Save Money For Your New Home

During the last few months of every year, that is the best time to sit back and plan what you hope to achieve in the coming year. If you have decided that you need to own a new home in the New Year, there are some things you need to plan for to ensure your dream comes true. You first need to zero in on a house you like before you can take any further steps. Next, you need to make sure that you have some money set aside to make a down payment for the house. Once you cross these two hurdles, the subsequent procedures for owning a home are very easy. The following are tips on how to save money for your new home in 2018.

Look Into Low Down Payment Programs

Once you decide on the house you wish to buy, you need to look into available mortgage programs and compare the amount of down payments each requires. So as not to strain your budget, you need to settle for a mortgage program that allows smaller down payments. If you are a first time homebuyer, you will need to work closely with an experienced realtor to help you apply for reasonable mortgage programs that fit within your budget. Some mortgage programs allow down payments that are less than 20%. Note that when you put smaller down payments, chances are high that you may have to pay extra on your monthly payments.

Check If You Qualify For Special Housing Discounts

This is one thing that most homebuyers are not aware of. You need to talk to your realtor to help you check if there are any special housing discounts that are offered in the area you are planning to move into. If you work in a local government office, you can check if you can get a discount on a home purchase price.

Stash A Portion Of Your Pay-Outs

If you expect to get a tax refund or a bonus in the coming year, you need to commit now to redirect some, if not all of it to your down payment fund. If you plan to use part of the money for the down payment, ensure that the rest of it goes to offsetting high-interests debts so that you can cut on your monthly payments.

Refinance Your Student Loans

If you are currently paying off your student loans, you can choose to refinance it so that you can free up some money for the down payment. How does that work? All you have to do is replace your previous loan with a new one and pay at a lower interest rate. To be able to do this, you need to have a good credit score.

Grow Your Money

If you can save up some money from any of the above options, you may need to consider building up your saving first before making the down payment. You can invest in the stock market or put your money in a fixed deposit account for a specified period of time to get a higher rate of return.

If you are planning to buy a house in New Jersey, there are great mortgage programs you can consider checking out. If you are new in NJ, make sure that you partner with a seasoned realtor who will not only have recent property listings in NJ, but will also help you choose the right mortgage program for you.

Joshua M. Baris Bergen County Realtor

Welcome to NJLux your premiere resource for New Jersey Luxury Real Estate focusing on NJ Luxury Listings and Bergen County Luxury Homes For Sale. Joshua Baris Founder and Owner of NJLux utilizes cutting edge technologies, strategic on-line marketing techniques, key word optimization and social media platforms to Sell New Jersey Luxury Properties.

These marketing techniques continuously rank Joshua in the Top 1% of Licensed New Jersey Real Estate Agents and he was recently honored in THE THOUSAND – Real Trends & The Wall Street Journal as one of the Top 1000 Real Estate Professionals in the United States.

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