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8 Tips for Saving a Home’s Down Payment

When you really get serious about buying your first home, there are a just few things to think about. Mortgage and loan language begins coming out of the woodwork, and you can easily find yourself in the middle of some alphabet soup. PMI, FHA, USDA, and VA- just to name a few!  However, the main and pressing age old question remains: exactly how much money do I need to purchase a home? Here are 8 tips and tidbits for saving for your home’s down payment.  You’ll be there before you know it, in the home of your dreams! We can’t wait to help you attain those goals!

  1. Know your personal goal! Many loans these days offer options for you to get into the house of your dreams sooner, with less down payment money. Research the types of loans available to you, and then decide what works best for you and your family! Does 20% sound overwhelming or like that’s where you want to begin you home ownership journey? It’s totally up to you!
  2. Cut expenses. This is one that many don’t think about! Where can you save? Can the phone bill be minimized by shopping around? What about cable and internet packages? Can the cost be cut with a bundle? Or the car payment? These are just a few places to begin!
  3. No vacation for a year. Yikes! We’re only proposing that you have a stay-cation instead! Enjoy family time at the park or on bikes at Prophetstown.
  4. Work with a realtor. There are obviously many benefits in having a build in companion to walk with through this process. Realtor’s from the Romanski Group participate in extensive trainings and group development, only to better equip them to help you. Ask ahead of time if they have any personal experience in this area!
  5. Aquire a gift. This isn’t an option for everyone, but is there a family member or friend who can gift you the amount you need? Maybe this would be a great way to invest an inheritance!
  6. Sell other investments. Owning a home is just that- an investment! Maybe just shift your assets around to make this happen.
  7. Pick up a side hustle. Nose to the grind. Every little bit counts!
  8. Set aside a small amount each month. This, of course, is the way to go! Slow, but steady and consistent gain is just that- gain!

For reference, Dave Ramsey has an entire guide you can download to track Where your down payment money is coming from, and he helps you track even your future expenses. Click here to view that guide!

For up-to-date information on YOUR Indiana area neighborhood or a FREE Seller Consultation – call The Romanski Group at (765) 293.9300.  Using an experienced team is the way to get your home ‪SOLD‬! You deserve the BEST Realtor in the Lafayette Indiana area!

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