SlideShare a Scribd company logo
1 of 12
Saving for a Down Payment
Is it time to buy?
• Inventory in Union County is high, which often
results in lower prices.
• Interest rates are low but rising slowly.
But do you have the down payment
saved?
• If you’re eligible for a VA
(Veterans Administration)
loan, you don’t need any
down payment.
• FHA mortgages require a
down payment that is 3.5%
of the purchase price.
• Conventional mortgages
require a down payment of
5-20% of the purchase
price.
How much
money do
you need?
To buy a $300,000 home,
you’ll need:
• $0 if you are eligible for a
VA loan
• $10,500 if you will use an
FHA loan
• $15,000-$60,000 if you will
use a Conventional loan
* A big down payment will
reduce your loan amount
and therefore reduce your
monthly payments.
Will you qualify?
• Your credit score will
determine what kind of
mortgage you will qualify
for.
• The first thing you should
do is contact a real estate
professional and a
mortgage representative
and learn your options!
How do you save money?
1. Set a deadline. Setting a
deadline can be a
powerful motivator to
accomplishing great
goals, and buying a home
is a pretty big goal! So
pick a date - one year
from today, three years
from today, maybe on
your 30th birthday. Once
you know where you are,
it will make setting a
timeline easier.
How do you save money?
2. Pay off Debt - If you have any
outstanding debt then your first
step is to pay down or pay off as
much as you can. Not only will
this repair your credit score, but
it will also let you save even
more money for your down
payment. Take the highest
interest rate one first, get it paid
off, and then get to work on the
next one.
How do you save money?
3. Create a “Down Payment” account - By
opening a savings account just for your
future home purchase, you help lessen the
likelihood of tapping into that money for
other things. Check with your bank or even
local credit unions to see if they offer any
special interest rates or programs for first
time home owners looking to buy.
How do you save money?
4. Automate your savings - Pay Yourself
First. Once you’ve figured out how much you
can sock away every month, have that amount
automatically withdrawn from your account and
put into savings before you even see your
paycheck!
How do you save money?
5. Ask about IRAs - Check to
see if your IRA has any first
time home buyer credits.
Some will allow you to invest
a considerable amount of
pre-tax dollars and withdraw
without penalty for home
purchases and they often
provide more return on your
investment than a traditional
savings account. Check with
your IRA provider or financial
advisor first.
Everything worth having is worth
working for!
Saving for a home of your own can be challenging,
but it can be exciting too. The feeling of reward
and accomplishment is extraordinary. Start with
these steps and very soon you too can enjoy the
long term benefits of setting down roots and
investing in your future.
For more information, contact us!

More Related Content

What's hot

YMM Oct07 - advisory
YMM Oct07 - advisoryYMM Oct07 - advisory
YMM Oct07 - advisory
Greg Stevens
 
Christian Financial Planning
Christian Financial PlanningChristian Financial Planning
Christian Financial Planning
Tay Ho Soon
 
3 Buyer Assistance Programs Available Now
3 Buyer Assistance Programs Available Now3 Buyer Assistance Programs Available Now
3 Buyer Assistance Programs Available Now
FindMyWayHome.com
 
Increase Credit Score - What Not To Do
Increase Credit Score - What Not To DoIncrease Credit Score - What Not To Do
Increase Credit Score - What Not To Do
Legacy Legal
 

What's hot (20)

Money Management
Money ManagementMoney Management
Money Management
 
Steve Rice: 5 Tips to Avoid Personal Finance Pitfalls
Steve Rice: 5 Tips to Avoid Personal Finance PitfallsSteve Rice: 5 Tips to Avoid Personal Finance Pitfalls
Steve Rice: 5 Tips to Avoid Personal Finance Pitfalls
 
Easy Solutions to Personal Finance That are Simple To Follow
Easy Solutions to Personal Finance That are Simple To FollowEasy Solutions to Personal Finance That are Simple To Follow
Easy Solutions to Personal Finance That are Simple To Follow
 
YMM Oct07 - advisory
YMM Oct07 - advisoryYMM Oct07 - advisory
YMM Oct07 - advisory
 
6 Simple Strategies to Improve your Credit Score
6 Simple Strategies to Improve your Credit Score6 Simple Strategies to Improve your Credit Score
6 Simple Strategies to Improve your Credit Score
 
Pay Yourself First - It's a Money Thing
Pay Yourself First - It's a Money ThingPay Yourself First - It's a Money Thing
Pay Yourself First - It's a Money Thing
 
