Years ago the banks made it mandatory to put 20% down before they would loan you a mortgage. With recent changes, you are now able to get a loan with zero money down. Although that is a great feature, it is still smart to try and put close to 20% down to avoid paying ample amounts on interest rates.
Knowing how much money you should be putting down can be hard. Do not let the 20% rule keep you from purchasing your first home! Putting your money in a safe and secure saving account that can help you grow your money faster is a great way to have a larger down payment. Most savings accounts earn less than 1% per year. Speak to a bank about putting your money in an account that will help your money grow.
Here is a great list of ways I believe in saving money:
- Create a monthly budget
- Create a Savings Account
- Save money in big chunks AND in little chunks. Both will go a long way!
Do you have a suggestion on saving money for a home? Write it below!
Author:Kris Morin Phone: 860-982-0187 Dated: February 27th 2015 Views: 107 About Kris: ...
View our latest blog posts in your RSS reader. Click here to access.
Trust eXp Realty and our team of real estate agents to help you find homes for sale or to sell your current home. We recognize the level of service that the mobile consumer demands. You have information. You have dreams. We possess experience, integrity, and innovation. Together we create leverage to make your dreams a reality.
When you start thinking about buying a house, it's easy to let your em
"Kris, just sold my parents house in 5 days. She's an extremely hard worker. Kris is honest and reliable. I highly recommend her. She treats everyone with the great respect. I feel she's the best agent around."