Ways to Save for a Down Payment

Are you interested in taking advantage of the low interest rates, excellent inventory and by purchasing a home?  You know that you can handle the monthly mortgage payment.  Most real estate experts recommend that you put 20% of the purchase price down on a new mortgage.  Here are a few ways to save for a down payment so you can get your own piece of the American dream:

Budget - Get a realistic look at where your money is being spent on a daily basis and where you can cut expenses to add more money to your savings.  You'll be surprised how much the little things like that morning coffee run, daily lunches and even weekly movies can add up.  Also, look into cutting down on your cell phone plan, internet service and cable channels to reduce expenditures where possible.

Extra Stuff - Go through your Ventura County home to evaluate your "stuff".  If you haven't used it in the last six months to a year and it isn't an heirloom, consider selling it.  The money you raise can go towards your next home purchase.

Save It Before You See It - Make arrangements to have a portion of your income deposited into a separate, high yield savings account specifically meant for your new home's down payment.  Studies show that, if you divert it before you see it, you are more likely to save money without even missing it.  You don't have to stick to the bank you have your checking or regular savings accounts at either.  Shop around for the best interest rates on CDs, money market funds or other higher yielding interest rate investment accounts.

Save the Extra - Stop spending the bonuses, tax refunds, birthday money and even the little lottery winnings you receive.  Instead, put the money into your savings.

Get a Part-Time Job - The movie theater, local fast food joint or grocery store may be just the extra kick in your income to get into a Ventura County home.  Any money earned from the second job can help increase your savings in no time.

These are only a few of the ways to save for a down payment on a new Ventura County home.  You may have other ideas if you think about it.  Please contact us when you are ready to buy your Ventura property.  We're always happy to help.