Christian Financial Planning
Christian Financial PlanningChristian Financial Planning
Christian Financial Planning
 
Choosing Your Financial Institution - It's a Money Thing
Choosing Your Financial Institution - It's a Money ThingChoosing Your Financial Institution - It's a Money Thing
Choosing Your Financial Institution - It's a Money Thing
 
3 Buyer Assistance Programs Available Now
3 Buyer Assistance Programs Available Now3 Buyer Assistance Programs Available Now
3 Buyer Assistance Programs Available Now
 
Strategies for Debt Repayment
Strategies for Debt RepaymentStrategies for Debt Repayment
Strategies for Debt Repayment
 
The cost of payday loan
The cost of payday loanThe cost of payday loan
The cost of payday loan
 
Fixed or floating rate loans which one should you choose ?
Fixed or floating rate loans   which one should you choose ?Fixed or floating rate loans   which one should you choose ?
Fixed or floating rate loans which one should you choose ?
 
Posperity Slides - Elevating Financial Performance
Posperity Slides - Elevating Financial PerformancePosperity Slides - Elevating Financial Performance
Posperity Slides - Elevating Financial Performance
 
Budgeting Basics - It's a Money Thing
Budgeting Basics - It's a Money ThingBudgeting Basics - It's a Money Thing
Budgeting Basics - It's a Money Thing
 
Building credit and destroying debt
Building credit and destroying debtBuilding credit and destroying debt
Building credit and destroying debt
 
Increase Credit Score - What Not To Do
Increase Credit Score - What Not To DoIncrease Credit Score - What Not To Do
Increase Credit Score - What Not To Do
 
Bc W5 A2
Bc W5 A2Bc W5 A2
Bc W5 A2
 
Advice To Repair Your Bad Credit
Advice To Repair Your Bad CreditAdvice To Repair Your Bad Credit
Advice To Repair Your Bad Credit
 
The equity well
The equity wellThe equity well
The equity well
 
How to Lower Personal Loan Interest Rates
How to Lower Personal Loan Interest RatesHow to Lower Personal Loan Interest Rates
How to Lower Personal Loan Interest Rates
 

Viewers also liked

Caroline goodlett
Caroline goodlettCaroline goodlett
Caroline goodlett
cgoodlett50
 
Selected Reading - The Broken Spears
Selected Reading - The Broken SpearsSelected Reading - The Broken Spears
Selected Reading - The Broken Spears
jenniferyung
 
Parallel Session 2.2 Health Technologies: Making Choices, Spending Wisely
Parallel Session 2.2 Health Technologies: Making Choices, Spending Wisely Parallel Session 2.2 Health Technologies: Making Choices, Spending Wisely
Parallel Session 2.2 Health Technologies: Making Choices, Spending Wisely
NHSScotlandEvent
 
Chapter 32 the tough struggle for immigration reform
Chapter 32   the tough struggle for immigration reformChapter 32   the tough struggle for immigration reform
Chapter 32 the tough struggle for immigration reform
SEIU
 
Copyright -arcaute
Copyright -arcauteCopyright -arcaute
Copyright -arcaute
darcaute9
 
Rough & Polish - Matt Powers
Rough & Polish - Matt PowersRough & Polish - Matt Powers
Rough & Polish - Matt Powers
Matt Powers
 
Plenary 3.2 From Idea to Delivery - A Journey of Discovery
Plenary 3.2 From Idea to Delivery - A Journey of DiscoveryPlenary 3.2 From Idea to Delivery - A Journey of Discovery
Plenary 3.2 From Idea to Delivery - A Journey of Discovery
NHSScotlandEvent
 
Pedagogia infantil
Pedagogia infantilPedagogia infantil
Pedagogia infantil
Liz León
 
Parallel Session 1.2 Creating a Positive Employee Experience in NHSScotland
Parallel Session 1.2 Creating a Positive Employee Experience in NHSScotlandParallel Session 1.2 Creating a Positive Employee Experience in NHSScotland
Parallel Session 1.2 Creating a Positive Employee Experience in NHSScotland
NHSScotlandEvent
 

Viewers also liked (20)

Caroline goodlett
Caroline goodlettCaroline goodlett
Caroline goodlett
 
Selected Reading - The Broken Spears
Selected Reading - The Broken SpearsSelected Reading - The Broken Spears
Selected Reading - The Broken Spears
 
