Saving for a down payment can pose one of the biggest challenges for potential home buyers.
Indeed, “a down payment is often the largest single payment a consumer makes in their lifetime and saving for it isn’t easy,” says Corey Carlisle, executive director of the American Bankers Association Foundation. “However, with a few changes, consumers can put themselves on track to make their home ownership dream a reality.”
In honor of American Housing Month, the American Bankers Association Foundation recently featured several tips to help consumers cut their household costs and start saving for a down payment.
Determine how much you need.Find out how much you’ll need for a down payment. From there, create a budget by figuring how much you can realistically set aside each month. Then, you can set a timeline.
Create a separate savings account.Separate a savings account that is just for the down payment. Make monthly contributions automatic.
Find ways to reduce your monthly bills.Check your car insurance, renter’s insurance, health insurance, cable and Internet plan rates. See if there are any promotions that could help you save money by revisiting your contracts.
Investigate state and local home-buying programs.Several state, counties, and local governments offer first-time home buyer programs that offer down payment assistance. Find out if you’re eligible for one.
Celebrate.Set smaller savings goals as you work up to the larger goal. For example, if you need to save $30,000, celebrate -- such as with a nice meal -- every time you hit the $5,000 saving milestone. “This will help you stay motivated throughout the process,” ABA notes.
Author:Dawn Borkowski Phone: 864-313-4608 Dated: July 8th 2016 Views: 422 About Dawn: ...
With approximately 50 years combined experience, Guest Group brings a wealth of varied experience in both Residential and Commercial Real Estate.
We are loyal, ethical and very dedicated to our clients. We give exceptional service and continue to have our clients for life. We compliment each other and understand the Real Estate Industry and the Local Market.
We have strong negotiating skills and transaction servicing that will ensure you of a successful real estate experience.
Wondering how the Real Estate Market is projected to perform in 2021?
"Client Feedback on Coralie Struckman
How fast did your agent respond to your questions: 5 out of 5
How well did your agent use technology: 5 out of 5
How helpful was the support staff: 5 out of 5
How good was the auxiliary services we recommended: 5 out of 5
How did the closing go: 5 out of 5
How close did we meet your expectations: 5 out of 5
How likely are you to recommend us: 5 out of 5
Services used: Buy
How did you find us: Internet Search
Your most memorable moment
Coralie went the extra mile on every task. She is very professional and made the whole buying experience a pleasure.
The moment you'd rather forget?
None! Coralie was proactive from start to finish.
Not as this time. I will surely refer Coralie and team to anyone we know buying or selling."