Tips: Saving for a Down Payment
By Chris Benson, Real Estate Broker in Queen Creek Arizona
If you’re ready to enter the exciting new frontier of home ownership, one of your first steps will be to save up for a down payment that’s right for your budget and desired home. Even before scouting neighborhoods or finding a lender, starting a savings plan will put you in a much better position to buy your dream home. The general wisdom goes that new homeowners should save 5-20% of a home’s total sale price to put down for an initial payment. One thing to note is that if your down payment is less than 20%, you will be subject to private or public mortgage insurance payments. However, a 20% down payment simply isn’t affordable for some families. Get acquainted with a realistic number for you by visiting a mortgage calculator and plugging in your own current income stats. Also, if you ...