First Time Homebuyers
Your guide to saving for a down payment.
Here are some steps to get your money in the bank and you in your new home! Get a fresh start!
Know the amount
Establish your new home price point and calculate how much you need for a down payment.
Set a goal
Once you know the amount, set a deadline to stay on track with monthly savings that will keep you motivated.
Open a separate savings account for your down payment. You will be less tempted to spend the money if it's not among one of the accounts you access regularly.
Take your savings right off the top of every paycheck and deposit automatically into your savings account. If you don't see it, you won't miss it.
Lower large monthly expenses
As you get closer to your savings goal, make an effort to slash or eliminate large monthly expenses, freeing up money for savings.