Looking to buy your first home, but having trouble coming up with the down payment? Typically you need to have between 5-50% of the purchase price of your home, so here are a few tips to help you save your down payment faster!
- Save Your Tax RefundDoing this alone for a few years may add up to a considerable amount to contribute to a down payment, especially if both you and your spouse commit to contributing the full amount.
- Set Up A Savings PlanThis is a great way to make a regular contribution to your down payment fund, and with accounts that allow you to round up all your purchases and automatically deposit them into your savings account, this can be an easy way to save money quickly.
- Sell Unwanted ItemsThis can add a considerable sum to your down payment fund, and is also a great way to get rid of unwanted items before your move.
- Check Out Government ProgramsThere are a number of government programs available, depending on your area, that can assist you in saving for a home, especially if you are a first time buyer.
- Dip Into Your Retirement FundBe sure that you consult a financial advisor before choosing this option. Some government programs offer this option with no penalty, and it is certainly worth looking into.