Tips to Save for a Down Payment and Mortgage
Looking for a home base that’s all yours? A new construction home gives you some specific financial and personal advantages, like building equity, potential tax savings and creating a place that is uniquely you.
Saving for a down payment and your monthly mortgage payments does require some focus. Even when times may be tough, you can still keep these things in mind. Patience and hard work pay off! The more you can save, either now or later, the less your mortgage will cost in the long run. Try these tips to save for your down payment and mortgage:
Know your numbers.
First, use a home calculator or work with a mortgage professional to find out the price of a home you can easily afford and what the down payment will be. Look for a home under your budget to allow yourself a financial cushion. A good rule of thumb is to keep your monthly mortgage payment below 28% of your pre-tax income.
Look for down payment programs.
Down payments vary, depending on the lender and the type of loan you have. Ask your New Home Advisor if you qualify for special assistance programs, such as for first-time buyers. Trendmaker’s New Home Advisors are more than happy to help. All you have to do is reach out.
Cut your expenses.
You may be surprised by how much you can save when you pay attention to your spending. Some ideas include shopping around for lower-cost insurance, ditching the gym membership to work out at home, carpooling with coworkers or even moving in with family to accelerate your savings. Another great idea is to set up your bank account to automatically transfer funds into savings each month, or even start a side hustle to boost your income.
Look for deals.
Once you have enough saved to start your new home search, make sure to keep your eye out for any specials, deals or promotions that will make your hard-saved money go further. Right now, Trendmaker Homes has spring promotions available on select new homes in the Austin and Houston area that could bring your dream home that much closer.
Consider a move-in ready home.
Move-in ready homes have many advantages. Not only are they ready for move-in sooner, they often have designer details and finishes already included, which can help you get even more for your money.
Ready for a new home? Our New Home Advisors are happy to assist you through every step in the homebuying process.