissions during the first week of the US Open.
* No Bags – Don’t bring any bags into the Open. Security lines for bags, purses and even bagged lunches can get insane. You can by-pass these lines by foregoing all bags.
* Use the South Gate – The East Gates always have the longest and slowest lines. Take the extra steps to walk around to the South Gate and avoid the larger crowds.
* Eat outside – Save money by leaving and eating outside the US Open. If you eat there, you can expect to pay over $5 for hot dogs and over $16 for burgers, fries and a drink. You can get your hand stamped, leave for lunch and return without paying again. You’ll find many vending carts outside the gates for good prices.
* The West side is better – On sunny days, head over to the West side where you’ll find less crowds and great tennis.
* Take in New York – If you’re too tired after the open, you can still take all of New York in at a glance. Visit the Queens Museum of Art where you can see the entire city in one room. There’s a scale-model replica of the city and, best of all, it’s free during the Open.
Monday, August 2, 2010
Queens Communities Getting Safer Everyday
Queens, NY communities are getting safer everyday as the city celebrates the 27th annual National Night Out Against Crime on August 3, 2010. Throughout the city, each borough precinct will be celebrating with a community gathering that is sponsored by the National Association of Town Watch.
The event is designed to heighten the crime and drug prevention, strengthen neighborhood spirit, generate support and participation in local anti-crime programs and strengthen police-community partnerships. For those who are interested in participating in the National Night Out Against Crime, we have a schedule of all events.
National Night Out Against Crime in Queens, New York:
* 102nd Precinct – At Buddy Memorial on Park Lane South and Myrtle Avenue from 7:00 pm to 9:00 pm. Everyone attending will get to enjoy free refreshments, live music, gifts and entertainment.
* 103rd Precinct – In Rufus King Park at Jamaica Avenue and 153rd Street from 5:30 pm to 9:30 pm. Entertainment and activities include performances by oldies and doo-wop band, blow up rides, face painting and free food. There will also be an honors ceremony to recognize outstanding community service.
* 104th Precinct – In Joseph P. Mafera Park at 65th Place and 68th Avenue from 6:00 pm to 8:00 pm. There will be a short class on public safety along with free refreshments and entertainment.
* 105th Precinct – In Cabbell Park at 121st Avenue and Francis Lewis Boulevard from 5:00 pm to 9:00 pm. Attendees will enjoy blow-up rides, music, games, free food and face painting. There will also be informational booths about crime prevention. The cop of the year award will also be given at this event.
* 106th Precinct – In Joseph P. Addobbo Park at 133rd Avenue between 81st and 83rd streets from 6:00 pm to 9:00 pm. There will be demonstrations of police resources, crime prevention displays, safety information, VIN etching, child fingerprinting, novelty giveaways, music, refreshments, and local organization and business information.
For information about the events of 107th through 115th Precincts, you can visit this website.
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