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Tips for First-Time Home Buyers Afford Their Down Payment

Most of us dream of buying a home, which is one of our biggest possible achievements. However, buying a home is a great financial responsibility that requires a large sum of money. Making a down payment can hurt your budget. The sooner you start saving, the higher the chances of being able to afford your dream home. If first time home buyers need help in choosing the right home loan program for your needs, we provide expert mortgage tips. This presentation provides valuable information about 4 tips that will help first-time home buyers afford their down payment. To learn more, please visit - https://www.drewmortgage.com/4-tips-that-will-help-first-time-home-buyers-afford-their-down-payment/

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Tips for First-Time Home Buyers Afford Their Down Payment

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  1. Tips That Will Help First-Time Home Buyers Afford Their Down Payment

  2. Introduction Buying your dream home is one of your biggest possible achievements. Purchasing a home is a tremendous financial responsibility, and the down payment can hurt your budget. The sooner you start saving, the higher the chances of being able to afford your dream home or property. 2

  3. We cover 4 useful tips that will help first-time homebuyers afford their down payment. 1) Cut down on your credit cards Reduce credit card spending, pay off debt, and avoid spending on luxury items. In the long-term, this will reduce your interest payments and increase your credit score. Use your credit cards only as a last resort and try to repay them as quickly as possible, ideally within the same month. 3

  4. 2) Sell off unnecessary assets You might have to give up certain items and services that are taking a toll on your paycheck. For example, if you have an additional car that you rarely use, you could consider selling it to gain extra capital. If you’re subscribed to any music or video services that you could do without, consider canceling them. 4

  5. 3) Curb your overspending habits Keep your dream home in mind every time you have an urge to buy something that isn’t an immediate priority. If you’re a shopaholic, stay away from retail outlets and malls. Discuss how to form a budget with your partner in order to optimize your paycheck. 5

  6. 4) Set up a down payment goal Analyze your fixed and unavoidable costs, assess your financial situation, and choose a down payment that'll work for you. You should still stick to it even if you’re approved for a full payment loan. Most first-time homebuyers opt for a low down payment. The more you save for your down payment, the higher equity you’ll have in the house. You’ll also save on future interest payments. 6

  7. Drew Mortgage Associates, Inc. is a well-established mortgage lending company that gives first-time homebuyers expert advice. If you’re seeking help in choosing the right home loan program for your needs, Drew Mortgage Associates, Inc. can help! Call Drew Mortgage today! Read more: https://www.drewmortgage.com/4-tips-that-will-help-first-time-home-buyers-afford-their-down-payment/ 9

  8. DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Website: https://www.drewmortgage.com/ Peabody Mortgage Lenders 1 Mt Pleasant Drive Peabody, MA 01960 Phone: (978) 750-1080 Boston Mortgage Lenders 232 Commercial St Boston, MA 02109 Phone: (617) 523-3060 10

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