Set a realistic goal
Before you can start stowing away pennies, it’s helpful to have a goal to work toward. And while those multi-million dollar homes definitely have curb appeal, David Rosen, a licensed associate real estate broker, recommends taking a practical approach so you don’t set yourself up for disappointment. Once you understand just how many zeros you need to collect, you can then come up with a weekly and monthly game plan.
Word to the wise: Gerri Sexsion, president and CEO of Jax Federal Credit Union, advises double (and triple) checking just how much you actually need for a down payment on a house. As she explains, many first-time home buyers prescribe to the 20 percent down concept, which isn’t always accurate. “Many people simply don’t know about mortgage products such as FHA loans, which can require as little as 3 percent for a down payment. If you were to purchase a $250,000 home with an FHA loan, the required down payment would be $7,500. Other buyers’ costs, such as closing costs, would likely be around $3,500. That brings the initial investment to approximately $11,000—which is much more manageable than a 20 percent down payment of $50,000,” she says. Though it’s smart to have a candid conversation with a financial advisor before signing on the dotted line, the more info you have, the better prepared you are.
These are the surprising costs first-time home buyers need to know about.
The post How to Save for a Down Payment on a House in Less than a Year appeared first on Reader's Digest.
from Reader's Digest http://bit.ly/2pPdbYf
ليست هناك تعليقات:
إرسال تعليق