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Down Payment Savings Savviness

January 26th, 2021 by tisner

When you have started considering buying a new home, the first thing you will need to work on is a down payment. While many lenders offer different programs with variable down payment amounts, saving as much as you can is necessary.  Check out these tips and start saving now! 

  • It is important to know, realistically, how much house you can afford, and start shooting for a 20% down payment of that amount. 
  • Turn your $4.50-per-day cup of coffee into $90/month in the piggy bank. Add up similar purchases, decide what you can live without, and move that money (set up automatic transfers) every day from your checking to a hands-off savings account. 
  • Put your savings egg into a nest of high-yield savings or money market account. 
  • Sign up with your employer to deposit a portion of your pay into a down payment savings account.  Most of the time, if you do not see it, you do not miss it. 
  • If a pay raise comes your way, save that unexpected pay:  stay on your old budget, and have the difference in old and new pay direct deposited into your down payment account. 
  • When non-salary payments such as bonuses or even a tax refund come in, sock them away and give your savings a boost. 
  • Did you know that family members can gift money towards your down payment? Make certain you document these gifts correctly for your lender and the IRS.  Mortgage Reports shares more information about down payment gifts. 
  • A part-time job may provide enough each week to add to your down payment savings. Your well-being is important, however, so do not go into a second job unless you are certain it will be a benefit. 
  • If you have investments in stocks or bonds, plan on liquidating those assets when the time comes to purchase your house.  Make sure you document these sales. 
  • You can always borrow from your 401k or IRA, but make sure you will not have to pay penalties.  Talk with your account holder before making any withdrawals. 

Do not let that 20% ideal down payment stop you before you even get started. However, if it seems impossible for you, do your research.  There are many first-time buyer programs available, as well as lower-than-20% down payment options through the USDA, the VA, and state-specific programs.  Learn more about low down payment guidelines and opportunities to help you get started. Planning will help you keep your eyes on the prize of homeownership! 

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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Photo credit: luxury homes & estates magazine

3 Tips for Making Your Dream of Buying a Home Come True

January 6th, 2017 by tisner

3 Tips for Making Your Dream of Buying a Home Come True [INFOGRAPHIC] | Keeping Current Matters

Some Highlights:

  • Realtor.com recently shared “5 Habits to Start Now If You Hope to Buy a Home in 2017.”
  • Setting up an automatic savings plan that saves a small amount of every check is one of the best ways to save without thinking a lot about it.
  • Living within a budget now will help you save money for down payments and pay down other debts that might be holding you back.

by The KCM Crew

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

Get Orlando Daily News delivered to your inbox! Subscribe here!

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