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You are here: Home / Home Buying / Building Your Mortgage Budget for 2021

Building Your Mortgage Budget for 2021

December 21, 2020 By Ralph Gates

2020 has been a rough year for many Americans. Many families have had to face financial uncertainties as a result of pandemic, shutdowns, and losses of businesses across nearly every sector. 2021 looms large. It is a New Year, one we like to think of as a fresh new start. If you’re thinking of buying a home in the new year but still need to save, your time to save starts NOW!

These are a few of our top tips for building your mortgage budget for 2021!

  1. Start Building a Better Budget

A critical first step in the process of saving is budgeting. If you don’t know exactly where your money is going each month, it’s impossible to divert money toward your down payment fund.

Sit down with your bank statements, credit card statements, etc., and see where you’re spending the most money each month. Also pay attention to how much you spend each month on essentials, such as:

  • Rent
  • Student loans
  • Utilities

The better you understand how you spend your money, the greater control you have concerning how much money you save and where that money comes from within your budget.

  1. Reduce Your Spending

Know how you make a run for Starbucks once a day? We suggest you plan to skip that purchase for a while. That doesn’t mean you can’t make an occasional treat out of it, but you do need to be aware of how costly this small habit happens to be. For instance, a $4 caramel Frappuccino per day for 30 days is $120 you could be saving for a mortgage down payment. Over the course of a year, it amounts to $1,440.

  1. Skip a Vacation

Did you know that the average family of four spends approximately $4,500 on vacation? That’s a huge chunk of change! While we’d all love to go somewhere cool for vacation, this might be the perfect year to skip it and stay home instead. In fact, you could have a staycation with the family or treat yourself to a spa day at home. Just imagine if you were to suddenly add $4,500 to your mortgage budgeting efforts in one lump sum!

  1. Put Money in Your Savings

Not only is it a great way to save for mortgages in 2021 but it is also a good habit to get into. Set aside a specific percentage of your paycheck each month and transfer those funds to your savings account. This might take a little financial juggling to determine how much you can afford to save each month and still pay your bills, but it is a good decision now and in the future.

  1. Consider a Side Hustle

Side hustles are easier than ever and can help you set aside additional money rather quickly. These are a few options to consider.

  • Freelance work. Do you have a skill or talent like writing, accounting, computer programming, graphic design, or even building websites? These are services people can and do pay for.
  • Becoming a dog walker. As people begin returning to work outside of the home, the need for dog walkers to help handle restless pooches is on the rise. You can get new “gigs” through mobile phone apps or by posting signs around town.
  • Drive for a ridesharing company. Ridesharing companies like Uber and Lyft are once again experiencing greater demand. However, Uber Eats and similar services may net even more “gigs” until the pandemic officially ends.
  • Pet sit. Every once in a while, people need pet-sitting services when traveling for business or personal reasons. There are apps that can help you get started.

As you can see, there are plenty of avenues to explore for income on the side.

To Sum It Up

Whether you are reducing your spending, increasing your income, or automating your savings efforts, these steps can help you with your mortgage budgeting needs for 2021 and beyond. Contact Mid America Mortgage today to learn how we can help.

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Filed Under: Home Buying

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Mid America Mortgage Services, Inc, NMLS #1142067
200 E Walnut St.
Columbia, MO 65203

Phone: (573) 875-1100

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"They really explained the process to us very well and made us feel very comfortable, specifically Jeanie Byland. I have never asked a question that I felt dumb about. They really wanted to educate us and have been fantastic. The interest rates changed one day and they called me to say, ‘Hey we might ought to look into refinancing your loan’. I really felt like they had our best interest at heart."

Steve

"I have had mortgages since 2004 in Columbia and have gone through a couple of banks, but over the last several years, the last couple of houses have been with Mid America Mortgage Services, Inc. Michelle has told us many times, 'I am not going to put you in a situation I am not comfortable with you being in, regardless of what it means for our company'.

Heidi always has a smile on her face and when you walk through the door, they recognize you and say “Hi”. I definitely recommend anyone who is in the home buying, purchasing, refinancing, upgrading business to go to Mid America Mortgage Services, Inc, ask for Michelle because they are going to be the best person you can work with."

John

"My family owns Tiger Ice Company. My experience with Ralph at Mid America started with Tiger Ice because we needed to expand our facility. When we went in to talk to Ralph at Mid America, he pretty much was straight up with us and told us we needed to go back to the drawing board. We came back with new numbers and a new plan, and we built the facility and everything was fine. Our dream of that would not have been possible at all without Mid America Mortgage Services, Inc and Ralph. They don’t tell you what you want to hear, they tell you the truth and that's what we weren't getting from other banks."

Andy

"I knew Jeanie Byland for a long time. She made the process so easy. One of the things I probably appreciated the most was that she didn't want to spoil the excitement of closing on a new house by showing up on closing day finding out that we owe a lot more than we thought. They were upfront with that information right from the get-go, and that’s because it’s just like they say, ‘They wouldn’t put you in a loan that they would be comfortable taking themselves.’”

Jamie

"I’m a very loyal customer at Mid America Mortgage Services, Inc. I have an addiction to building houses and designing them, and they are always right there with me every step of the way helping me get the best loan product and the best rates whenever I am ready to build. They make sure you don’t get a loan that you can’t afford. The whole process was very smooth. I would recommend Mid America Mortgage Services, Inc to anyone because they are always there to teach you, help you, and make it easy for you every step of the way."

Kate

"When we were 18 and 19 years old no one wanted to help us get started. But Michelle took us under her wing 6 years ago next month. There is a lot of people out there that could of taken advantage of us many of times because we had no idea what was going on. For Michelle to stand beside us and walk us through, and not let us get into something that could get us in a lot of trouble means the world. We thank Michelle and we are extremely blessed to be able to work with her and her team. I have never even thought about talking to another lender and will always be loyal to Mid America Mortgage Services, Inc."

Cody and Morgan

Selling our home of 17 years and building a new home was a very emotional time for our family. We were ready for the next adventure in our lives but knew there were numerous steps involved. The search for a mortgage officer was simple, Michelle was our choice. Her guidance and knowledge made the process as easy as possible. When we had questions, she was always there to give us an answer and discuss our options. The employees of Mid America Mortgage Services, Inc like Michelle will keep us returning for our mortgage needs.

Chad and Julee

"My wife and I have moved around quite a bit with my job so we have been through the process before, but we have never had anybody help us as much as Michelle West Mid America Mortgage Services, Inc did. We needed a loan for a new construction home and they were able to help us out with all of our needs and make us feel comfortable with what we were doing moving forward. They did a good job of walking us through the paperwork to make sure that we were pre-approved for a certain amount."

Jason

Michelle, I want to thank you for all of your efforts on the loan. I never knew how much information the needed! I appreciate your personal nature and ease of working together. Thank you for making this happen! :)

Amy

"One of the main things that I loved about Michelle was she was so organized. She would meet us at any location she needed to, and to be honest she had the absolute lowest interest rate. They were always very transparent with fees so there were no surprises. Michelle was always super easy and we would always run in talk to her even it was for a few minutes. The best thing was the process was very, very smooth."

Chris and Jamie


Phone: (573) 875-1100
200 E Walnut St, Columbia, MO 65203

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