Purchasing a home is one of the largest and most influential financial decisions that you can make, whether as an individual or with your partner.
While down payments generally represent only 10%-20% of the total sale price of a home, they can quickly add up to tens or even hundreds of thousands of dollars. Saving that kind of money can seem daunting, especially at the higher end of that range.
The larger the down payment, however, the better your chances of accessing benefits like a more competitive interest rate on your home loan. It may be in your best interest to set aside as much as possible for your down payment as part of your home purchasing plans.
Our video, “3 Effective Ways to Save for a Down Payment,” highlights three possibilities for boosting the size of your down payment. Something as simple as revisiting and revising your budget can put you on the path toward a more effective savings strategy. While no one piece of advice can transform your finances overnight, making a series of small but focused changes can increase the velocity of your savings and better position you to make a down payment on a home.
Comerica Bank offers a variety of informative assets for prospective homebuyers, including a guide for first-time purchasers. We are ready to help you better understand your mortgage options, too, with several choices to align with your specific needs. To learn more, get in touch with us today.
