Set a savings goal: Know how much you need to put down on a property before saving for a mortgage down payment.
Calculate closing fees: You must save for a down payment and lender closing expenses. These must be paid upfront at loan closing. They can add 2%–5% to your home's value.
Which account should retain your down payment: Saving for a down payment takes time. To save enough, keep the money secure till you can buy.
Put a deadline on your aim: Knowing when you want to buy a home helps you decide how much to save each month for a down payment.
Your monthly budget should prioritize savings: Create a budget that includes your monthly savings based on your timetable and down payment amount.
Automate your account contributions: Automate saving if you've found room in your budget. Have your bank account automatically withdraw your selected amount on payday.
Track your progress: Watch your down payment fund grow. Keep your monthly contributions on track.