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How To Save For a Down Payment

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How To Save For a Down Payment

Step #1: Determine how much house you can afford

Speak to a mortgage broker or stop by your credit union to determine what you can afford in a home.

Step #2: Calculate your down payment

While you can put down anywhere to upward of 3.5% of a home’s selling price, most brokers consider 20% to be the magic number.

Step #3: Create a savings plan

Once you’ve got the amount you’ll need to save, set up a savings plan that will help you reach this goal. Make sure the numbers are doable and that you’ll be able to meet your monthly savings goal easily.

Step #4: Automate your savings

To make the process simpler, set up an automatic monthly transfer to a specialized savings account. If your goal is long-term, you may want to consider opening a certificate or similar account instead of a conventional savings account.

Stop by today and let’s get started on purchasing your dream home!

 

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