Prof K.R Srivathsan
Prof K.R SrivathsanProf K.R Srivathsan
Prof K.R Srivathsan
 
Parallel Session 2.2 Health Technologies: Making Choices, Spending Wisely
Parallel Session 2.2 Health Technologies: Making Choices, Spending Wisely Parallel Session 2.2 Health Technologies: Making Choices, Spending Wisely
Parallel Session 2.2 Health Technologies: Making Choices, Spending Wisely
 
Ecuador & the Galapagos Islands
Ecuador & the Galapagos IslandsEcuador & the Galapagos Islands
Ecuador & the Galapagos Islands
 
Dr. Rabindra Narayan Behera
Dr. Rabindra Narayan BeheraDr. Rabindra Narayan Behera
Dr. Rabindra Narayan Behera
 
5.9 notes
5.9 notes5.9 notes
5.9 notes
 
Hugh Jackman
Hugh JackmanHugh Jackman
Hugh Jackman
 
Characterization with Homer J. Simpson
Characterization with Homer J. SimpsonCharacterization with Homer J. Simpson
Characterization with Homer J. Simpson
 
Chapter 32 the tough struggle for immigration reform
Chapter 32   the tough struggle for immigration reformChapter 32   the tough struggle for immigration reform
Chapter 32 the tough struggle for immigration reform
 
Copyright -arcaute
Copyright -arcauteCopyright -arcaute
Copyright -arcaute
 
Port folum Cecilia M. Sabbatini
Port folum Cecilia M. SabbatiniPort folum Cecilia M. Sabbatini
Port folum Cecilia M. Sabbatini
 
Rough & Polish - Matt Powers
Rough & Polish - Matt PowersRough & Polish - Matt Powers
Rough & Polish - Matt Powers
 
Review
ReviewReview
Review
 
L P Rai
L P RaiL P Rai
L P Rai
 
Plenary 3.2 From Idea to Delivery - A Journey of Discovery
Plenary 3.2 From Idea to Delivery - A Journey of DiscoveryPlenary 3.2 From Idea to Delivery - A Journey of Discovery
Plenary 3.2 From Idea to Delivery - A Journey of Discovery
 
Pedagogia infantil
Pedagogia infantilPedagogia infantil
Pedagogia infantil
 
Parallel Session 1.2 Creating a Positive Employee Experience in NHSScotland
Parallel Session 1.2 Creating a Positive Employee Experience in NHSScotlandParallel Session 1.2 Creating a Positive Employee Experience in NHSScotland
Parallel Session 1.2 Creating a Positive Employee Experience in NHSScotland
 
10.4 notes
10.4 notes10.4 notes
10.4 notes
 
Actividad 4 modelo comunicativo.pptx
Actividad 4 modelo comunicativo.pptxActividad 4 modelo comunicativo.pptx
Actividad 4 modelo comunicativo.pptx
 

Similar to 5 Steps to Saving a Down Payment

201503_cfpb_your-home-loan-toolkit-web
201503_cfpb_your-home-loan-toolkit-web201503_cfpb_your-home-loan-toolkit-web
201503_cfpb_your-home-loan-toolkit-web
Julie Vore
 
cfpb_your-home-loan-toolkit-web
cfpb_your-home-loan-toolkit-webcfpb_your-home-loan-toolkit-web
cfpb_your-home-loan-toolkit-web
Troy Mack
 
Sharon 2013 first home buyer presentation sharon andrews
 Sharon 2013 first home buyer presentation sharon andrews Sharon 2013 first home buyer presentation sharon andrews
Sharon 2013 first home buyer presentation sharon andrews
Sharon Andrews
 
A Specialty Mortgage
A Specialty MortgageA Specialty Mortgage
A Specialty Mortgage
bbyluvsboo
 
Quizzle's back to basics guidebook
Quizzle's back to basics guidebookQuizzle's back to basics guidebook
Quizzle's back to basics guidebook
quizzle
 
You May Be Paying Too Much for Your Mortgage
You May Be Paying Too Much for Your MortgageYou May Be Paying Too Much for Your Mortgage
You May Be Paying Too Much for Your Mortgage
Dawn Hicks
 
New Homebuyer Presentation
New Homebuyer PresentationNew Homebuyer Presentation
New Homebuyer Presentation
loanav8r
 
GUIDE - Buyers - Guide to buying a Home
GUIDE - Buyers - Guide to buying a HomeGUIDE - Buyers - Guide to buying a Home
GUIDE - Buyers - Guide to buying a Home
Josie Boyter
 

Similar to 5 Steps to Saving a Down Payment (20)

First Time Home Buyer
First Time Home BuyerFirst Time Home Buyer
First Time Home Buyer
 
