Cracking the Code on Down Payment – Info from Prestige Capital
Prospective home buyers have more negotiating power now, as sellers outnumber buyers by about 50% nationwide. Still, many first-time buyers are grappling with how to save for the down payment to take that big step. Here are a few tips to put an effective plan in motion.
Know Your Budget
Work out how much house you can afford, based on your monthly income and expenses. From there, calculate a realistic amount for your down payment goal.
Cut Down on Expenses
Take a look at recurring bills and cancel things you don’t use. Look for better pricing on things like cell phone service, auto insurance, or Internet and cable access. Cut down on eating out or entertainment costs. Come up with a realistic number on how much you can commit to saving each month.
Set Up Auto-Transfers
Open a dedicated bank account to save for your down payment, and schedule automatic transfers to guarantee your money is set aside in an “off-limits” account. This also gives you an easy way to track your progress.
If you have any questions about mortgage planning, we’re just a phone call away! We specialize in providing personalized service to help you meet your unique goals.
Best regards,
Tracy Shaw
President & Chief Lending Advisor
NMLS # 913749 | CalBRE # 01894272
Direct Line: 626.758.0588
Prestige Capital Inc.
NMLS # 2588930
41 E Live Oak Ave, Arcadia 91006
Helping clients achieve home ownership with expert lending solutions and personalized guidance.
