Clever Ways to Save Money for Your Down Payment

Ways to Save for a Down Payment Irvine CAThinking about buying your first home?  Here’s how to save for a down payment.

One of the first steps in buying a home should be thinking about how you are going to save for the large down payment that gets the ball rolling.

There are many ways to go about this without feeling the harshness of lack while you are squirreling away your dollars.

It’s an easier task when you have two incomes to draw savings from, but this is not an insurmountable goal for anyone willing to work down and do a little planning!  Get the home that you want, and start working towards it right now, by using these ways to save for a down payment.

How much do I need to save?

If you can put a 20% down payment on your first home, your chances for qualifying for a loan increase significantly. FHA loans require a much smaller down payment, as low as 3.5%, but keep in mind those loans require buyers to pay for private mortgage insurance.

What can I do to save?

Cut out luxuries.

Less eating out, less coffee runs in the morning, less shopping trips.  These little things can add up to thousands a year!  If you do it as a team with your spouse or partner, it can also build a tight bond and a feeling of being on the same team.

Make an interest into a source of income.

Do you like to make crafts, or refinish old guitars?  Create a little business whose profit solely is used to save for a house.  This can create joy and relaxation doing something you love while making money.

Put it on autopilot.       

Make putting a certain amount of money from each paycheck just as important as paying your electricity bill. Don’t think of it as an ‘only if I have enough’ thing.

Contact Avis Lending in Irvine, California and Lahaina, Hawaii for all of your home buying needs! We’ll make sure you get the right mortgage.

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