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Tricia Frazier

Realty Associates

Tricia Frazier's Blog

A window into the world of real estate, keeping you abreast on all things real estate, shining attention on local businesses and community news.

Tricia Frazier, a licensed real estate consultant with Realty Associates, is a full time agent dedicated to guiding buyers and sellers through successful real estate experiences.

Saving for Your Down Payment

January 16th, 2019


For most prospective buyers looking to purchase a home, you should plan to have at least a few thousands saved up even if you plan to use the down payment assistance programs.   I would say if you can save about $5000, it would be a good cushion (if you end up qualifying for down payment assistance) to prepare you for your home purchase. 

As your Realtor, I suggest a great way for buyers to begin to stack up their savings for their future purchase.  Prospective buyers should begin a payment shock savings plan.   How?  Think about the amount of home you would like to purchase.  Let me (or a Loan Officer) know so I could provide you with an estimated monthly payment for mortgage on your desired home price.  Then I suggest that buyer begin to save the difference between their current monthly rental/housing payment and the amount the future mortgage payment will be.

For example, if buyer is paying $800/mth in rent, but plan to purchase a home that will have mortgage payment of $1200/mth, then each month buyer can put away that $400 difference into a savings account (and DO NOT touch the savings).  Payment shock savings gives a buyer good practice, allows them to see if their current budget can afford that mortgage payment and it allows you to save money in the process.


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Disclaimer : The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®

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A window into the world of real estate, keeping you abreast on all things real estate, shining attention on local businesses and community news.
Realty Associates
1223 Antoine Drive, Houston, TX 77055   Get Directions
Phone: (713) 464-0700
Fax: (281) 200-0541
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