Helpful tips on saving up for a down payment
If you’re planning on making a residential purchase in the near future, odds are, you have been examining your personal savings and taking a close look at your financial situation. While mortgage rates and asking prices are important factors to consider, one of the most important aspect of the transaction is the down payment.
Putting a large amount of money down at the time of the sale can benefit you in a number of ways, such as reducing the overall balance of a loan, influencing sellers to accept your offer over others and gaining access to a more affordable mortgage rate. However, saving up a sizable amount for such a payment may not be easy.
At Poli Mortgage Group, we understand this, and offer a number of loan programs to our clients that afford them down payment options from zero to 20 percent or more depending on their specific situation. Our experienced Loan Officers are on call to help you better plan your purchase and can successfully assist you navigating the buying process.
Are you looking to save up in order to make a substantial down payment? If so, you may benefit by employing the following strategies:
Determine what you can afford
When beginning to house hunt, it’s important you have a firm understanding of your purchasing power. Viewing homes that are out of your price range can be frustrating, as the houses you can afford may not come with certain features and amenities found in more expensive properties. Evaluating your present financial standing and buying abilities can give you a better idea of the residence you can afford.
Reduce unnecessary spending
This may seem like an obvious way to bolster your savings, but some people have issues reigning in their spending on unneeded items and services. You should look at your current monthly expenditures and scale back on any excessive purchases. Saving as much of your disposable income as possible can lead to a larger down payment.
Apply for financial assistance
Depending on your eligibility: you may be able to take advantage of a number of programs that can help you meet requirements for making a down payment. The federal government offers multiple options to home buyers, which Poli Mortgage Group can facilitate. Visit our website to read up on our various first time home buyer programs.
In our 12 years of operation, Poli Mortgage Group has written more than $11 billion in mortgages and originated over 40,000 home loans. We can help you too. If you’re looking to lock in low rates and finance a residential acquisition, don’t hesitate to call us today at (866) 353-7654.