Is Saving Up for a New Home One of Your Resolutions?

Make Saving for a Home Loan a Priority in 2017!

Was your New Year’s Resolution to save up the money for a down payment for your first new home? Are you finding it difficult to set aside money out of your paychecks? If so, before you give up on your dream, consider the following tips and suggestions that could be exactly what you need to reach your savings goal and qualify for home loans.
Home Loans

  1. Review where your money is being spent. Sit down and make a list of how you are spending your money. Discovering how much you are spending on food, entertainment, and other such expenses helps identify where you might be able to make some cuts and save that money instead.
  2. Motivate yourself by questioning every purchase. For instance, do you really need to spend $6 or more each day on a gourmet coffee or would you rather own your own home? If you cut out this expense, alone, you would save around $2,200 in a year’s time.
  3. Look at ways to offset your living expenses. Do you have an extra room you could rent out or could you downsize into a smaller apartment?
  4. Start couponing. Get into the habit of using coupons to buy groceries, as well as look for ones that offer discounts on dining out, like Groupon.

Take this money you save and put it into a savings account that is not linked to your debit card or checking account. Before you know it, you will have saved up the down payment needed to buy your first new home.

To find out how much you need to save, please feel free to contact Elite Financial at (800) 908-LEND (800-908-5363) or E-Mail Us Today!