Save for a Down Payment with Online and Mobile Banking
SLFCU’s online and mobile banking make it simple to create and track your progress toward saving for a down payment on a home or new vehicle.
Set Savings Goals in Online Banking
You can create savings goals and connect them to a designated savings account. To get started, click the Savings Goals widget and select New Goal. Choose a savings account under which you would like to create the goal, and the balance of that savings account will be automatically applied to the new goal.
Name your goal (like “down payment” or “new car”), set the amount you’d like to save, and choose a completion date. To save toward your goal, you can also add your own image to help keep you motivated to keep saving toward your goal. Then you can view details on how much money you need to save each month to reach your goal and track your progress.
Use the Savings Goal widget to set your goals and designate a date when you would like to reach your goals.
Watch Your Savings Grow
You can add funds to your savings goal by depositing money into the account linked to your goal, transferring money from a different account, or allocating funds from a different goal. As you add money to your designated savings account, you can watch your progress.
The goal progress bar represents how much money has been added to your goal compared to the total goal amount.
Once you have met your goal, you can “spend” your savings by transferring your goal amount to your checking account.
Even if you have just started saving for your down payment, we encourage all potential homebuyers to meet with a mortgage loan officer. SLFCU can help you determine how much you should save. To talk to a loan officer or schedule an appointment, call 505.237.7161 or 800.947.5328.
Whether you’re a first-time home buyer, have a growing family, need to downsize, or are looking to refinance, SLFCU has a home loan to meet your needs. You can start the no-obligation application process online, by phone, or in person at an SLFCU branch.
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