Saving for Your First Home

Some loan programs allow you to buy a home for little or even zero down. However better rates and fees can often be obtained by putting more money down. Our Windermere Mortgage Services’ Mortgage Consultants can discuss different down payment options with you.

Following are a few helpful suggestions for saving towards the down payment and closing costs for your first home:

• Establish a savings plan with regular deposits. Use windfalls such as tax refunds, pay increases, or work bonuses to supplement your monthly savings.
  
  
• Watch large purchases, since additional debt could affect your mortgage qualifications (i.e., an automobile purchase).
  
  
• Be aware of your credit balances so that you can effectively manage your budget.
  
  
• If you receive a gift of cash from a family member, it could be used to help with your down payment and closing costs. You may be asked to provide a letter from the donor to verify that it is a gift and not a loan.

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