James V. Hecker

Santa Clarita California

  • Home
  • About
    • About Me
    • Privacy Policy
    • Site Security
    • Accessibility Statement
  • Mortgage Info
    • Mortgage Calculator
    • What to Expect at a Loan Closing: A Step-by-Step Guide
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
  • Guides
    • Downpayment Assistance Guide
    • New Home Purchase Guide
    • Refinance Strategies
  • Blog
  • Contact

Saving Up for Your First Home? Our Guide to Finding Ways to Save Your Down Payment Faster

February 18, 2015 by James Hecker

Saving Up for Your First Home? Our Guide to Finding Ways to Save Your Down Payment FasterIf your goal is to purchase a home, you may find that it’s challenging to save up enough money for your down payment. While this is something that many first time home buyers struggle with, it is by no means insurmountable. By making a few simple changes you will be able to accumulate the funds you need for your down payment.

Keep Track Of Your Spending

One of the reasons why it can be difficult to save money is that you aren’t even sure of where your money is going. While you may be aware of major expenses such as rent, car payments and utilities, it’s easy to lose track of many of the smaller bills and impulse purchases. If you aren’t keeping a budget, you should begin as soon as possible. Software programs and apps such as Mint.com can make this simple.

Consider If You Have Anything To Sell

You may be able to raise some quick cash by selling some personal belongings. Don’t part with something that will cause you regrets, such as a precious family heirloom. However, if you’re like many people, you probably have lots of items you no longer need. In addition to holding a garage sale, you could sell items such as jewelry, electronics, art or almost anything on eBay.

Refinance Credit Cards

Refinancing credit cards or any type of debt can help you save money on monthly bills. Balance transfers can often give you a more advantageous rate with credit cards. If you have a car loan, you may be able to find better terms with a different lender.

Find Another Source Of Income

In addition to finding ways to cut back on your spending, taking in some extra money every week can make it much easier to save up for that down payment. Perhaps you or your spouse could find time for a part time job. You might also consider starting a part time business, such as an online store that can be managed from home.

If you are creative about it, you can probably find many ways to save up for your down payment. You should also do plenty of shopping around when it comes to finding the best deal on a mortgage for your first home. Consult with a qualified mortgage professional to get an idea of what you can realistically afford.

Filed Under: Home Mortgage Tips Tagged With: Down Payments, Home Mortgage Tips, Mortgages

James Hecker

Contact James


Focus Lending Group, Inc.
DRE #00902195 • NMLS #214601

DIRECT: 661.295.7030
MOBILE: 661.714.2145
FAX: 661.244.4932
james@james4loans.com

James Hecker Logo

Connect with Me!

Search articles

Latest Articles

  • Managing the Construction Loan Budget
  • Negotiating Homebuying Costs: Securing Your Dream Home at the Right Price
  • Transforming Your Space One Project at a Time
  • How Can Home Renovations Protect You from Natural Hazards
  • What’s Ahead For Mortgage Rates This Week – November 27, 2023

Focus Lending Group, Inc. is a licensed Broker/Lender with Cal DRE Lic.# 02034155, NMLS #1592078

Previous Posts

Categories

Our Location


27201 Tourney Rd. Ste 201
Valencia, CA 91355

Copyright © 2023 · Powered by MySMARTblog

Copyright © 2023 · Genesis Sample Theme on Genesis Framework · WordPress · Log in