- /ˈwin(d)fôl/nounan apple or other fruit blown down from a tree or bush by the wind.- a piece of unexpected good fortune, typically one that involves receiving a large amount of money."windfall profits"synonyms: bonanza, jackpot, pennies from heaven, stroke/piece of luck, godsend, manna from heaven"the inheritance from Uncle Larry was an unexpected windfall"
When financial institutions give advice to those looking for good ways to start saving for a down payment for a home, they all include this suggestion - take advantage of windfalls. Windfalls you may receive are bonuses, tax refunds, large commission checks, inheritances, sale of personal assets, birthdays, weddings, or other occasional events that bring you extra money.
An article found at www.moneyunder30.com says that if you put these windfalls into a saving account set aside specifically for a down payment on a home, you can significantly reduce the amount of time you actually have to save. Resisting the temptation to splurge and spend these windfalls, especially seemingly smaller ones that add up, will significantly cut down on your savings time frame.
Saving so much money can seem like a daunting task but last year well over 1 million Americans bought their first home without any equity from a previous home sale. My good friend Tom Stone at Guild Mortgage in Heber City may surprise you with what he has to tell you about qualifying for a home loan and how much money you will actually need as a down payment to make your dream home a reality. Tom and I make a great team and together we have already helped dozens of families find their new home. Give me a call and we will take care of you. 801 631-3430.
Brought to you by Heath @ HeathsHomes.com
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