· Set a goal and timeline. Find out the price range of the type of home you want in the area you like, and talk to a Mortgage professional to get an idea of the down payment you will need. Then, set a timeline of how much you need to put away each month to save this amount.
· Open a separate down payment savings account. This keeps the money separate and makes it easy to track progress. The experts say that when you're saving for a short term goal, put the money in a low-risk investment such as a savings account or a CD. Shop around for the best interest rate, and make sure the money will be available when you need it.
Small steps to big savings.
Put together a budget based on what you're spending, and then look at the following to make cuts; new clothes and impulse purchases, daily costs like a specialty coffee, monthly subscriptions, car costs... Before spending, always ask "Do I really need this, or do I just want it?"
Big steps to bigger savings.
Move in with a family member for a specified time. If you have space, take in a roommate. Move to a smaller apartment; the rent can be substantially lower. Add income by working overtime if possible, or take on another part time job. Sell your car and trade down to a lower-cost vehicle.
Look at retirement accounts. If you have a 401k and contribute more than your employer will match, think about putting that extra money into your down payment savings account.
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Suzi Boyle | Idaho Home Loans | FHA Home Loan | VA Home Loan | USDA Home Loan | Jumbo Home Loan
Suzi Boyle 1880 S Cobalt Point Way, Meridian, ID 83642
Idaho FHA, VA, USDA, Conventional, Jumbo and Investor Mortgage loans in Idaho.
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