With 52 percent of Americans saying they plan to buy a home in the next five years, the ABA Foundation today issued a press release with tips to help first-time homebuyers save up for a down payment and achieve their goal of homeownership.
“A down payment is often the largest single payment a consumer makes in their lifetime, and saving for it isn’t easy,” said Corey Carlisle, the Foundation’s executive director. “However, with a few changes, consumers can put themselves on track to make their homeownership dream a reality.”
ABA recommends that prospective homebuyers develop a realistic budget and timeline to help them stay on track to meet their goal and establish a separate savings account specifically for down payment funds. Additionally, consumers should shop around on major monthly expenses — like car insurance or cell phone plans — to ensure they are getting the best deals; track discretionary spending and cut back wherever possible; look into discounts through state and local home-buying programs; and celebrate savings milestones.