If you’re considering a new home purchase, the down payment you put upfront plays a major role in your future housing expenses. According to the Consumer Financial Protection Bureau, the amount you save can greatly influence your interest rate, monthly house payment, and your need for mortgage insurance. As you prepare for the home buying process, here are six tips to help you cut the extra costs and save a substantial amount for your down payment. Typically, lenders require anywhere between 5 and 20 percent of a home’s purchase value as down payment, but the more money you can put down, the better off you’ll be. By responsibly managing your spending and allocating extra cash to a savings account, you will be on the right track toward saving for your home purchase. First Bank Mortgage is providing prospective homebuyers with these tips to save for a down payment: Develop a budget and timeline. Start by determining how much you’ll need for a down payment. Create a budget and ...