Finding it Difficult to Save for Your Down Payment?

Here are some tips for saving up for the payment you will be able to put down.

Traditionally, a down payment is between 10 and 20% of the purchase price of the home. On some occasions, a lender or seller may only require 5% down. Whatever the figure is, a down payment on your first home, townhome or condo is more important today than ever before. But sometimes saving is difficult. Don’t let that deter you. With the right advice, a down payment can be very doable. We can help you re-think your budget and find ways to save.

Whenever you’re ready, we’re here to help.

Here are some steps to get your money in the bank
and you in your new home!

• Determine how much you need, and when you need it. Setting an amount and a deadline will help keep you motivated.
• Create a separate savings account for your down payment. You will be less tempted to spend it if it’s not among accounts you access regularly.
• Save automatically. Take your savings right off the top of every paycheck and deposit automatically into your savings account. If you don’t see it, you won’t miss it.
• Lower large monthly expenses. As you get closer to your savings goal, make an effort to slash or eliminate large monthly expenses, freeing up money for savings.