Plano mortgage.If your goal is to purchase a Plano home, you may find that it’s challenging to save up enough money for your down payment. While this is something that many first time home buyers struggle with, it is by no means insurmountable. By making a few simple changes you will be able to accumulate the funds you need for your down payment.

Keep Track Of Your Spending

One of the reasons why it can be difficult to save money is that you aren’t even sure of where your money is going. While you may be aware of major expenses such as rent, car payments and utilities, it’s easy to lose track of many of the smaller bills and impulse purchases. If you aren’t keeping a budget, you should begin as soon as possible. Software programs and apps such as Mint.com can make this simple.

Consider If You Have Anything To SellPlano Home Loan

You may be able to raise some quick cash by selling some personal belongings. Don’t part with something that will cause you regrets, such as a precious family heirloom. However, if you’re like many people, you probably have lots of items you no longer need. In addition to holding a garage sale, you could sell items such as jewelry, electronics, art or almost anything on eBay.

Refinance Credit Cards

Refinancing credit cards or any type of debt can help you save money on monthly bills. Balance transfers can often give you a more advantageous rate with credit cards. If you have a car loan, you may be able to find better terms with a different lender.

Find Another Source Of Income

In addition to finding ways to cut back on your spending, taking in some extra money every week can make it much easier to save up for that down payment. Perhaps you or your spouse could find time for a part time job. You might also consider starting a part time business, such as an online store that can be managed from home.

gift1Consider a Down Payment Assistance Program

If your credit score is greater than 640 and your income is less than $78,000 per year, the State of Texas has several down payment assistance programs that can provide upto 5% of the loan amount towards a down payment.  This is a true grant/gift and repayment is NOT required.  Call Warren Whitaker @ 972.523.8353 to find out if you qualify.

If you are creative about it, you can probably find many ways to save up for your down payment. You should also do plenty of shopping around when it comes to finding the best deal on a mortgage for your first home. Consult with a qualified mortgage professional to get an idea of what you can realistically afford.

Resources

How to save a down payment for a home

How to Start Saving for a Home Down Payment

Down Payments: How much you need to save

How to save for a house in 10 simple steps

10 Easy Ways to Save for a Down Paymen

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