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Easy Ways to Save for a Down Payment
Posted on 12/28/2018
Are you planning on buying a new home this year? Most likely, you'll need a down payment. Here's how to ensure you're ready to go when you find your dream home.
*The HomeAdvantage® program is made available to you through a relationship between Consumers Credit Union and CU Realty Services. Cash Rewards are awarded by CU Realty Services to buyers and sellers who select and use a real estate agent in the HomeAdvantage network. Home buyers or sellers are not eligible for Cash Rewards if they use an agent outside this network. Using CCU for a mortgage is not a requirement to earn Cash Rewards. Cash Rewards amounts are dependent on the commissions paid to the agent. CCU may have specific rules on how your Cash Rewards will be paid out. Cash Rewards incentives are available in most states; however, are void where prohibited by law or by the lender. Please consult with your credit union to get details that may affect you.
- Find out how much house you can afford. There are a lot of considerations made when determining how much home you are qualified to buy, what your monthly payments will look like and how much money will be due at closing. It's always in your best interest to talk to us first to determine your target price range and start your home search with the right expectations.
- Save, save, save. Once you've determined your budget, you'll know what you need for a down payment. While it may seem daunting, here are some tips to get you into your new home sooner.
- Automate: Deposit a portion of your paycheck every month into a separate savings account to be used for your down payment.
- Raises & Bonuses: Consider putting aside incremental earnings towards your down payment savings plan.
- Windfalls: Gifts, tax returns, inheritances are also perfect opportunities to build your down payment account.
- Keep the car, save the payment: Paid off your car? Resist the urge to buy new and instead save the monthly payment.
- Take advantage of HomeAdvantage Cash Rewards*. Don't forget, when you use our free HomeAdvantage® program and approved network of real estate agents, you'll earn Cash Rewards- an average of $1,500 at closing!
*The HomeAdvantage® program is made available to you through a relationship between Consumers Credit Union and CU Realty Services. Cash Rewards are awarded by CU Realty Services to buyers and sellers who select and use a real estate agent in the HomeAdvantage network. Home buyers or sellers are not eligible for Cash Rewards if they use an agent outside this network. Using CCU for a mortgage is not a requirement to earn Cash Rewards. Cash Rewards amounts are dependent on the commissions paid to the agent. CCU may have specific rules on how your Cash Rewards will be paid out. Cash Rewards incentives are available in most states; however, are void where prohibited by law or by the lender. Please consult with your credit union to get details that may affect you.