Tips on Saving for the Down Payment from Tracy Shaw at Prestige Capital

First-time buyers often feel that saving for a down payment on a home is a daunting task. It’s not out of reach if you set up a savings plan, and stick to it.

Set Your Price Range
We can do some quick calculations to find out how much home you can afford, based on your credit score, income, and monthly financial obligations. From there, we can explore various loan programs, and their specific down payment requirements.

Review Your Current Budget and Start Saving
Take a look at how much you’re currently spending, and find out where you can cut back to start putting money aside for your down payment. Then, use your online banking to set up an automated payment system to transfer a designated portion of your regular income to a separate “down payment” savings account each month.

Increase Cash Flow
There are numerous ways to increase cash flow, from asking for a raise to getting a side hustle. Working just a few extra hours a week can really add up. Get creative!

Look into Special Programs for First-Time Buyers
There are many loan programs available for first-time home buyers that require little to no money down. Plus, many lenders extend “first-time” eligibility to a potential buyer who has not owned a home in the last three years.

My job is to review all your options and find the best loan to fit your needs! Please give me a call if you – or your family and friends – need a knowledgeable mortgage professional who looks out for your best interest.

Best regards,

Tracy Shaw