Save Up for a Down Payment by Avoiding These 6 Money Traps

If you're looking to save up for a down payment, you have to avoid these 6 money traps.

I’ve helped many clients with pre-approvals and the biggest reason why someone cannot qualify is because of the down payment. You can purchase a home with as little as 5% and some don’t even have that amount in their account. This seems to be the biggest hurdle because they can afford their rent so basically, they’re paying for someone else's mortgage. Saving for a down payment is difficult and requires great financial discipline but many people fall into these money traps that’s stopping you from saving enough.

1:05 Renting an expensive home
1:49 Buying an expensive car
2:55 Spending too much on leisure activities and other luxury items
3:38 Having an expensive significant other
4:08 Paying too much interest on your credit card
4:45 Not investing your savings

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John Lee, a Mortgage Broker based in Canada, shares ways to be approved for a mortgage, home buying tips, and other mortgage-related stuff. If you're considering purchasing a home or refinancing your existing property, make sure to subscribe for helpful content-rich videos.

He is a licensed Mortgage Broker, author of The Ultimate Mortgage Guide, and the President and CEO of Arise Mortgage. He's been in the financial and real estate industry since 2006. Before becoming a Mortgage broker, he worked at various big banks and a real estate company that involves property management and large real estate acquisitions. He has helped hundreds of families with a mortgage and one of the most fulfilling parts of my job is working with first time home buyers and securing their dream home.

If you have any questions or would like to connect with me, below is John's contact info:

604-722-8404
john@arisemortgage.ca

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Website: https://AriseMortgage.ca
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Видео Save Up for a Down Payment by Avoiding These 6 Money Traps канала Arise Mortgage - John Lee Mortgage Broker