Ready to buy a home in Orem, Utah, but not sure how to build up enough cash for a mortgage down payment?
If you qualify, a zero-down mortgage would keep you from having this concern. Or you could apply for down payment assistance through various local and state agencies. But more likely than not, you will need to come up with several thousand dollars.
Saving that much may seem impossible, but the goal is achievable if you have a plan. Here, the mortgage professionals at Intercap Lending offer tips on how to get the funds you need in a shorter time.
Implement Automated Savings
When money is automatically taken out of an account, saving is a great deal easier. Many banks and credit unions allow account holders to set schedules for savings contributions, and if you are paid by direct deposit, you can allocate a portion to your mortgage down payment.
Consider Adding a Side Hustle
Putting more time into work can translate into more money to put down. Whether it’s ride-share driving, delivering packages or even babysitting, a second means of livelihood has the potential to boost your mortgage savings fund. Stay disciplined, and the extra income will help you become a homeowner more quickly.
Cut Out Your Yearly Vacation
Did you realize that the average cost of a one-week vacation for two is nearly $4,000? Yours could cost more or less, depending on the number of people going, the destination and a host of other factors. But if you opt for a staycation instead, all that money can go toward your mortgage down payment.
Limit Unnecessary Purchase
Go over your monthly expenses, looking for areas where you can cut or freeze your spending for the sake of your mortgage savings fund. Perhaps you could go without some of your recurring subscriptions, stop getting takeout meals or commit to not buying any new clothes. You’ll be making a sacrifice, but it’s only temporary.
Pause Your Retirement Savings
Have you been putting a portion of your income into a retirement plan every month? That’s a good practice, but consider taking a break and diverting the funds to your mortgage savings fund instead. A short-term pause could allow you to become a Utah homeowner in a shorter amount of time.
Contact Intercap Lending Today
Worried that you won’t be able to scrape together enough money for a down payment on an Orem home? You might be able to get a mortgage with no money down, or you could qualify for a mortgage program that requires only three percent of the purchase price of a home. Grants and loan assistance can also make homeownership more affordable.
The mortgage professionals at Intercap Lending can assist you in exploring the options for low- and zero-down home loans, and we’d be happy to share more strategies to help you save for a mortgage down payment. Contact us today!