How to Save For a Plymouth County Down Payment!

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As your South of Boston real estate agent, it’s my duty to make sure Plymouth County residents are aware of the perks to buying a home right now! Like I mentioned in my last blog post, mortgage rates are historically low and home prices are still low, though slowly rising, so homeownership is more affordable than it’s been in years! In fact, it’s 45 percent cheaper than renting.

So, are you ready to take advantage of low mortgage rates and buy a home in thePlymouth County real estate market? Most often, as a homebuyer, you see advice for obtaining a mortgage loan. However, you don’t often see advice on saving for a down payment, the other piece of the puzzle!

The more you have saved for a down payment, the less of a mortgage loan you’ll need and the easier the process will be, as long as you have a steady income and a good credit report.

So, as your Plymouth County real estate agent, I’d like to help you with that. MSN Real Estate recently shared an article full of advice from real first-time homebuyers who saved for down payments. The most important advice from it is to decide what matters most in your life, and save for those things. Then, you can see the areas where you can downsize and save.

For example, one homebuyer saved for a down payment by saving half of each month’s income, among other things. Another started saving in high school. Though everyone’s life dynamics are different, here are some universal tips that you could use as a future homebuyer:

1.  Reduce the number of times you eat out at restaurants. Start buying food and making your own meals at home. Make your own coffee in the morning, too. This will save you tons of money! When you do splurge, choose a restaurant with a coupon or discount offer.

2.  If possible, walk or bike to work. This will save you gas money and a gym membership, because you’ll be achieving both fitness and transportation in one step! If your work is too far, consider public transportation or carpooling. Every time you can save on gas usage, do it.

3.  While you save, move to a smaller rental, find a roommate to share the rent with or move in with your parents, siblings or friends. This will allow you time to save for the down payment when you have less rent to pay (which is increasing at a rapid speed, according to this DS News report.)

4.  Start saving as early as possible. Put away money from every paycheck. Even if you think buying a home is far in your future, start saving now so you’re well prepared!

5.  Keep using credit cards for purchases, and keep paying the bills on time. Pay more than what is owed. This is a great way to keep your credit record in good standing, so when it comes time to apply for a mortgage loan, you won’t have credit issues.

As you can see, when it comes down to it, saving for a down payment means putting away money from your paychecks each month, paying down your credit cards and taking out some of life’s luxuries. In no time, you’ll be ready to buy a home in Plymouth, MA!

Have questions? Need a South of Boston real estate agent to help you find the perfect home in the Plymouth County real estate market? Contact me!