February 10, 2020 | Home Buying
Your Guide to Saving for a Down Payment
Finding it difficult to save for a down payment on your new home? With proper planning, smart decisions, and a little discipline, you'll be ready to buy sooner than you may think.
The minimum down payment for your new home will depend on your financing, and may be lower than you think. Talk with a Loan Officer to determine the approximate down payment you will need. With the right advice, a down payment can be very doable. Whatever the amount you need to save, we can help you re-think your budget and find ways to save.
Here are some steps to get your money in the bank and you in your new home!
Get a fresh start
Work with a Eagle Home Mortgage Loan Officer to clean up credit issues and determine your purchasing power.
Know the amount
Establish your new home price point and calculate how much you need for a down payment.
Set a goal
Once you know the amount, set a deadline to stay on track with monthly savings and keep you motivated.
Create a separate savings account for your down payment. You will be less tempted to spend it if it's not among accounts you access regularly.
Take your savings right off the top of every paycheck and deposit automatically into your savings account. If you don't see it, you won't miss it.
Lower large monthly expenses
As you get closer to your savings goal, make an effort to slash or eliminate large monthly expenses, freeing up money for savings.
Overcoming credit challenges