Maybe your New Year’s Resolution is to buy a house. Because it is more expensive in some ways, renting can make it difficult to tackle a down payment.
Starting as early as possible is a wise decision. Realtor.com’s Craig Donofrio wrote a great article with three things to keep in mind when preparing your down payment.
#1 BIGGER IS BETTER:
Planning ahead and being diligent can lead to a higher down payment which helps not only secure a mortgage but a good rate. It can also help you to forgo mortgage insurance and avoid starting off owing more than your home is actually worth.
#2 MAKE SAVINGS A HABIT
Budgeting and having savings automatically deposited are two ways to ensure the saving starts happening. Donofrio also suggests considering low-risk investment opportunities to keep it more secure and difficult to tap into if times get a little tough. Remember: for all…
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