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A few tips on pulling together a down payment

  1. Bank your extra money. Any time you get a tax refund, bonus, commission or birthday check put it into a separate savings account that you never touch.
  2. Try to live on one income. If you are a couple, try living on one partner’s income while saving the others.
  3. Get rid of your second car. Or your cell phone, or your cable service, Pare down your lifestyle so that you can add to savings each month.
  4. Get a roommate. Change your life style from solo to shared living. This will reduce your rent and allow you to save more money.
  5. Pay off your debt. Get rid of debts with high interest rates, such as outstanding credit card balances. This will ease the strain on your wallet and improve your credit rating. When your debit is paid of, try to save the money that would have gone to the payments every month.
  6. Take a second mortgage. If you can’t get the five percent or more together for your down payment, you may be able to get a “Piggyback loan” to cover what your first mortgage doesn’t.