4 Ways to Save For Your Down Payment
Whether you are currently looking to make the leap from renting into owning a house or planning to purchase in the next few years, it’s important to strategically save up for the down payment. While coming up with a down payment might seem daunting, it doesn’t have to be. Here are four tips you can follow to save up for your future down payment!
How Much Should You Save
Before you begin saving a down payment for a house, you first need know how much to save. Plan to sit down with a mortgage lender who look at your timeline and financial information to advise you on how much of a mortgage you can qualify for. Your Loan Officer will also be able to cover loan options that are available to you and the percentage required for a down payment (a 20% down payment was long considered the industry standard, but bear in mind that you have other options).
Set Attainable Goals
After talking to a mortgage lender, you should have some solid goals in mind to work towards saving for your down payment. Consider the dollar amount you need to save and the time frame to save it in and set some clear, realistic goals. Remember, the more aggressively you save, the quicker your down payment savings will grow.
Assess Your Current Spending
Use your budgeting skills by evaluating essential expenses and optional expenses. Essential expenses are expenses required for living like groceries, rent, and insurance, and optional expenses are expenses you can easily live without like a gym membership or entertainment subscriptions. Cutting out or scaling back on optional monthly expenses is a surefire way to save up for your down payment. Other ways to cut back include skipping your annual vacation, frequenting your favorite restaurants, or holding off on buying that new car.
Generate Extra Income
Today’s modern area is making it super easy to take on a side gig. Some popular side hustles include: food delivery, ride sharing, tutoring, dog walking, babysitting, and blogging.
Saving up for a down payment requires strategic planning, and we are here to help! Contact one of our Loan Officers today to discuss your home ownership goals!
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