Down Payment Saving Tips For Renters - ALCOVA Mortgage

Down Payment Saving Tips For Renters

View of Wilmington North Carolina from across the river
If home ownership is a major goal for you, what’s holding you back? If you’re like most renters, it’s the lack of cash for a down payment. Saving can be easier than you think. Taking advantage of some simple saving habits will build your down payment fund, and before you know it, you’ll be making your move into home ownership.

What Can You Afford?

Figuring out exactly how much house you can afford is the best starting point, because it enables you to determine the amount you’ll need for a down payment. Assess your spending habits by analyzing your bank and credit card statements from the last three months to see where your money is going. Then identify areas where you can cut back, and assemble a detailed savings plan.

Where Can You Cut Back?

Depending on your area, transitioning from a one-bedroom apartment to a studio can help you save a lot of money in rent in addition to cutting your costs for your heating and air-conditioning bills.

Today’s modern area is making it super easy to take on a side gig. Opportunities continue to pop up like Uber, Lyft, and Postmates, a food delivery service. You can even pick up freelance work through services like TaskRabbit.com and AgentAnything.com. Take all that extra income straight to the bank!

Speaking of banks, have you considered moving your money to a high-yield savings account? This is a deposit account that pays a higher interest rate (or an annual percentage yield or APY) than a traditional deposit savings account.

An old-fashioned yard sale can help you unload items you no longer need while putting cash into your pocket and your home savings plan! Modernize this strategy by taking advantage of your online options like Facebook Marketplace, Craigslist, and eBay!

3 Tips to Own Your Starter Home

While your starter home may not be your forever home, finding and financing the right property is important. Here’s 3 things you should know when it comes to finding the right property and financing your starter home!

4 Benefits You Achieve from Homeownership

Owning a home is more than just an address. The investment you make when you become a homeowner includes a wide variety of benefits from building financial stability to strengthening your community. Here are four great benefits that homeowners can achieve from buying their own home!

3 Steps to Finding Your Next House

Are you getting serious about buying a home? Take the time now to do these 3 things before signing the dotted line and heading to your closing!

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Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, AR, CO, DC, FL, GA, IN, KY, MD, NC, OH, OK, PA, 
SC, TN, TX, VA, WA, WV | 308 Market St SE, Roanoke, VA 24011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equal Housing Lender LogoALCOVA Mortgage LLC | NMLS#40508 | (www.nmlsconsumeraccess.org)
Licensed in AL, AR, CO, DC, FL, GA, IN, KY, MD, NC, OH, OK, PA, SC, TN, TX, VA, WA, WV |
308 Market St SE, Roanoke, VA 24011