Texas Lending has earned a reputation as one of the Lone Star State’s leading mortgage providers. Here, the finance experts offer advice on saving for your biggest investment.
Q: How can I save for a down payment?
Texas Lending: Saving for a down payment can be a daunting task for homeowners, but it’s much easier once you get past the first $1,000! The first step is to create a monthly budget. You’ll need to take a close look at your spending habits and decide exactly how much money you want to save each month. Track your progress if possible and above all, stick to the plan.
Q: What are some ways I can stay within my budget?
Texas Lending: Start with some of your biggest monthly expenses. Do you have a pricey gym membership? Can you downsize your cable subscription? Even little things add up. For instance, if you’re buy gourmet coffee, it can easily cost you over $100 a month. That “quick burger” at lunch once a week can be replaced with a brown bag lunch, saving you $25-$30 every month.
Q: Should I stay in my current apartment while I’m saving for my house?
Texas Lending: That really depends on your situation. If you could do with one bedroom but you’re paying for a three bedroom apartment now, you might want to consider downsizing. If you have family that wouldn’t mind roommates for a couple of months, you can always ask to stay with them. But if your current rent is low, the cost of moving into a smaller place may offset any short-term savings.
Q: When should I start saving for a house?
Texas Lending: The minute you get your first job is the ideal time to save for the future. Even if you’re not making very much, you can have 10% automatically taken out of your check and deposited into a dedicated savings account.
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