- Get in the know. Like any good budget or savings plan, the first place to start is to determine where you are NOW in relation to your credit score, your monthly bills and assets. Contact a trusted mortgage professional to see how much home you qualify for and how much you’ll need to save to purchase your home. They can help you take a look at things like credit scores, loan requirements and interest rates now so you can be simultaneously doing ALL the things right during this savings period to ensure the most favorable rate and terms.
- Set a deadline. I know deadlines seem ominous to some, but they can be powerful motivators to accomplish great goals. (And buying a home is a pretty big goal!) Again, once you know where you are – it will make setting a timeline easier. For some, step one of the savings plan may be paying down or even off some past debt with high interest – which could back up your time table.
Click here to view our PDF detailing 5 more tips on saving for a downpayment!