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5 Tips on Saving for Your Down Payment

Posted on April 5, 2022

Saving tens of thousands of dollars for a down payment on a home can be daunting. While it may seem like an unattainable goal at first, it’s possible with the right amount of discipline.

Here are five tips that will get you well on your way to saving for your new home:

  1. Have a Budget & Timeline
    Know where your money is going. When creating a budget, look at your overall spending each month. Then look at how much you’re spending on extras like dining out, shopping, and entertainment. Distinguishing between what you want and what you need may help you cut back on careless spending.
  2. Establish a Separate Savings Account
    Open a separate savings account strictly for your down payment and set up automatic monthly contributions. By keeping this money separate, you’ll be less likely to tap into it when you’re tight on cash. Consider opening an account at your existing bank so you can readily transfer extra cash from your checking account to your savings.
  3. Reduce Monthly Expenses
    Shop around. Check rates for your car insurance, renter’s insurance, internet, or cell phone plan. There may be deals or promotions available that will save you hundreds of dollars just by adjusting your contracts.
  4. Research Home Buying Programs
    There are many local and national programs for qualified first time homebuyers. Some programs offer housing discounts, while others provide affordable rates for down payment loans or grants. Check out New Hampshire Housing for a list of current mortgage programs.
  5. Celebrate Savings Milestones
    Adjusting your spending habits to save for a down payment can be challenging. To avoid getting discouraged, break up your goal into milestones and celebrate when you reach each one. For example, consider treating yourself to a nice meal every $5,000 saved to help you stay motivated throughout the process.

It’s recommended that homebuyers secure a 20% down payment, however, according to a National Association of Realtors survey, the majority of first time homebuyers put 7% or less down on a home. Keep in mind, the more money you put down upfront, the lower your monthly mortgage payments will be in the long run.

For assistance throughout the home buying journey, give the Merrimack a call at 603.225.2793 or contact our Home Lending Team for expert advice on making the best financial decisions, based on your needs. That’s Merrimack Style!

Member FDIC and an Equal Housing Lender. NMLS #433938.

Filed Under: First Time Home Buyers Related Link, Home Lending Related Link

Recent News

  • Brian Smith Joins the Commercial Lending Team at The MerrimackJanuary 30, 2023

  • The Merrimack’s Annual Mitten Tree Drive Receives Outpour of Community SupportJanuary 23, 2023

  • The Merrimack Donates $10,000 to Support Local Mental Health ServicesJanuary 18, 2023

  • The Merrimack Supports Minority-Owned Businesses in New HampshireJanuary 10, 2023

  • The Merrimack Helps Fund Forest Society North at The Rocks in BethlehemDecember 27, 2022

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PO Box 2826
Concord, NH 03302-2826
603.225.2793
800.541.0006
Telephone Banking: 888.224.6272
NMLS#433938

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