If you’d like to purchase a Central Coast home in your future, now is the time to consider the down payment. Although some mortgage options allow you to pay a down payment as low as 3.5 percent, the mortgage options with the lowest interest, and no insurance, are down payments of 20 percent. As your San Luis Obispo County real estate agent, I’d like to share some tips on how to save that 20 percent!
Money Talks News shared 10 common ways to come up with a down payment for a home, which they explained takes focus, discipline, and often, outside help. But it can be done, and it often is! Choose which of these tips could work best for you:
Down Payment Assistance Programs – If you want to buy a Central Coast home quickly, and don’t have time to save, you’d be surprised at how many programs exist to help buyers with this. You can visit the Down Payment Resource site, type in some information, and see a list of programs you are eligible for, along with participating lenders in your area. You could also search “down payment assistance programs” with your city’s name and see what comes up.
Dedicated Account – It’s easy to spend money when it’s in your spending account. Set up a savings account that pays the most interest possible, and don’t touch the money until you’ve saved enough for a down payment. Decide what percentage of each paycheck you can afford to set aside each month, and consistently put that amount in each time. You can set up automatic withdrawals too, so you don’t even have to think about putting money aside.
Extra Money Savings – Whenever you come into extra money, promise yourself that you’ll put it into your down payment savings account. Put in your tax refunds, gifts of cash, purchase refunds, work bonuses and the like. If you receive a raise from work, put the extra money from each paycheck into savings, before you get used to having extra money to spend.
Sell Belongings – Sell any possessions you no longer need, and put all the earnings into your down payment savings account. Go through your house, including storage, and separate all the items you no longer need. This will help you in the long run too, when it comes time to pack! You can host a garage sale or sell the items online on numerous sites. Selling assets of real value will pump up your account the fastest, such as a car, boat, expensive sports equipment or motorcycle.
For more ways to save a down payment, check out the Money Talks News article in its entirety. If you’re a Central Coast homeowner now, share the ways you managed to save up a down payment!
When ready to buy a Central Coast home, contact me, your Monterey County real estate agent. I am standing by, ready to help!
Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
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Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.