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May
8
8
Are You Saving the Right Way for a First Home?
Coming up with a down payment for a first home can be a daunting prospect, to the point where many new homebuyers let great opportunities slip by them. Our real estate agents want to share a few ways to relieve your concerns. Here are some important things to know before deciding Rockford homes for sale are out of reach.
- Down Payment Assistance Programs
IHDA Mortgage by the Indiana Housing Department Authority offers assistance with down payments as well as buyer education to help you get into a home. Imagine shaving as much as $10,000 off the amount you are required to pay. This may not be the only program available to you. Research HUD and other options that can save you thousands. - Nickels and Dimes
Identify a bad spending habit and get it under control. For example, if you stop for coffee every morning on the way to work or drive through the fast food lines every afternoon for a soft drink, you're probably spending at least $25 a week there. If you multiply that by 52 weeks, you could save $1,300 annually by ditching that habit and buying your drinks at the grocery store. But don't just absorb the savings into the rest of your expenses. Put that $25 each week in a savings account. You will be amazed by how quickly the balance grows. - Streaming Services
We all thought we would save money by eliminating cable and subscribing to streaming services. During the COVID lockdowns, we justified one more streaming service per month by telling ourselves we weren't going to movies anymore, so it was worth it. But eventually, we found ourselves paying for cable and several streaming services. Many of us have no idea how much we spend on them each month and may not even use them. Don't forget music streaming. Total all of your expenditures in this area and determine what you should cut. You could be shocked to learn that you're spending over $900 a year in this category alone. Don't just eliminate the expense. Put those payments into savings, and you won't even feel the pinch. - Credit Card Debt
When you purchase an item on credit, chances are you will pay for it three times! If you have significant credit card debt, your debt-to-income ratio will be reflected in a low credit score. That, in turn, may mean you will not qualify for a home loan or that you will be paying a high-interest rate on your mortgage. Run your credit report at AnnualCreditReport.com and identify any outstanding debts. Pay them off immediately. If your credit card spending is out of control, contact a debt management counselor for help. These services can not only put you back on track, but they can also provide first-time homebuyer education. Counseling services are free of charge. - Explore Supplemental Income Options
Some people find that a second, part-time job will do the trick to bring in the extra income necessary to finance a down payment. Others may babysit, offer elder care, walk dogs, or even cook meals for busy neighbors. Consider your skills and the time you have available to bring in extra money to put into savings. Every little bit helps!
If you're in the market for your first home, don't wait to contact us. Our agents will be happy to help you get started on your path, whether you are ready to buy or still exploring the possibilities.Â