![\"\"](\"https:\/\/edmermolia.com\/wp-content\/uploads\/8-Ways-to-Save-for-a-Down-Payment-Mortgage-Banker.png\")
Whether you are a first-time homebuyer, upsizing your current home, or even buying a vacation home, it’s important to have a good down payment prior to taking out your mortgage loan. Generally, the bigger the down payment, the smaller the mortgage (unless you want to save some for home improvements.)<\/p>\n
A down payment helps in a lot of ways, it lets the lender know you are a better credit risk, it can help lower your interest rate. If it is 20% or more, it can even help you avoid private mortgage insurance. No matter how you look at it, saving for a down payment is a good idea. But saving is not easy. Here are a few creative ideas to get started filling that piggy bank.<\/p>\n
Have your bank set up a “mortgage down payment” savings account. Then either set an automatic payment to that account each month, or get in the habit of paying yourself a fixed amount each month. Before you know it, you’ll have a nice savings balance.<\/p>\n
We all have a few things we no longer want or need. If you have a collection or items of value, why not sell them? If you have antiques or jewelry they might be worth enough for a down payment alone. Even if it’s just a few things you sell at the neighborhood garage sale, any extra cash can be put toward a down payment. Every little bit adds up.<\/p>\n
If you are renting a fancy downtown apartment, but have your sights set on homeownership, maybe move to a cheaper place for a year to save money. You could even have a roommate to split some of the costs.<\/p>\n
Look at all of your monthly bills to see if you can cut costs somewhere. You could consider dropping cable television, or your gym membership for a while.<\/p>\n
The average person can find savings up to $100 or more each month just by making small changes. Skip the fancy coffee shop a few days a week, pack a lunch instead of eating out, don’t splurge on those new shoes. Make yourself a budget and stick to it. You’ll be surprised how much extra you can save.<\/p>\n
If you are planning a wedding ask for cash instead of registering for a new toaster. The same goes for birthdays, anniversaries, and more. Explain to friends and family that you are focused on buying a new home and would love if they would give you cash in lieu of a gift.<\/p>\n
If you’ve got extra time you can take on a part-time job just about anywhere. If you have creative talents you could sell crafts, sing in a band, offer handyman services, shovel sidewalks\/mow lawns, organize parties\u2014the sky is the limit to what you can do to earn a few extra dollars to save.<\/p>\n
There are certain limits to how much help you can have with your down payment, but sometimes parents and grandparents are a wonderful source. They can give you a gift that will help you come up with just enough for the home of your dreams.<\/p>\n
<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
How to Save for a Down Payment on a Mortgage Whether you are a first-time homebuyer, upsizing your current home, or even buying a vacation home, it’s important to have a good down payment prior to taking out your mortgage loan. Generally, the bigger the down payment, the smaller the mortgage (unless you want to […]<\/p>\n","protected":false},"author":3,"featured_media":1247,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_analytify_skip_tracking":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[7],"tags":[18],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/edmermolia.com\/wp-json\/wp\/v2\/posts\/1246"}],"collection":[{"href":"https:\/\/edmermolia.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/edmermolia.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/edmermolia.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/edmermolia.com\/wp-json\/wp\/v2\/comments?post=1246"}],"version-history":[{"count":2,"href":"https:\/\/edmermolia.com\/wp-json\/wp\/v2\/posts\/1246\/revisions"}],"predecessor-version":[{"id":1249,"href":"https:\/\/edmermolia.com\/wp-json\/wp\/v2\/posts\/1246\/revisions\/1249"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/edmermolia.com\/wp-json\/wp\/v2\/media\/1247"}],"wp:attachment":[{"href":"https:\/\/edmermolia.com\/wp-json\/wp\/v2\/media?parent=1246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edmermolia.com\/wp-json\/wp\/v2\/categories?post=1246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edmermolia.com\/wp-json\/wp\/v2\/tags?post=1246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}