5 Tips To Help Buyers Save For A Down Payment

Dated: 07/02/2016

Views: 106

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. 



Source: American Bankers Association



Find your next home NOW!

http://www.TimEnzweiler.com


Image titleFeatured properties may not be listed by the office/agent presenting this brochure.  Information has not been verified, is not guaranteed and is subject to change.  The data relating to real estate for sale on this report comes in part from the Internet Data Exchange program of Northern Kentucky MLS. 
Equal Housing Opportunity
At Regional Realty, we are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin. 
Blog author image

Wendie Neely

Wendie Neely is licensed in both Kentucky and Ohio. Her background includes several years as a Real Estate Appraiser placing her in a unique position to help Buyers and Sellers understand property val....

Want to Advertise on this Site?

Latest Blog Posts

Mortgage Affordability

Are you dreaming of homeownership but don't know where to begin?  Well you are not alone!  Here is a link to help you determine how much you have to spend on a home and let you know what a

Read More

Is Your Horse Looking For A New Home

Have your horses outgrown their current pasture?  Are they looking for greener grass?  Perhaps a barn with nice stalls and tack room or an indoor riding arena.  If any of these the

Read More

The Knockout Punch

OK. So you may not be fighting for the Heavyweight Championship of the World, but… Finding, negotiating, and purchasing a home, especially in a market heavily favoring the Seller, may feel like it

Read More

Welcome Home To 310 Links View Drive Butler KY

A convenient drive south along US 27 into Pendleton County yields high rewards, both in terms of cost per square foot AND quality of living!!  Country Club Hills subdivision, situated

Read More