While saving for a down payment on your first home may take some time and effort, it does not have to be as daunting of a task as most seem to make it out to be. Follow these tips to help make saving for a down payment on your future home a little more obtainable:
- Know how much you’ll need for a down payment and set a savings goal
- Gauge just how much you can afford with a down payment calculator
- Open a savings account:
- One way to ensure that you are saving money is by opening a Savings Account—Check out CB&S Bank’s Statement Savings Account.
- You may even want to consider saving a certain percentage of each paycheck… You can make this easy and painless by utilizing a program to pay yourself first by setting up automatic transfers from your CB&S Bank Checking Account to your CB&S Bank Savings Account.
- Be sure to keep up to date with your saving progress—Try a Mobile Banking app to do this hassle-free straight from your phone!
- Be sure to save bonuses/handouts rather than spending them
- Raises/bonuses from work
- Tax refunds
- Birthday, graduation and wedding gifts
- Be sure to do your research
- Check your credit
- Call around and check out different interest rates before making a decision
- It may also be worthwhile to check with a CB&S Bank Mortgage Services Expert to learn more about alternative down payment options and possible qualifications for low-down-payment programs