3 Tips for Saving Up for a Down Payment in Centennial Colorado

As your trusted Centennial mortgage broker, Jeff is always looking for new ways to help clients get an advantage. Whether they’re buying a home for the first time or refinancing their mortgage, their time and money is important to him.

When it comes to buying a home, Jeff understands that it’s not always easy to come up with the required down payment amount. If you are interested in purchasing a home in the near future, it’s never a bad idea to save your money now.

To help with ways you can start saving your hard-earned money for that dream home, here are three tips that should be beneficial to you.

1. Look for cheaper alternatives

If you want to make a major purchase – like buying a house – the first thing you need to do is take a step back and evaluate how you are currently spending your money.

Get a piece of paper and make a list of all of the things that you currently spend money of each day, week and month. From there, start narrowing down the things that you can cut out and find a cheaper alternative for.

For example, if you do a lot of reading and are buying a new book every week, consider going to the library and borrowing books instead. If you go out for dinner with your family once a week then again with your friends twice a week, consider cooking a home-cooked meal for your friends/family instead.

Once you write down where your hard-earned money is going, you will quickly realize some of the things you can live without (or at least cut back on).

2. Start a Tax-Free Savings Account

This is a fantastic place to store your money and allow it to grow… tax-free! You will not have to pay income tax as this money grows. However, before you do this, it’s always a good idea to double-check with your mortgage lender to ensure it’s a good fit.

3. Consider Selling One of Your Cars

Obviously, this one only applies if you and/or your partner/family have more than one vehicle. If possible, consider getting rid of one of the cars – at least for now. This can save you thousands of dollars per year in insurance, gas, maintenance, and more.

If having two cars isn’t a necessity, substituting it for taking public transportation or walking is a great way to cut costs and save money.

Conclusion

Using these three tips, you should be in a better position for saving up for a down payment on your home. Whether it’s your first home or fifth home you’re saving up for, these methods will surely help.

If you have any questions about a down payment or Centennial mortgage, contact Jeffrey Beattie at Alliance Mortgage Group today for more information!

Yes! We would definitely use this team again any time. The entire team was extremely helpful in every aspect an step. Jeff and his team was always available to answer any questions. Checking and double checking our documents and crunching numbers within record times during the actual looking stages of a home to find the right one. This team didn't stop till we signed our closing documents. Loved them!

zuser20140603114800604 on 2017-08-01

We couldn't have done it without Jeff, Anne, and Brenda. They stayed on top of everything throughout the whole process. We'd definitely recommend them!

zuser20140331164933584 on 2017-07-01

Absolutely loved working with Jeff and Anne. They are so knowledgeable and personable. They are available on evenings and weekends to answer all questions. My realtor was horrible and they pretty much assumed the role of realtor and mortgage broker. I have referred them to friends and will continue to do so. Amazing experience!

holstein paul on 2017-06-01

Jeff Beattie and the entire Alliance Mortgage Group team were professional and responsive throughout the refi process. Special circumstances required increased attention to detail which they managed competently and built my confidence in their team. They will get my exclusive referral for anyone looking for a business with a professional and personal approach when needing to refinance.

alyce5775 on 2017-05-01

The team at AMG were so helpful and knowledgeable about everything we needed to make sure this refinance went smooth! Jeff and his team were there every step of the way to ensuring all my questions were answered and I was completely comfortable with the process. I wouldn't use anyone else to handle or mortgage needs.

naterein on 2016-10-01

We were purchasing a second home in the mountains and had a couple complications with the seller which turned a routine process into a difficult one. Jeff was there every step of the way with us. He and his team were so helpful and knowledgeable about everything we needed to make sure the deal went through! They also were very easy for our real estate agent to work with as well. They provided the documentation needed quickly and were extremely thorough to make sure we hit our deadlines. Without AMG Lending and their hard work our deal would not have happened. We thank Jeff and his team for going above and beyond. We wouldn't use anyone else to handle or mortgage needs and refer everyone we know looking to buy a home or refinancing.

maryrose paulis5 on 2017-01-01

Jeff and his team were completely amazing! I came in needing funds, and Jeff was able to assist with my difficult situation with apparent ease. I absolutely cannot recommend him and his team enough. They were extremely friendly, kind, and efficient. Thank you!!

reedspain on 2017-04-01

My husband and I used Jeff Beattie for our refinance. We have refinanced previously and I have never seen such professional and comprehensive service. He explained the process completely from the start and kept us advised as to each step in a timely manner. Whenever we had questions, he promptly responded and made sure we understood all of the details involved and explained in fully comprehensive and comprehensible manner. The refinance was completed in a reasonable time frame and he was most courteous and knowledgeable. I would not hesitate to recommend Jeff.

lisarpu on 2016-11-01

What an amazing group of folks. So knowledgeable, professional, awesome customer service, prompt follow up, getting the best in all services, friendly...they were top notch all the way around

kdeslongchamp on 2017-03-01

Every point of buying our home went so smoothly, without a hitch! Thank you so much for helping us buy our dream home! We would recommend Jeff to anyone!

mycolt7571 on 2017-02-01