One of the most exciting milestones is buying your own home. It's also one of the most stressful. We are here to help. If you're wondering how to save a house deposit in 6 months, read on to learn about common home-buying expenses and ways that you can save money—fast.
Even the best housing deals are likely to require a prospective buyer to put down a deposit. Here's how to save a house deposit in 6 months.
There are several kinds of expenses involved with purchasing a home. They will likely include:
The total amount due at the of closing of your home will vary depending on your lender, tax rates and other variables.
On a traditional mortgage of $150,000, for example, a buyer could need as much as $30,000 for the down payment, plus up to $4,500 for closing costs and $3,000 for other prepaid costs. That equals $37,500 in upfront expenses.
Saving enough money for your down payment and other expenses may seem like a huge hurdle. But if you take a good look at your income and expenses, there are ways to save for a house deposit in 6 months. Consider these savings tips:
Also remember that the most important way to save money in the long-run is to get the best terms on your mortgage and closing costs.
If you need help saving for a house deposit, check out the award-winning savings products at Synchrony Bank. At Synchrony Bank, you'll enjoy:
To get started on your down payment savings plan, call Synchrony Bank at 1-844-345-5789 or click here to open a savings account today.
The Simple Dollar: http://www.thesimpledollar.com/buying-a-house-how-to-save-for-a-down-payment/
Money Under 30: https://www.moneyunder30.com/how-much-cash-you-really-need-to-buy-a-home
USA Today: http://www.usatoday.com/story/money/personalfinance/2014/09/14/home-mortgage-save-budget/15466845/
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