4 Tips To Save For That Down Payment
Posted by Tom Crimmins Realty, Ltd. on
When you take out a mortgage on your new home as a first time homebuyer, the more you can pay as a down payment the better. The down payment on a mortgage reduces the principle of the loan and means that you will be paying tens of thousands less in interest payments over the life of the loan.
Most financial experts recommend that you should save up at least 20% of the value of the home as a down payment. Depending on the value of the home that you want to buy, this can be a serious chunk of money. You will need some strategies for saving big. Here are some tips to help you get closer to that down payment:
Make A Separate Savings Account
No matter how much you have already saved for your down payment, create a new savings account to put the money…
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