Your home loan toolkit_ A step-by-step guide
Your home loan toolkit_ A step-by-step guideYour home loan toolkit_ A step-by-step guide
Your home loan toolkit_ A step-by-step guide
 
201503_cfpb_your-home-loan-toolkit-web
201503_cfpb_your-home-loan-toolkit-web201503_cfpb_your-home-loan-toolkit-web
201503_cfpb_your-home-loan-toolkit-web
 
cfpb_your-home-loan-toolkit-web
cfpb_your-home-loan-toolkit-webcfpb_your-home-loan-toolkit-web
cfpb_your-home-loan-toolkit-web
 
BUYING YOUR FIRST HOME - capitalhomelending.ca
BUYING YOUR FIRST HOME - capitalhomelending.caBUYING YOUR FIRST HOME - capitalhomelending.ca
BUYING YOUR FIRST HOME - capitalhomelending.ca
 
Sharon 2013 first home buyer presentation sharon andrews
 Sharon 2013 first home buyer presentation sharon andrews Sharon 2013 first home buyer presentation sharon andrews
Sharon 2013 first home buyer presentation sharon andrews
 
A Specialty Mortgage
A Specialty MortgageA Specialty Mortgage
A Specialty Mortgage
 
Up with dp downpayment2015
Up with dp downpayment2015Up with dp downpayment2015
Up with dp downpayment2015
 
Quizzle's back to basics guidebook
Quizzle's back to basics guidebookQuizzle's back to basics guidebook
Quizzle's back to basics guidebook
 
Unison Buying a Home ebook
Unison Buying a Home ebookUnison Buying a Home ebook
Unison Buying a Home ebook
 
First Time Home Buyer Presentation
First Time Home Buyer PresentationFirst Time Home Buyer Presentation
First Time Home Buyer Presentation
 
Buyers Guide | Home Purchasing
Buyers Guide | Home PurchasingBuyers Guide | Home Purchasing
Buyers Guide | Home Purchasing
 
Copy Of Fthb Presentation2
Copy Of Fthb Presentation2Copy Of Fthb Presentation2
Copy Of Fthb Presentation2
 
You May Be Paying Too Much for Your Mortgage
You May Be Paying Too Much for Your MortgageYou May Be Paying Too Much for Your Mortgage
You May Be Paying Too Much for Your Mortgage
 
Quizzle's mortgage basics
Quizzle's mortgage basicsQuizzle's mortgage basics
Quizzle's mortgage basics
 
Refinance strategies
Refinance strategiesRefinance strategies
Refinance strategies
 
New Homebuyer Presentation
New Homebuyer PresentationNew Homebuyer Presentation
New Homebuyer Presentation
 
Before Arranging Your Mortgage
Before Arranging Your MortgageBefore Arranging Your Mortgage
Before Arranging Your Mortgage
 
GUIDE - Buyers - Guide to buying a Home
GUIDE - Buyers - Guide to buying a HomeGUIDE - Buyers - Guide to buying a Home
GUIDE - Buyers - Guide to buying a Home
 
fthb-presentation-072215
fthb-presentation-072215fthb-presentation-072215
fthb-presentation-072215
 

More from Jean Zuhl

Dangers of going FSBO
Dangers of going FSBODangers of going FSBO
Dangers of going FSBO
Jean Zuhl
 

More from Jean Zuhl (14)

Thanksgiving
ThanksgivingThanksgiving
Thanksgiving
 
Credit Scores
Credit ScoresCredit Scores
Credit Scores
 
Dangers of going FSBO
Dangers of going FSBODangers of going FSBO
Dangers of going FSBO
 
Union Real Estate Market Report - July 2014
Union Real Estate Market Report - July 2014Union Real Estate Market Report - July 2014
Union Real Estate Market Report - July 2014
 
Springfield Real Estate Market Report - July 2014
Springfield Real Estate Market Report - July 2014Springfield Real Estate Market Report - July 2014
Springfield Real Estate Market Report - July 2014
 
Scotch Plains Real Estate Market Report - July 2014
Scotch Plains Real Estate Market Report - July 2014Scotch Plains Real Estate Market Report - July 2014
Scotch Plains Real Estate Market Report - July 2014
 
Rahway Real Estate Market Report - July 2014
Rahway Real Estate Market Report - July 2014Rahway Real Estate Market Report - July 2014
Rahway Real Estate Market Report - July 2014
 
