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: 109 About Kris: ...
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