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6 Tips To Save To Buy A Home

savingInterest rates remain historically low and even though housing prices are increasing in many areas, the market still offers lots of opportunities to become a homeowner. But what's holding many back is saving enough for a downpayment.

Reaching any goal requires dedication to that goal and a mindset that enables you to sacrifice to achieve what you desire. Often that's easier said than done. However, if you analyze your spending and lifestyle habits you can determine where you can conserve to create enough of a reserve to comfortably buy a home without feeling totally deprived.

Here are six tips that can help you put away $50 to hundreds of dollars each month. Start with a fresh sheet of paper or a digital document that you can refer to frequently. Keeping it fresh on your mind will help you achieve your goals.

1. Write down what you owe versus what you earn.

Read more: 6 Tips To Save To Buy A Home

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Condo vs. Apartment vs. House, Explained

lifestyle grid teaser 02What is a condo?

What is a condo? Short for “condominium,” a condo is a private residence within a larger building or complex. The first condo in the United States was built in Salt Lake City in 1960, according to Matthew Gordon Lasner, author of "High Life: Condo Living in the Suburban Century." Since then, this residence style has truly taken off. Currently, there are approximately 17 million privately owned condominiums in the U.S.

Condos might look like a lot of other types of real estate you may have heard of—like apartments, co-ops, or townhouses—but condos have their own distinct features, rules, pros, and cons. Here's what condos are all about, and how they're different from other structures in which you can live.

How condos work

Read more: Condo vs. Apartment vs. House, Explained

How Can You Get a Mortgage If You’re a Freelancer?

home grid 01Being a freelancer, contract worker, gig worker, or anyone self-employed is more common and popular than ever right now. There are downsides, such as the lack of benefits like health insurance. At the same time, there are more upsides for many professionals who choose to work this way. Upsides include freedom and flexibility to make your own schedule, unlimited earning potential, and the ability to have the work-life balance that allows you to create your own lifestyle.  

There is an issue that can arise if you’re a freelancer or contractor, though. How do you get a mortgage? When you apply for a mortgage as a traditional employee, you’ll probably show your proof of income through your job, but it can be a bit trickier if you don’t have a traditional employer. You’re also going to face more scrutiny from lenders.

Keep Up with Relevant Documents

Read more: How Can You Get a Mortgage If You’re a Freelancer?

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