Discover How to Save for Your Home's Down Payment

Time goes by so fast, doesn’t it? It probably seems like only yesterday you were in high school begging your parents for a later curfew. Now, here you are—an adult who is ready to start looking for a house that you can call your home. But before you are handed the keys, there is one item of business you have to make sure is ready to go: the down payment.

Start Making Money Adjustments

While making small cuts in your budget, such as not eating out as often throughout the week and skipping the Starbucks drive-thru in the morning, can certainly add up, the way to really get to your down payment goal (and fast!) is to reduce big-ticket items. For example, if you are currently renting, talk to your landlord about possibly obtaining a better rate. Or, if you live alone, maybe have a roommate move in so that they can help with rent, and you can save that extra money towards your down payment.

You also will want to take advantage of direct deposit. Most companies nowadays offer this as a benefit to their associates, and the banks oblige. Set it up to where a portion of your paycheck goes into a certain savings account that is set up specifically for your home’s down payment. This way, you don’t see this money and aren’t tempted to spend it.

Also, any monetary gift you receive from friends and family for special days, such as holidays and birthdays, go ahead and plan on stashing it away in your down payment account, too! Before you know it, you will have your down payment—and a new home!

Are you ready to purchase a new home? Contact one of our friendly associates today to learn your best loan option when selecting a mortgage. We are ready to help place you in a new home!