According to a recent poll, almost half of Canadians who fall between the ages of 25 – 34 dream of buying their first home. Although the intention is certainly there, the poll also suggests that only a quarter of those with home ownership dreams have been able to put money aside in order to make this financial dream a reality.
With high student debt levels and a steady increase in non-permanent, contract and part-time work options, it’s not surprising that many older Millennials are finding it difficult to save for a down payment for their first home.
While certainly not a simple task, there are ways to make it easier to save your money so you can buy your first home. Here are three high tech tools that you can use to help you out:
Keeping track of your money can be tricky, particularly when you often use debit or credit cards instead of cash. Mint.com is an excellent online tool that can help Canadians easily track their money and their spending on the go. Accurately keeping an eye on your spending will not only make it easier to avoid overspending (and the dreaded consumer debt), it also makes it easier to track, monitor and stick to the financial goals, like owning your own home, that you’ve defined.
- Goal Tracker Apps
Nothing keeps you more on track than recording your progress as you make your way towards achieving your goal. Although you could certainly track your progress the old school way with pen and paper, it’s a little more fun to use a high-tech tool. Great (and free!) goal track apps include Stride, Goals on Track, and ATracker.
3.) Mortgage Calculators
Setting goals are great but setting goals that are realistic and specific is even better. To help you set realistic goals, it’s a great idea to know how much house you can actually afford before you start putting your money aside for that down payment. This calculator will help you quickly and easily determine how much house you can afford.
Another important thing to think about when buying your first home is how the amount of your down payment could affect the amount of insurance you will need to pay. If you put down less than 20% (considered a high ratio mortgage), you’ll also need to pay for mortgage insurance. This mortgage premium calculator can help you determine how much insurance you’ll be required to pay. After calculating your premium, you may realize you need to save a little longer in order to pay less in the long run.
In addition to these handy high-tech tools, a mortgage broker can also help younger Canadians achieve their dream of home-ownership. As an experienced mortgage broker in Barrie, I love working with my first-time home buyer clients to find the best rate, the best terms and the best mortgage solution for each individual’s needs. If you’re thinking about buying your first home in Barrie or Simcoe County, connect with me at 705-315-0516; I’d love to help you achieve your goals.