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How To Save for a House Deposit In 6 Months | Planning Tips

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.

How Much Money Do You Need To Save For A New House?

home payment solutions

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.

How Can You Save For Your Home Deposit?

save for your house deposit in 6 months

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.

Saving for a House Deposit Is Easy with Synchrony Bank

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.

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Sources:

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/

Investopedia: http://www.investopedia.com/mortgage/how-shop-mortgage-rates/


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