Why You Need To Save For A Down Payment Today
If you want to buy your first home, the most important thing you should be doing today is saving for your down payment. Period.
Why? Because the down payment has the largest impact on how much home you can afford and your monthly mortgage payment.
It’s simple math – the more money you put down, the less you have to borrow for a mortgage. Thus a bigger down payment either:
- Lowers your monthly mortgage payment
- Lets you afford a larger purchase price while keeping your monthly payment the same
Either option is good news for you!
So start saving today. You’ll be glad you did. No amount is too small – giving up the fancy coffee each day and packing a lunch instead of going out could save you $15/day. Putting that $15/day into your BoostUp account means you’ll have $105 saved in a week, $420 in a month and $5,040 in just one year! That could be the difference between buying your first home or having to “wait” another year.
You can do it. And we’re going to help. Start saving with BoostUp today to take the first step toward your first home.