So the wedding is over and you’re now in your first apartment together. You want to purchase a home together but your incomes are not enough for a decent down payment. Don’t worry because with these tips you can afford the home you want.
You first need to consider your annual income and then use a mortgage calculator online to determine the amount you can afford on a home. This helps you borrow the right amount of money from a lender. Never borrow more than what you will be able to repay on the mortgage.
It also helps to make your savings automatic. Contact your banker and ask them to take part of your check and put it in your savings account on a certain date. By doing this you are saving for the new home without realizing it.
Sometimes you might need to get extra sources of income in order to boost savings for a new home. Seek out holiday seasonal employment and use this income towards the down payment. You can also hold monthly garage sales and get more money this way. With creativity and hard work, you’ll have additional funds.
Check out local and state programs for first-time homebuyers. These programs alleviate some of the burdens of saving for a home by offering grants or loans that go towards part of your down payment. Be sure to look over the requirements before applying.
It’s perfectly fine to solicit assistance from loved ones. They can give you cash instead of regular presents this Christmas or for your anniversary. Take this cash and put it towards your savings for the new home.
These ideas will get you started on the right track towards purchasing your new home