Salal Credit Union

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Livingroom, text on graphic says" Saving up for the down payment.

Home shopping? Easy Ways to Save for a Down Payment

Thinking of buying a new home in the next year or two? If you’re like most of us, you’ll need a down payment. Saving up for a down payment can feel like a major challenge. Developing a savings plan is key. Here are some tips from our partners at HomeAdvantage® to help you be ready to go when you find that dream home.

Find Out How Much House You Can Afford

There are a lot of things to consider when determining how much home you are qualified to buy, what your monthly payments will look like, and how much money will be due at closing. So it’s always in your best interest to talk to us first to determine your target price range and start your home search with the right expectations. Salal Home Lending offers a Free Home-Buyer Planning Session to help you get prepared and know what to expect on your home buying journey.

Save, Save, Save

Once you’ve determined your budget, you’ll know what you need for a down payment. While it may seem daunting, here are some tried and true ways to get you into your new home sooner:

  • Automate: Deposit a portion of your paycheck every month into a separate savings account to be used only for your down payment.
  • Raises & Bonuses: Consider putting aside incremental earnings towards your down payment savings plan
  • Windfalls: Gifts, tax returns, inheritances are also perfect opportunities to build your down payment account.
  • Keep the car, save the payment: Paid off your car? Resist the urge to buy new and instead save the monthly payment

Take advantage of HomeAdvantage Cash Rewards*

Don’t forget, when you use our free HomeAdvantage program and approved network of real estate agents, you’ll earn Cash Rewards equal to 20% of the agent’s commission. And you can earn even more Cash Rewards if you both sell and buy your home through HomeAdvantage.

Learn More About HomeAdvantage


All Salal loans are subject to credit approval. Property must be located within WA, OR, UT, or CA. Some restrictions may apply.
*The HomeAdvantage program is made available to members through a relationship between Salal Credit Union and HomeAdvantage. Cash Rewards are awarded through the HomeAdvantage program to buyers and sellers who select and use a real estate agent in the HomeAdvantage network. Home buyers or sellers are not eligible for Cash Rewards if they use an agent outside this network. Cash Rewards amounts are dependent on the commissions paid to the HomeAdvantage network agent. Obtaining a mortgage or use of any specific lending institution is not a requirement to earn Cash Rewards. If you are obtaining a mortgage, Salal Credit Union may have specific rules on how Cash Rewards can be paid out. Cash Rewards are available in most states; however, are void where prohibited by law or by Salal Credit Union. Please consult with your Salal Credit Union Mortgage Advisor for details that may affect you.