Tips when saving up for your home’s down payment

A standard down payment on a home is 20% of the value, which can seem like a huge number. However, you can save up money so that the down payment is much more approachable. You should first figure out how much the down payment should be, since it can affect things like mortgage rates, and then start saving. Here are some tips for saving. You should save extra money like tax refunds, put off buying expensive things, and more.

Key Takeaways:

  • The down payment for a home isn’t as intimidating as you might think.
  • You should first figure out what your down payment is, since mortgage depends on it.
  • You can save by putting aside all extra money, putting off large purchases, and more.

“Don’t spend your bonuses or performance incentives. All should go into your down payment fund. If you are expecting a tax refund, reserve some – or all of it – for your down payment, as well”

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