Saving for Your New Home’s Down Payment

Are you getting ready to make the jump from a renter to a home buyer?  There are many new home buyers in Atlanta, GA just like you.  They are scared to death, excited beyond belief, and they aren’t sure what the next step to take in the home buying process for their financial situation.  Don’t worry.  Buying a home is the biggest and best investment that you will ever make.

Typically, most home buyers in Smyrna or Metro Atlanta can expect to make a down payment between 10 and 20%.  Sometimes saving can be an extremely difficult task.  It typically takes sacrifice and diligence, but it can be done!

Steps to Saving for a Down Payment

  • Try to set a price range for the home and local area you are considering.  If you are comfortable with a $200,000 home in Smyrna, then it will be easier to set your target down payment.
  • Automatically save from your checking account every pay period.  This way you will be less tempted to not make the transfer manually, after receiving your paycheck.  If you can afford to, you can always add a little extra money into the savings account.
  • Cut unnecessary things out of your life.  If you’re really serious about saving, maybe you can cut your TV cable bill from the $300 a month package to the $50 basic deal.  Once you start looking around at all of the things you don’t need or really use, you can begin to make cuts and put the money into your down payment savings account.
  • Make budgets and stick to them.  Dave Ramsey has amazing tools for money management.  Take advantage of them now and for the rest of your life.

Do you have any savings tips that you would like to share with others?  Leave a comment!

If you need help with the home buying and mortgage approval process, please contact The Mortgage Guys in Atlanta.

 

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