Tips to Save UP for a DOWN payment

Buying a home is a major investment. While many homes are financed through a loan, a down payment may be required for the mortgage loan. A down payment can be a little overwhelming as you start your journey into homeownership. As your experienced real estate agents in Sunrise Beach, MO, we want to help give you ideas on ways to save up for this homeowner expense. Take a look below to learn some tips to help you save for a down payment!

Cut Back on Spending

An easy way to save up for a house down payment is to cut back on your current spending. While you still need to spend money on necessities - bills, groceries, gas - you can cut back on extra spending. Consider buying off-brand groceries and not stopping at the clothing store on the way home from work. This can help to set more money aside for your down payment.

Reduce High-Interest Debt

High-interest debt can eat up your money on a monthly basis. Consider transferring your high-interest debt to a lower-interest option. This can help to reduce the money payment required to be paid to your creditor. It's an easy way to reduce your monthly payments!

Access Retirement Funds

Many times your retirement funds have a way you can pull money out early. Although there may be a penalty for taking money before you retire, you can weigh the options for your certain situation. If you do access your retirement funds for a down payment, try to replace the money you have taken out as soon as possible.

Find a Second Job

A second job can quickly up your income. You can put all of this money toward savings for your future home. It's a great way to increase the amount of money you make. If you have extra time and it works for your family, a second job may be right for you.

Skip the Vacation

A vacation is often an expensive trip for many families. From the travel cost to lodging to entertainment, there are a number of costs that add up quickly on vacation. Consider skipping your family vacation this year to save for a down payment. You could take a stay-cation instead of going away with the family.

Minimize Extra Payments

Making more than the minimum payment is very beneficial for your credit situation. While you try to save up for a down payment, consider cutting back on the extra payments you make. Put the money you will put toward your payments into an account to help save up for your future home's down payment.

Now that you know some of these great tips to help you save UP for a DOWN payment, you're ready to get started today. Before you start your home search at the Lake of the Ozarks, it's important to get your financing process started. That starts by saving for a down payment. Once you've started saving for your home loan, Eagle's Nest Realty would be happy to help you find the perfect home to buy at the Lake of the Ozarks! There are a number of properties available and we want to help you find the right one for you and your family!

Call (573) 374-0769 to schedule a showing today!

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