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4 Tips That Will Help First-Time Home Buyers Afford Their Down Payment

Dreaming of buying that house you love? You might have to make some changes in your budget. If you start saving for your down payment as early as possible, you'll have more financial flexibility when your mortgage becomes finalized. This blog covers 4 tips that will help first-time homebuyers save for their down payment.

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4 Tips That Will Help First-Time Home Buyers Afford Their Down Payment

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  1. In this blog, we cover 4 useful tips that will help first-time homebuyers afford their down payment. Drew Mortgage - Boston Mortgage Broker Phone: 508-753-1656 | Toll Free: 877-949-3739 NMLS ID 2856

  2. 1 Cut Down On Your Credit Cards • Reduce credit card spending • Pay off debt • Avoid spending on luxury items • Use your credit cards only as a last resort • Try to repay them as quickly as possible First Time Home Buyer Loans | USDA Home Loans | 203K Rehab Loans Phone: 508-753-1656 | Toll Free: 877-949-3739 NMLS ID 2856

  3. 2 Sell Off Unnecessary Assets • You might have to give up certain items and services that are taking a toll on your paycheck. • For example, if you have an additional car that you rarely use, you could consider selling it to gain extra capital. First Time Home Buyer Loans | USDA Home Loans | 203K Rehab Loans Phone: 508-753-1656 | Toll Free: 877-949-3739 NMLS ID 2856

  4. 3 Curb Your Overspending Habits • Keep your dream home in mind every time you have an urge to buy something that isn’t an immediate priority. • Discuss how to form a budget with your partner in order to optimize your paycheck. First Time Home Buyer Loans | USDA Home Loans | 203K Rehab Loans Phone: 508-753-1656 | Toll Free: 877-949-3739 NMLS ID 2856

  5. 4 Set Up A Down Payment Goal • Analyze your fixed and unavoidable costs • Assess your financial position • And choose a down payment that can work for you. • You should still stick to it even if you’re approved for a full payment loan. • The more you save for your down payment, the higher equity you’ll have in the house. First Time Home Buyer Loans | USDA Home Loans | 203K Rehab Loans Phone: 508-753-1656 | Toll Free: 877-949-3739 NMLS ID 2856

  6. Drew Mortgage is a well-established name in the field of mortgage lending that can give first-time homebuyers expert advice. Drew Mortgage - Boston Mortgage Broker Phone: 508-753-1656 | Toll Free: 877-949-3739 NMLS ID 2856

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