Mountainside Real Estate Market Report - July 2014
Mountainside Real Estate Market Report - July 2014Mountainside Real Estate Market Report - July 2014
Mountainside Real Estate Market Report - July 2014
 
Linden Real Estate Market Report - July 2014
Linden Real Estate Market Report - July 2014Linden Real Estate Market Report - July 2014
Linden Real Estate Market Report - July 2014
 
Linden Real Estate Market Report - July 2014
Linden Real Estate Market Report - July 2014Linden Real Estate Market Report - July 2014
Linden Real Estate Market Report - July 2014
 
Fanwood Real Estate Market Report - July 2014
Fanwood Real Estate Market Report - July 2014Fanwood Real Estate Market Report - July 2014
Fanwood Real Estate Market Report - July 2014
 
Cranford Real Estate Market Update - July 2014
Cranford Real Estate Market Update - July 2014Cranford Real Estate Market Update - July 2014
Cranford Real Estate Market Update - July 2014
 
Clark Real Estate Market Report - July 2014
Clark Real Estate Market Report - July 2014Clark Real Estate Market Report - July 2014
Clark Real Estate Market Report - July 2014
 
What is curb appeal
What is curb appealWhat is curb appeal
What is curb appeal
 

Recently uploaded

Land as a Resource for urban finanace- 24-1-23.ppt
Land as a Resource  for urban finanace- 24-1-23.pptLand as a Resource  for urban finanace- 24-1-23.ppt
Land as a Resource for urban finanace- 24-1-23.ppt
JIT KUMAR GUPTA
 

Recently uploaded (20)

Land as a Resource for urban finanace- 24-1-23.ppt
Land as a Resource  for urban finanace- 24-1-23.pptLand as a Resource  for urban finanace- 24-1-23.ppt
Land as a Resource for urban finanace- 24-1-23.ppt
 
M3M Sector 128 at Noida Expressway Noida.pdf
M3M Sector 128 at Noida Expressway Noida.pdfM3M Sector 128 at Noida Expressway Noida.pdf
M3M Sector 128 at Noida Expressway Noida.pdf
 
M3M Sector 72 Noida E-Brochure.pdf NEW.
M3M Sector 72 Noida  E-Brochure.pdf NEW.M3M Sector 72 Noida  E-Brochure.pdf NEW.
M3M Sector 72 Noida E-Brochure.pdf NEW.
 
Nyati Elite NIBM Road Pune E Brochure.pdf
Nyati Elite NIBM Road Pune E Brochure.pdfNyati Elite NIBM Road Pune E Brochure.pdf
Nyati Elite NIBM Road Pune E Brochure.pdf
 
Explore Dual Citizenship in Africa | Citizenship Benefits & Requirements
Explore Dual Citizenship in Africa | Citizenship Benefits & RequirementsExplore Dual Citizenship in Africa | Citizenship Benefits & Requirements
Explore Dual Citizenship in Africa | Citizenship Benefits & Requirements
 
Real Estate Finance and Investments (2019).pdf
Real Estate Finance and Investments (2019).pdfReal Estate Finance and Investments (2019).pdf
Real Estate Finance and Investments (2019).pdf
 
Bridge & Elliot Ladner Floor Plans May 2024.pdf
Bridge & Elliot Ladner Floor Plans May 2024.pdfBridge & Elliot Ladner Floor Plans May 2024.pdf
Bridge & Elliot Ladner Floor Plans May 2024.pdf
 
San Francisco Market Update -February 2024
San Francisco Market Update -February 2024San Francisco Market Update -February 2024
San Francisco Market Update -February 2024
 
Lodha Baner Flat In Pune E-Brochure.pdf
Lodha Baner Flat In Pune  E-Brochure.pdfLodha Baner Flat In Pune  E-Brochure.pdf
Lodha Baner Flat In Pune E-Brochure.pdf
 
Dholera A Blueprint for Future Cities Massive Infrastructure Investments Tran...
Dholera A Blueprint for Future Cities Massive Infrastructure Investments Tran...Dholera A Blueprint for Future Cities Massive Infrastructure Investments Tran...
Dholera A Blueprint for Future Cities Massive Infrastructure Investments Tran...
 
construction material procurement in India
construction material procurement in Indiaconstruction material procurement in India
construction material procurement in India
 
MI NOVA 6+6 LED SURGICAL LIGHTS Morbros India
MI NOVA 6+6 LED SURGICAL LIGHTS Morbros IndiaMI NOVA 6+6 LED SURGICAL LIGHTS Morbros India
MI NOVA 6+6 LED SURGICAL LIGHTS Morbros India
 
