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Most people feel confident they have the monthly payment covered when they buy a home … it’s often the down payment that is the toughest thing to save for in advance. If you’re struggling with saving for your down payment, we have some great ideas from our customers that we thought we’d share!
1) Pay Off Those Credit Cards
When you are holding a constant high-percentage rate credit card you are paying a month-to-month premium for your short-term debt (which may have turned into long-term debt). In a simpler explanation, you are losing in ability to move on with your life and have your hard-earned money for better things. Those excessive charges you are paying drastically affects your ability to buy anything long-term and consistently removes cash from your pocket.
Look at the final payout date on a high interest debt, you will realize it is not much different than a loan shark with fewer teeth. Those high interest creditors are using your money to grow larger and wealthier every month. So, if you work hard at paying down your credit card bills and eventually paying them off, you will have this additional cash to save every month and put that difference toward your total down payment. This arrangement may take additional time yet will be justified; and as a bonus you’ll probably sleep better at night!
2) Land a Second Job, Work a Side Hustle, or Ask for Overtime 
As much as you may not want to, putting in some additional work as a second job or possibly overtime can help with your goals of having a larger down payment. We get it, it can be hard to battle the impulse to spend your additional cash flow but continue to save, save, save!
The most ideal approach is to find something you enjoy in your free time. For instance, if you’re really into sports, see if you can referee for youth sports. If you like to meet new people, look into driving for Uber or Lyft, or if you like to shop look into grocery delivery services through Shipt or Instacart.
When you have an additional $200-$400 extra every week, your down payment savings can add up quickly.
3) Utilize Special Down Payment Programs
Make sure you use a Home Loan Specialist who is familiar with local state associations and government loan programs. There are plenty of loan options available for those who don’t have the coveted 20% for a down payment.
Not everyone will qualify for down payment assistance and each state has its own rules for determining who is eligible.
4) Sell Things You Don’t Use
Most of us have too much stuff. So, why not sell what you no longer want or use? Have a local garage sale, sell things on your local Buy/Sell/Trade Facebook page, check out Craigslist, eBay, Nextdoor and list items online, or even post items on your personal social media channels.
If you’re looking to sell some clothing items you can try selling lightly used, good quality clothing to consignment websites and there are even apps you can download now to sell items that may work for you. Remember, everything adds up!
In Conclusion
Home buying is still cheaper than renting in many cities so buckle down and start saving for your down payment to make the move.

Connect With An Expert!

With so much of your hard-earned money on the line, it’s best to seek advice from a trusted home loan expert and have the confidence that you are in qualified hands.

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I/we also authorize Churchill Mortgage Corporation, The Churchill Agency and/or their Preferred Provider for our area to contact us regarding but not limited to mortgage and insurance services and products via telephone, mobile phone (including through automated dialing), and/or email, even if telephone numbers or email I/we provide are on any Do Not Call/Contact Registry, such as corporate, state, or the National Do Not Call Registry. The submission of this form does not constitute in any way a formal loan application or a commitment for a loan. By communicating with us by phone, you consent to calls being recorded and monitored. By participating, you consent to receive text messages sent by an automatic telephone dialing system. Consent to these terms is not a condition of purchase.

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