Tips for Saving for Your Down Payment
Need some inspiration and ideas for saving for a down payment? We got you covered!
1. Set up automatic transfers from your checking to your savings account each month.
2. Decide now to put aside raises, bonuses, gifts, or tax refunds.
3. Skip the costly vacation, plan a staycation, and save the difference.
4. Pare down holiday and birthday gift-giving.
5. Rent out a spare room or parking space.
6. Pick up a side hustle like freelancing, pet sitting, ridesharing, or a part-time job. Remember, it’s just until you hit your down payment goal.
While 20% down allows you to avoid private mortgage insurance, you rarely will need that large a payment. A 3-10% down payment will put you in a strong position when you apply for a mortgage.
Have questions or want to connect about the buying process as a whole?