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Spring 2015
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experts provide tips to help you tackle what may be the biggest hurdle of buying a home:
saving money.
Keep a record of your spending.
You can't start saving until you know what you're spending, says Joe Valenti, director of
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savings into an account to use for a down payment.
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Decide on a budget.
How much you save is often based on how much you need for your down payment. Your
mortgage lender can help you understand how much you can afford, says Goddard. Although
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Guide to Buying Your First Home says 20 percent is still worth shooting for.
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says. "They might be worried that a 3 percent deal will be dead in the water if the appraisal
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It can be harder to pay off a mortgage if you're drowning in debt, says Valenti, so start
paying down credit cards and auto loans now. "Once you've paid off a bill, take the
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