Princeton Town Topics – Let’s Talk Real Estate – March 27, 2019
WAYS TO SAVE FOR A DOWN PAYMENT FOR YOUR NEW HOME
The thought of buying home brings both excitement and uncertainty.
The first thing you need to do is understand where you stand financially. What type of loan do you want, what do you qualify for will help determine how much you put down.
Once you have determined what you can afford, set up a separate account where a percentage of your income automatically goes. Doing this keeps temptation at bay and creates a sense of accomplishment when you see the dollars compounding toward you goal of home ownership.
Sorry coffee shops…but, those daily $5 splurges add up. If you were to put your coffee money into your down payment account, you could easily save close to $2,000 in one year!
Reevaluate your credit card debt. Pay off debt with higher interest rates first, and be timely in those payments. This saves you money and increases your credit score, both of which lenders will be looking at when it is time to get your mortgage.