Getting Together a Down Payment for a Home Is Tough But Needs to Happen!

Pennygem
Pennygem
  • 4 months ago
PennyGem’s Elizabeth Keatinge tells us how you can save for a down payment on your dream home.

Category

📚
Learning
Transcript
00:00So, you found your dream home.
00:06Just one little thing you need.
00:07The down payment.
00:08Maybe making this a reality isn't out of reach.
00:11Money Talks News suggests having a dedicated account to save for the down payment.
00:16Perhaps you have some big ticket items you can sell to fatten that account.
00:19Like a car, boat, motorcycle, or sports equipment.
00:22Put savings on autopilot so you don't have to think about it and your account just grows.
00:27Financial advisor Molly Stanifer tells Business Insider that your funds should be liquid if
00:32you plan to buy soon.
00:33You don't want to find the house of your dreams and then be unable to withdraw the
00:37money you need for the down payment.
00:39If your time frame for buying a house is more than five years, you can look into products
00:42that generate more interest, but can be more volatile, including stocks.
00:46NerdWallet has a calculator to help you determine just how long saving for your down payment
00:51can take.
00:52And don't forget to also start an account for future home maintenance costs.

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