Tired of wasting money on rent? Or maybe you’re ready to set down roots and move into something a little more spacious? If that sounds like you – you’re not alone! For many first-time homebuyers, the dream of homeownership often faces one common hurdle – having money for the down payment.
Where do you even start? Don’t sweat it – we’ve provided three simple tips below that can help you save up for your down payment.
1.Find (More) Money in Your Day-to-Day
If you know where to look, you can find extra money to save and put towards a down payment. Canceling your gym membership ($60), reducing the number of subscriptions or stream services (anywhere from $8 to $18), canceling cable ($110), or even just lowering your thermostat a few degrees ($20) – could add up to more than $200 a month. Take a hard look at where you’re spending money, and you’ll more than likely be able to find some simple areas where you can cut back on your spending to start saving up for your down payment.
Look, we’ve all forgotten something we shouldn’t have before – groceries on top of the car, where you put the remote if you fed the goldfish. Forgetting to save might start as a small, one-time thing — but it can quickly add up to be a problem. Automate your savings if possible. An easy way to accomplish this is by setting up your payroll to automatically deposit a portion of your income into your savings account of choice.
3.Know Your Options & Figure Out What You Need
While down payments are a mainstay of homebuying, not all down payment requirements are the same. In some cases, you may not even need a down payment! The best course of action here is to discuss your homebuying options and goals with your trusted Mortgage Professional. This way, you can determine which loan type and down payment option is best for you and start saving accordingly.
Our friends at Atlantic Coast Mortgage can help not only navigate but also understand the various eligibility requirements and loan opportunities available specifically to you and your situation. Still have questions? Reach out today!
Jamie Richards is a full-time realtor specializing in Northern Virginia with a passion for helping people achieve their homeownership dreams. Jamie's deep roots in the community began in Reston, Virgi....
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