ABA Offers Tips for First-Time Homebuyers

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.


About Author

Monica C. Meinert

Monica C. Meinert is deputy editor of the ABA Banking Journal and editorial director at the American Bankers Association, where she oversees ABA Daily Newsbytes.