When buying a home, you will need to have some money saved for a down payment — the up-front partial payment for the home purchase. While there are some mortgage programs that allow buyers to put down little to no down payment, you will have to pay private mortgage insurance with a down payment amount that is more than 5% but less than 20%.

When you meet with a Fairway Fort Lauderdale mortgage planner, we will review your credit and financial situation together. We can determine a good budget for your home and how much you need to save for your down payment. If you are currently putting together a budget to save for your upcoming home purchase, follow these tips to get started on the right track.

• Open a savings account that will allow you to put money aside for this large purchase.
• Set up automatic payments to deposit a portion of your paycheck into your savings account each time you are paid.
• Save raises, monetary gifts, bonuses and tax refunds.
• Use a budgeting app to monitor your progress and to keep you on track.

At Fairway Fort Lauderdale, our goal is to turn your dream home into a reality. Call us to discuss your financial goals, and we will find a great loan for your needs and work diligently to make the homebuying process wonderful for you.