{"id":48,"date":"2021-04-06T10:00:00","date_gmt":"2021-04-06T10:00:00","guid":{"rendered":"https:\/\/mnm.vandykmortgage.com\/?p=48"},"modified":"2021-04-06T10:00:00","modified_gmt":"2021-04-06T10:00:00","slug":"how-to-start-saving-for-a-downpayment","status":"publish","type":"post","link":"https:\/\/mnm.vandykmortgage.com\/?p=48","title":{"rendered":"How to Start Saving for a Downpayment"},"content":{"rendered":"\n<p class=\"has-text-align-center wp-block-paragraph\">So, you\u2019ve decided to purchase a home? Congratulations! As one of the largest financial purchases you may make in your lifetime, it is important to be aware of and start saving for your new home as soon as possible &#8211; starting with your downpayment.<\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">The best way to begin is to create a plan of action that reasonably fits within your current lifestyle. Every homebuyer\u2019s situation is unique to them. That is why we\u2019ve included a range of techniques for saving towards your big purchase.<br><\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\"><li><strong>Create a goal.<\/strong> The first step in any money-saving plan is to create a goal. To determine this, it is helpful to first decide which mortgage loan program is right for you. See our full list of <a href=\"https:\/\/www.vandykmortgage.com\/loanoptions.php\" data-type=\"URL\" data-id=\"https:\/\/www.vandykmortgage.com\/loanoptions.php\">Mortgage Loan Programs<\/a> and the down-payment amount required for each. Once you know this information, you can start to work towards your goal.<br><\/li><li><strong>Implement money-saving techniques.<\/strong> Saving towards any large monetary goal doesn\u2019t happen overnight. To help you start working towards your savings, we\u2019ve listed a few techniques that can help get you on your way:<br><ul><li><strong>Set up an automatic transfer to a savings account.<\/strong> This can be done through most banks, making saving virtually effortless.<br><\/li><li><strong>Save tax refunds. <\/strong>Tax refunds are another helpful bonus you can add to your down payment fund.<br><\/li><li><strong>Save unexpected income such as bonuses or raises.<\/strong> Though it may be tempting to spend this unexpected income right away, think of it as a bonus you can add to your ever-growing house fund.<br><\/li><\/ul><ul><li><strong>Apply for a credit card with cash rewards.<\/strong> If you\u2019re going to apply for a credit card, it can be helpful to make sure you go for one that gives you cash rewards. This way, you can save this cash towards your home.<br><\/li><\/ul><ul><li><strong>Don\u2019t take on any new unnecessary expenses, such as a new car payment or car lease. <\/strong>Try to eliminate expenses that you can.<br><\/li><\/ul><\/li><li><strong>Take advantage of first-time homebuyer programs.<\/strong> These are state-specific so make sure you know what is available to you based on your geographic location. For a comprehensive list of first-time homebuyer programs in each state, check out this article by <a href=\"https:\/\/www.nerdwallet.com\/blog\/mortgages\/first-time-home-buyer-programs-by-state\/\">Nerdwallet.com<\/a>.<br><\/li><li><strong>Put your money in a high-yield savings or money market account<\/strong>. These accounts can accumulate interest while remaining liquid enough to be accessed at any time. <br><br>You can also open a CD, or certificate of deposit. This allows you to accumulate more savings than a high-yield or money market account. <br><br>Keep in mind, the money you put into a CD is inaccessible to you for a period of time and has a penalty to open. This is a good way to save money that you do not see yourself needing in the near future.<\/li><\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>So, you\u2019ve decided to purchase a home? Congratulations! As one of the largest financial purchases you may make in your lifetime, it is important to be aware of and start saving for your new home as soon as possible &#8211; starting with your downpayment. The best way to begin is to create a plan of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":98,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[6,7,8,9,10,11,12,14,15,16],"class_list":["post-48","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage-news-matters","tag-downpayment","tag-homebuyer","tag-homebuying","tag-homeloan","tag-homeowner","tag-homeseller","tag-mortgage","tag-mortgageloan","tag-realestate","tag-realestateagent"],"_links":{"self":[{"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=\/wp\/v2\/posts\/48","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48"}],"version-history":[{"count":0,"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=\/wp\/v2\/posts\/48\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=\/wp\/v2\/media\/98"}],"wp:attachment":[{"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}