How To Save For A Down Payment For Your First Home, Part 1

Posted by wadmin on Thursday, July 4, 2019

Stone Bridge Mortgage Group_How To Save For A Down Payment For Your First Home, Part 1

 

One of the most important first steps Gresham locals can take towards home ownership is to secure a down payment. Once Gresham home buyers know just how much of a mortgage they can afford, they should put together a savings plan for their down payment — if they don’t already have that amount established or set aside. By figuring out how much you need to save and how soon you’d like to buy a home, you’ll know just how much you need to save per year to put towards your down payment.

Stonebridge Mortgage Group is eager to help Gresham home buyers find the mortgage that is right for them and set our clients on the path to home ownership. Use our mortgage calculator to figure out the amount of a mortgage loan you can afford as well as how much you’ll need for a down payment. Then use the following steps to start saving.

Make Room In Your Budget

You’re going to need to save a lot of money for a down payment, so you’ll likely need to either earn additional income, cut back on expenses, or both. Making room in your budget, though, will not only help you save the money you need for a down payment – it will also prepare you for managing the type of tighter budget that homeownership requires.

Set Up An Automated Savings Plan

Automating the savings process can make it easier for Gresham home buyers to save what they need. Consier setting up some sort of payroll savings plan. You should allocate a certain percentage or dollar amount of your regular pay to go directly into a savings account or money market account dedicated to accumulating the funds for your down payment. By making the process automatic, it also becomes invisible. The money goes directly into your savings account without you having to see it, which removes both temptation and the ability to try to spend what’s going into savings.

Bank Your Windfalls

To make your savings easier, Gresham home buyers looking to buy a home should take any occasional windfalls and put them in the bank. This includes income-tax refunds, gifts received, bonuses, large commission checks, or even the sale of personal assets. This can help you make huge strides towards your savings goal.

Build Flexibility Into Your Savings Plan

Whatever the size of the down payment, Gresham home buyers should always be prepared and build flexibility into their savings plan. You’ll never know when there will be other demands on your finances. You must be prepared for the unexpected emergency. You may find yourself needing to cover major car repairs, replacement of a car, uncovered medical expenses, or even the temporary loss of a job. Being prepared for these possibilities is necessary. In fact, before you even begin saving for a down payment you’ll need to be sure that you have an emergency fund in place.

Stonebridge Mortgage Group Offers Guidance On All Mortgage Matters

For assistance with your home buying needs, look to the professionals of Stonebridge Mortgage Group for personalized mortgage services. You can rely on Stonebridge Mortgage Group to help guide you through the entire home buying process. We help get you pre-approved for a mortgage and help with your real estate loans and other mortgage solutions, both residential and commercial. Stonebridge Mortgage Group serves greater Portland is located in Gresham, Oregon. Ready to buy your first home? Stonebridge Mortgage Group can help.

 

Call us today at 503.661.5580

 

Categories: Down Payment, FIrst Time Home Buyer, Home Buying Tips, home loans, Loan Officer, mortgage broker, Mortgage Lenders, mortgage loans, real estate loans, residential loan services

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