Most people need to finance a home purchase—and that means saving up enough money for a down payment. Unless you’re using a VA loan or an FHA loan (some people qualify to buy a home with nothing down), you’ll typically need to come up with about 20 percent of the home’s purchase price as your down payment.
For most people, that’s a tall order.
So what can you do to make saving for your down payment a little easier?
Saving for a Down Payment on a Tampa Bay Home
Before you tighten up the purse strings, take a candid look at your finances. Pull up your bank statements for the past three months; do the same for your credit card statements. These statements will show you where all your money goes—and they’ll help you identify areas in which you could scale back your spending.
How Much House Can You Afford?
Once you have determined where your money goes each month, you’ll be able to use our all-in-one mortgage calculator to find out how much house you can afford.
Many potential home buyers are pleasantly surprised to learn that a mortgage may be significantly lower than what they are currently paying in rent.
Time to Start $aving
When the time comes to begin saving for your down payment, it may be a good idea to change your phone plan, opt for a smaller cable TV package, or dine in rather than dining out each week.
Saving money isn’t easy, no matter who you are, but with a little discipline and a solid sense of direction, you’ll be able to begin working toward the purchase of your first home.
Are You Looking for a New Home in Tampa Bay?
Call us at 727-584-8480 or 813-961-6000. If it’s easier, get in touch with us online. We’ll begin searching for your new home right away.