Ways to Save for Money Down

Use your tax refund

Reduce high interest debt - Move your balance to a zero- or low-interest credit card or refinance your auto loan to a lower interest rate (making your monthly payments lower and freeing up additional income)

Get a second job and save your part-time earnings

Skip your vacation this year

Stop buying coffee in the morning and save the money you'd normally spend - or stop smoking and really see your savings accumulate

Start a special savings account and put 10 percent or more into it each payday

Sell some investments

Take money out of your 401(k)

Ask the seller - In some circumstances it is acceptable for the seller to carry a second mortgage or work with you in other ways, like paying your closing costs, to help you get into the home of your dreams. Make sure you clear it with your loan officer!

Get a gift from family - Often family members are more than willing to give you help with your down payment

Email me at mortgagesloans@suite101.com if you have creative ideas about how to save for a down payment!

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