Tips That Will Help First-Time Home Buyers Afford Their Down Payment
Introduction
● Buying your dream home is one of your biggest possible achievements. ● Purchasing a home is a tremendous financial responsibility, and the down payment can hurt your budget. ● The sooner you start saving, the higher the chances of being able to afford your dream home or property.
2
We cover 4 useful tips that will help first-time homebuyers afford their down payment. 1) Cut down on your credit cards â—? Reduce credit card spending, pay off debt, and avoid spending on luxury items. In the long-term, this will reduce your interest payments and increase your credit score. â—? Use your credit cards only as a last resort and try to repay them as quickly as possible, ideally within the same month.
3
2) Sell off unnecessary assets ● You might have to give up certain items and services that are taking a toll on your paycheck. For example, if you have an additional car that you rarely use, you could consider selling it to gain extra capital. ● If you’re subscribed to any music or video services that you could do without, consider canceling them.
4
3) Curb your overspending habits ● Keep your dream home in mind every time you have an urge to buy something that isn’t an immediate priority. ● If you’re a shopaholic, stay away from retail outlets and malls. ● Discuss how to form a budget with your partner in order to optimize your paycheck.
5
4) Set up a down payment goal ● Analyze your fixed and unavoidable costs, assess your financial situation, and choose a down payment that'll work for you. You should still stick to it even if you’re approved for a full payment loan. ● Most first-time homebuyers opt for a low down payment. The more you save for your down payment, the higher equity you’ll have in the house. You’ll also save on future interest payments.
6
Drew Mortgage Associates, Inc. is a well-established mortgage lending company that gives first-time homebuyers expert advice. If you’re seeking help in choosing the right home loan program for your needs, Drew Mortgage Associates, Inc. can help! Call Drew Mortgage today! Read more: h ttps://www.drewmortgage.com/4-tips-that-will-help-first-time-home-buyers-af ford-their-down-payment/
9
DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Website: https://www.drewmortgage.com/
Peabody Mortgage Lenders 1 Mt Pleasant Drive Peabody, MA 01960 Phone: (978) 750-1080
Boston Mortgage Lenders 232 Commercial St Boston, MA 02109 Phone: (617) 523-3060
10