Skip to Utility Navigation Skip to Primary Navigation Skip to Main Content
Country Bank Logo

Country Bank for Savings, a Massachusetts chartered mutual savings bank with its Main Office located at 155 West Street, Ware, Massachusetts 01082, is applying with the Federal Deposit Insurance Corporation for permission to establish a full-service branch office at 158 North Main Street, Uxbridge, MA 01569. Any person wishing to comment on this application may file his or her comments in writing with the regional director of the Federal Deposit Insurance Corporation at the appropriate FDIC office located at 15 Braintree Hill Park, Suite 200, Braintree, MA 02184-8701 not later than 15 days from the date of this publication. The non-confidential portions of the application are on file at the appropriate FDIC office and are available for public inspection during regular business hours. Photocopies of the non-confidential portion of the application file will be made available upon request.

Skip to Footer
Back to Communications Center

COMMUNICATIONS CENTER

6 Tips for Saving for Your Down Payment

Posted on November 29, 2017

Before you can make the transition from renting your home to owning your home, you will need to have a down payment, typically 3 to 20 percent of the home’s sales price or value. Here are a few tips to help save for it:

  1. Develop a budget & timeline. Start By determining how much you’ll need for a down payment. Create a budget and calculate how much you can realistically save each month that will help you gauge when you’ll be ready to transition from renter to homeowner.
  2. Establish a separate savings account. Set up a separate savings account exclusively for your down payment and make your monthly contributions automatic. By keeping this money separate, you’ll be less likely to into it when you’re tight on cash.
  3. Shop around to reduce major monthly expenses. It’s a good idea to check rates for your car insurance, renter’s insurance, health insurance, cable, internet, or cell phone plan. There may be deals or promotions available that allow you to save hundreds of dollars by adjusting your contracts.
  4. Monitor your spending. With online banking, keeping an eye on your spending is easier than ever. Track where most of your discretionary income is going. Identify areas where you could cut back (e.g. nice meals out, vacations, etc.) and instead put that money into savings.
  5. Look into state and local home-buying programs. Many states, counties and local governments operate programs for first-time homebuyers. Some programs offer housing discounts, while others provide down payment loans or grants.
  6. Celebrate savings milestones. Saving enough for a down payment can be daunting. To avoid getting discouraged, break it up into smaller goals and reward yourself when you reach each one. If you need to save $15,000 total, consider treating yourself to a nice meal for every $5,000 saved. This will help you stay motivated throughout the process.

Share on:

— Download Our — Mobile App

Download on the Apple Store
Download on Google Play

No thanks. I'd rather not download the app right now.