One of the most important first steps Gresham locals can take towards home ownership is to begin saving for a down payment. Once Gresham home buyers know just how much of a mortgage they can afford, they should start saving for a down payment. 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 the goal of owning your own home.
Stonebridge Mortgage Group is eager to help home buyers in the Portland and Gresham area 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 you can afford on a mortgage loan, as well as how much you’ll need for a down payment. Then use the following steps to reach that goal of saving for your new home.
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 for a tighter budget that is often required with homeownership.
Set Up An Automated Savings Plan
Automating the savings process can make it easier for Gresham home buyers to stick to their savings goal. Set 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 spend those hard-earned funds.
Bank Your Windfalls
To make your savings easier, those looking to buy a home in the Portland or Gresham area locals 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 your required down payment for your dream home in the Portland or Gresham area, 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 can minimize stress on your finances by being prepared for unexpected emergencies. 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. Establishing an emergency fund for such contingencies is not only smart but a necessity as a homeowner. 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 professional mortgage solutions, look no further than Stonebridge Mortgage Group. You can rely on Stonebridge Mortgage Group to help guide you through the entire home buying process. We help you with the pre-approval process and assist with real estate loans and other mortgage services, both residential and commercial. Stonebridge Mortgage Group serves the greater Portland area and is located in Gresham, Oregon. Don’t wait to buy your new home!
Call us today at 503.661.5580