How to Save for a Down Payment on a House: 10 Smart Strategies
How to Save for a Down Payment on a House: 10 Smart Strategies Saving for a down payment on a house is a significant financial goal that requires discipline and planning. A down payment is a sum of money that a homebuyer pays upfront when purchasing a home. The down payment is usually a percentage of the home's purchase price and is paid in cash. In most cases, the down payment is between 3% to 20% of the home's purchase price, depending on the type of loan and the lender's requirements. The higher the down payment, the lower the mortgage payments and the less interest paid over the life of the loan. Saving for a down payment can be a challenge, especially if you're living paycheck to paycheck. However, with a little effort and a few smart strategies, you can save enough money to make your dream of homeownership a reality. Determine how much you need to save The first step in saving for a down payment is to determine how much you need to save. Most lenders require a