Saving for a Down Payment
Dec 01, 2020
Before you can make the transition from renting your home to owning your home, you will need to have a down payment that is typically 5 to 20 percent of the home's value. Follow these steps to reach your savings goal & get closer to owning your dream home.
Step 1 Determine how much you can realistically save each month.
Step 2 Develop a budget and a timeline.
Step 3 Set up a savings account exclusively for your down payment and make your monthly contributions automatic.
Step 4 Identify areas where you could cut back (ex: nice dinners outs, vacations, etc.) and instead put that money into your savings account.
Be smart about your savings and you'll be on your way to becoming a home-owner in no time!
Are you ready to start the homebuying process? Check out our lending options. We have a team dedicated to providing you with the resources needed to make smart decisions and will be there for you throughout the process.
First Time Homebuyer? Let us walk you through the journey with our step-by-step video of the homebuying process. Also, check out our First Time Homebuyers Program and contact our lending team for more information.
The information herein is general/educational in nature & should not be considered financial or legal advice. Consult an attorney or finance professional regarding your specific situation.