Save For a Down Payment On a Home In Just 2 Years

 

In today's market, you usually need up to 10 percent of a home's purchase price for a down payment. This means a $250,000 home could require $25,000 down plus closing costs. If you saved $1,040 a month for the next 24 months, you'd achieve that goal. On the surface, that may seem impossible—but it's not. Make some short-term sacrifices now to save for a down payment on a house.

Give up that extra bedroom for the short term. If you rent in a premium location, consider moving to a less expensive area. It may take you a little longer to commute, but it won't be for long. Reduce the amount you are paying in rent by $500, and you will be halfway to your monthly goal.

Read More:

http://realtytimes.com/consumeradvice/mortgageadvice1/item/28439-20140425-save-for-a-down-payment-on-a-home-in-just-2-years

http://realtytimes.com/consumeradvice/mortgageadvice1/item/28439-20140425-save-for-a-down-payment-on-a-home-in-just-2-years

Leave a Reply

Your email address will not be published. Required fields are marked *