5 Tips To Help Buyers Save For A Downpayment

5 Tips To Help Buyers Save For A Downpayment

Saving for a down payment can pose one of the biggest challenges for potential home buyers. Image title


Indeed, a down payment is often the largest single payment a consumer makes in their lifetime and saving for it isn’t easy, 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.


If you would like to find out more info on how to get qualified to buy a home or have questions about the home buying process, give me a call today!  214-454-6969


Deborah Boyd Headshot
Author:
Phone: 940-368-1306
Dated: July 1st 2016
Views: 1,463
About Deborah: My family has lived in North Texas for generations so I personally know the residential areas of Fri...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Will A Realtor Really Help Me Make Money On The Sale Of My Home - Sure it may be tempting to forego
5 Reasons To Sell This Winter - 5 Reasons to Sell This Winter!
Remember The Starbucks Effect When Buying A Home - I read recently that the CEO of
Identity Theft Is Never Fun Protect Yourself With Title Insurance - Identity theft can cause you huge

Our Bloggers

The Doyle Team * - 2
Comprar Casa DFW * - 4
Gabrielle Armstrong - 5
Cara Balderas - 67
Tami Bennett - 45
Ramon Bermudez - 3
Justin Blackburn - 1
Jessica Boozer - 18
Rhonda Borgne - 1
Olivia Borowski - 1
Jennifer Boyd - 2
Deborah Boyd - 390
Jamie Brannagan - 1
Kathryn Brick - 1
Annette Bruen - 47
Moira Brunken - 18
Beverly Bryant - 24
Ana Cantu - 1
Lisa Cardillo - 53
Bob Cardillo - 4
Lisa Carroll - 2
Lucina Cervantes - 11
Michael Chatman - 2
Gregory Cornett - 2
Angela Cotten - 97
Missie Craig - 12
Melisa Crooks - 1
Greg Cunningham - 2
David Darty - 1
George Dean - 1
Sarah Dieter - 9
Belinda Duff - 5
Eva Duffy - 8
Leah Ecob - 15
Kristine Edens - 3
Jill Elliott - 99
Laneal Ernest - 9
Nicole Espinosa - 27
Christopher Evans - 1
Heather Feragotti - 8
Mark Fischer - 2
Susan Florsch - 12
Jennifer Flynn - 9
Larry Frassinelli - 6
Chad Gabriel - 58
Shalee Garza - 10
Marcos Garza - 1
Tammy Gill - 1
Timothy Gilliam - 2
Christina Gonzalez - 5
Wilma Goodwin - 2
William Graves - 5
Jimmy Hanks - 1
Kristen Henderson - 1
Candie Hernandez - 6
Beth Herr - 1
Hunter Howard - 1
Bill Hurd - 3
Gary Hutchings - 20
Trenton Johnson - 15
Marla Johnson - 1
Felicia Johnson - 79
Dakota Joyner - 9
Sunil Kanjia - 8
Jemi Khan - 26
Leigh Klotz - 5
Amber L Johnson - 9
Michele Lafortune - 22
Dylan Lochhead - 1
Maria Lopez-Jones - 1
Stacy Lynn Massar - 27
Chuck May - 1
Mikki Migis - 8
Richard Mikus - 1
Sean Moniri - 21
Naddia Morales - 10
Candace Mozingo - 1
Mark Mulch - 19
Steve Murray - 1
Julie Nicholson - 10
Nikki Okpuzor - 3
Alan Oliver - 7
Kaysone Orlando - 1
Holli Paddio - 3
JP Piccinini - 434
Julie Ann Pickering - 85
Ann-Marie Pope - 2
John Priestash - 46
Mimi Rader - 1
Shelia Randolph - 33
Teneka Ray - 1
Go 2 Girls Realty - 173
Kristi Roy - 1
Kelly Rumney - 9
Amy Jo Saenz - 3
Linda Scardis - 4
Sandy Setliff - 222
Christine Shannon - 30
Rene Sinclair - 27
Shelby Smith - 3
Rebecca Smith - 1
Bryce Smith - 5
Monica Solkhon - 1
Malena Solorzano - 1
Rodrigo Sotomayor - 16
Jenna Stanley - 9
Tim Stoll - 52
Kelley Stubbs - 3
Melodie Sulgrove - 1
Seana Taylor - 217
Mary Taylor - 15
Kevin Taylor - 16
Julian Taylor - 17
Erica Taylor - 54
Angela Taylor - 1
Karla Terrell - 2
Michele Thompson - 6
Jason Todd - 24
Andrea Trimble - 55
Sarah Uber - 5
Yael VanGruber - 1
Diane Velez - 18
Debbie Viverito - 132
Rachel Walsh - 2
Nick Walton - 79
Spring Weeks - 9
Clint White - 2
Christopher Winkler - 1
Michael Worley - 164
Martina Worley - 2
Keisha York - 30
Audra Young - 1
Debbie Zurita - 17

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

JP And Associates REALTORS
6136 Frisco Sq Blvd, #200
Frisco, TX
972-375-9448


Other Locations