Five Ways to Save for a Down Payment

Ready to reach your goal of home ownership? Today we’re taking a look at saving money for a down payment. Will skipping the fancy latte or making lunch at home really help you meet your down payment goals? While preparing for the purchase of your dream home, there are many money-saving tips that can help you along the way.

Make your homeownership dreams a reality.

Take the first step and apply online with Acrisure Mortgage.

GET STARTED

Make your homeownership dreams a reality.

GET STARTED

Down payment amounts usually range between three and twenty percent of a home purchase price, depending on your loan program. Here are five ideas to put into practice to help you save money for your down payment and reach your goal of home ownership.

Budget and stick to it! Take inventory of your monthly expenses – how much income you bring in each month, how much money goes towards debt, housing, subscription services – and break down your expendable income into categories like groceries and entertainment. Budget for those items and make sure to stick to it each month.
Try out a spending freeze. Commit to not spending any money on nonessential items for a week. This includes saving money you would normally spend on eating out, shopping for clothes, or those impulse Amazon purchases.
Find ways to save in your home. Can you cut down on your electric bill? Consider switching to energy saving LED bulbs, turning off lights when they’re not in use, and programming your thermostat higher when you’re away from home. Many environmentally friendly tips and tricks can also save you money on your utilities bill.
The cable culprit. Cutting out on large cable packages can help save money each month. You can choose a streaming service or two for a much lower monthly cost! There are also many streaming services which are ad supported, meaning you don’t have to pay to watch some of your favorite shows. With so many options, you won’t even notice the cable’s gone.
Plan a staycation! Just because you’re budgeting doesn’t mean it can’t be fun! Try having a staycation instead of a getaway and play tourist exploring your hometown with a new point of view.

Ready to learn more?

Connect with one of our loan officers in your area today.

Ready to learn more?

About Acrisure Mortgage

Acrisure Mortgage (formerly FBC Mortgage, LLC) is a Top 10 national mortgage lender headquartered in Orlando, Florida. Licensed in 49 states and supported by more than 19,000 dedicated professionals across Acrisure, we specialize in residential mortgage lending through both retail and wholesale/correspondent channels. Our comprehensive offerings include purchase, refinance, construction and renovation loans—tailored to meet the unique needs of homebuyers, homeowners and partners nationwide.

We are proud to serve as a trusted partner to many of the nation’s largest homebuilders and real estate professionals, with a strong foundation of loyal, satisfied clients. Recognized for our commitment to service, innovation and operational excellence, Acrisure Mortgage has received numerous national accolades, including Top 50 Mortgage Companies, Best in Loan Delivery and Best Place to Work honors.

As part of the Acrisure family, we are backed by a global fintech leader that shares our values of innovation, integrity and service. Together, this empowers us to expand our capabilities, leverage world-class technology and resources, and grow alongside the clients and communities we serve.