SeaComm Federal Credit Union OFFICIAL BLOG

Tips to Save Up for a Down Payment

Buying a home can be a stressful process. Trying to save up for that down payment might be the most stressful part. Here are a few tips to make that down payment a reality.

Set a Goal Figure

The first step to getting that down payment is figuring out what that amount looks like. Experts advise putting down a 20% deposit when buying a home. Take a look at the housing market and do some math. Once you have the amount you need, see what your budget and spending looks like. You know you’ll need to start putting money away, so make sure you can attain that goal.

Become More Frugal

Making small lifestyle changes can positively impact your ability to save. Reduce the amount you eat out and start making meals at home. Shop at second hand stores for items, getting great products for much cheaper. Do more things at home, invite people over for movies, games, or dinners. All these things will help you spend less, and save faster.

Research First-Time Homebuyer Programs

If you are looking to purchase your first home, there are many programs out there with incentives and assistance. A first time home buyer is anyone who hasn’t owned a home in the last three years. You can find housing grants, forgivable mortgages, and down payment assistance programs. All of these are designed to help people who want to buy a home that otherwise wouldn’t be able. SeaComm partners with the Homebuyer Dream Program™, which makes funds available for first-time homebuyers earning at or below 80% of the Area Median Income. Looking over all your options could allow you to reduce the down payment you need.

If you are entering the market for a new home, we can help! SeaComm offers home loans for qualifying members, with a smooth application process and the personalized service you have come to expect. Click here to access our Mortgage Center to apply online, get rates, access home-buying resources, and much more. Call us at (800) 764-0566 for assistance – our goal is to help you reach yours!      


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