Dreaming of buying that house you love? You might have to make some changes in your budget. If you start saving for your down payment as early as possible, you'll have more financial flexibility when your mortgage becomes finalized. Here are 4 tips that will help first-time homebuyers save for their down payment.

1. In this blog, we cover 4 useful tips that will help
first-time homebuyers afford their down payment.
Drew Mortgage - Boston Mortgage Broker
Phone: 508-753-1656 | Toll Free: 877-949-3739 NMLS ID 2856

2. Cut Down On Your Credit Cards
Phone: 508-753-1656 | Toll Free: 877-949-3739 NMLS ID 2856
First Time Home Buyer Loans | USDA Home Loans | 203K Rehab Loans
● Reduce credit card spending
● Pay off debt
● Avoid spending on luxury items
● Use your credit cards only as a last resort
● Try to repay them as quickly as possible

3. Sell Off Unnecessary Assets
Phone: 508-753-1656 | Toll Free: 877-949-3739 NMLS ID 2856
First Time Home Buyer Loans | USDA Home Loans | 203K Rehab Loans
● You might have to give up certain items and
services that are taking a toll on your paycheck.
● For example, if you have an additional car that you
rarely use, you could consider selling it to gain extra
capital.

4. Curb Your Overspending Habits
Phone: 508-753-1656 | Toll Free: 877-949-3739 NMLS ID 2856
First Time Home Buyer Loans | USDA Home Loans | 203K Rehab Loans
● Keep your dream home in mind every time you have
an urge to buy something that isn’t an immediate
priority.
● Discuss how to form a budget with your partner in
order to optimize your paycheck.

5. Set Up A Down Payment Goal
Phone: 508-753-1656 | Toll Free: 877-949-3739 NMLS ID 2856
First Time Home Buyer Loans | USDA Home Loans | 203K Rehab Loans
● Analyze your fixed and unavoidable costs
● Assess your financial position
● And choose a down payment that can work for you.
● You should still stick to it even if you’re approved
for a full payment loan.
● The more you save for your down payment, the
higher equity you’ll have in the house.

6. Drew Mortgage is a well-established name in the field of mortgage
lending that can give first-time homebuyers expert advice.
Drew Mortgage - Boston Mortgage Broker
Phone: 508-753-1656 | Toll Free: 877-949-3739 NMLS ID 2856