Five Ways to Save for your Down Payment on a New Home

mortgage-settlement-closingYou are ready to build your dream home in the perfect location. You go to your lender to start the process and they drop the bomb on you. You need a 5% – 20% down payment to build. For some this can be a total surprise and can be quite overwhelming, while others may have been prepared for this requirement.  An important part of building a new home is saving for the down payment.

Here are five tips to help you reach your goal:

  1. Set a Household Budget and Stick to it. Include a Savings as a line item in your budget. Delete any unnecessary expenses such as cable, etc. from your budget.
  2. Avoid obtaining any new credit, and consider transferring balances of high interest rates credit to a no or lower interest rate option.
  3. Place any unexpected income such as gifts, tax refunds, etc. in your savings. Get a pay raise? Take the extra and put it into your savings as well.
  4. Trade out higher cost expenses and swap them out for a more affordable option. Skip the morning Lattes and have coffee at home. Disconnect cable and subscribe to Netflix. Eliminate your home phone and just use your mobile phone.
  5. Use your resources. Sell an item you are not using. Pull money from an IRA, as you are not penalized on money used for first time home purchases.

Set the goal and start working towards it today.   If you are already there, or once you accomplish it, call Craig at Moore Development for a new construction proposal. You will be in your new home in no time!

7 thoughts on “Five Ways to Save for your Down Payment on a New Home

  1. computer skills for marketing jobs

    I have been surfing online more than three hours today,
    yet I never found any interesting article like yours. It’s pretty worth enough for me.
    In my opinion, if all website owners and bloggers made good content as you did, the web will
    be a lot more useful than ever before.

  2. รับทำ seo

    I don’t know if it’s just me or if everyone else experiencing issues with your blog.
    It seems like some of the written text on your posts are running off the
    screen. Can someone else please provide feedback and let me know if
    this is happening to them too? This could be a issue with
    my web browser because I’ve had this happen before. Thanks


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>