Madhugiri Boucher Managed Farmland (knx)
Madhugiri Boucher Managed Farmland (knx)Madhugiri Boucher Managed Farmland (knx)
Madhugiri Boucher Managed Farmland (knx)
 
Ganga Platinum Kharadi Pune brochure.pdf
Ganga Platinum Kharadi Pune brochure.pdfGanga Platinum Kharadi Pune brochure.pdf
Ganga Platinum Kharadi Pune brochure.pdf
 
Investing in Dubai's Real Estate in 2024
Investing in Dubai's Real Estate in 2024Investing in Dubai's Real Estate in 2024
Investing in Dubai's Real Estate in 2024
 
Diego Marynberg: Mastering the Real Estate and Finance Landscape
Diego Marynberg: Mastering the Real Estate and Finance LandscapeDiego Marynberg: Mastering the Real Estate and Finance Landscape
Diego Marynberg: Mastering the Real Estate and Finance Landscape
 
VTP Dhanori Pune Residential Apartment Brochure.pdf
VTP Dhanori Pune Residential Apartment Brochure.pdfVTP Dhanori Pune Residential Apartment Brochure.pdf
VTP Dhanori Pune Residential Apartment Brochure.pdf
 
The Wall Street Journal Weekend_Febrero 2024
The Wall Street Journal Weekend_Febrero 2024The Wall Street Journal Weekend_Febrero 2024
The Wall Street Journal Weekend_Febrero 2024
 
Best Interior Design Services in Haldwani
Best Interior Design Services in HaldwaniBest Interior Design Services in Haldwani
Best Interior Design Services in Haldwani
 
Kohinoor Greentastic At Kharadi, Pune - PDF.pdf
Kohinoor Greentastic At Kharadi, Pune - PDF.pdfKohinoor Greentastic At Kharadi, Pune - PDF.pdf
Kohinoor Greentastic At Kharadi, Pune - PDF.pdf
 

5 Steps to Saving a Down Payment

  • 1. Saving for a Down Payment
  • 2. Is it time to buy? • Inventory in Union County is high, which often results in lower prices. • Interest rates are low but rising slowly.
  • 3. But do you have the down payment saved? • If you’re eligible for a VA (Veterans Administration) loan, you don’t need any down payment. • FHA mortgages require a down payment that is 3.5% of the purchase price. • Conventional mortgages require a down payment of 5-20% of the purchase price.
  • 4. How much money do you need? To buy a $300,000 home, you’ll need: • $0 if you are eligible for a VA loan • $10,500 if you will use an FHA loan • $15,000-$60,000 if you will use a Conventional loan * A big down payment will reduce your loan amount and therefore reduce your monthly payments.
  • 5. Will you qualify? • Your credit score will determine what kind of mortgage you will qualify for. • The first thing you should do is contact a real estate professional and a mortgage representative and learn your options!
  • 6. How do you save money? 1. Set a deadline. Setting a deadline can be a powerful motivator to accomplishing great goals, and buying a home is a pretty big goal! So pick a date - one year from today, three years from today, maybe on your 30th birthday. Once you know where you are, it will make setting a timeline easier.
  • 7. How do you save money? 2. Pay off Debt - If you have any outstanding debt then your first step is to pay down or pay off as much as you can. Not only will this repair your credit score, but it will also let you save even more money for your down payment. Take the highest interest rate one first, get it paid off, and then get to work on the next one.
  • 8. How do you save money? 3. Create a “Down Payment” account - By opening a savings account just for your future home purchase, you help lessen the likelihood of tapping into that money for other things. Check with your bank or even local credit unions to see if they offer any special interest rates or programs for first time home owners looking to buy.
  • 9. How do you save money? 4. Automate your savings - Pay Yourself First. Once you’ve figured out how much you can sock away every month, have that amount automatically withdrawn from your account and put into savings before you even see your paycheck!
  • 10. How do you save money? 5. Ask about IRAs - Check to see if your IRA has any first time home buyer credits. Some will allow you to invest a considerable amount of pre-tax dollars and withdraw without penalty for home purchases and they often provide more return on your investment than a traditional savings account. Check with your IRA provider or financial advisor first.
  • 11. Everything worth having is worth working for! Saving for a home of your own can be challenging, but it can be exciting too. The feeling of reward and accomplishment is extraordinary. Start with these steps and very soon you too can enjoy the long term benefits of setting down roots and investing in your future.
  • 12. For more information, contact us!