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Cuty
Last seen: Never ago
Joined: 09/28/2016 - 09:04
How to save money for your home

I met a guy who now have an amazing relationship. This is something really unusual because I'm really happy to spend every day together. I am sure that it will bring a lot of happiness for both of us. But as always, there are some issues that we need to preodalet. We now live with my parents. All is well, my mother is very positive about my boyfriend. But in any case, I want to have a full family with my partner. So, I want to save enough money to buy our own house. I really dream about it now, and it is the number one goal for me. What should I do to save enough money to buy our house? Are there any tips that could help me do it faster than I can do it now? :)

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Cocolkez
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Joined: 09/28/2016 - 09:04
How to save money for your home

Most people would love to own a home or vacation property of their own, but they don’t have enough for a hefty down payment. In this 2-part series, I’ll tell you how much money you need for a down payment, where to put it, and how to save as quickly as possible to buy the home of your dreams. When you get a mortgage to buy a home, lenders require that you make an upfront investment, which is called a down payment. A typical down payment ranges from 5% to 20% of the purchase price. For instance, let’s say you find a great place and negotiate with the seller to buy their home for $300,000. If a lender approves you for a loan with 10% down, you’d have to pay $30,000 ($300,000 x 10%) plus additional closing costs, out of pocket and borrow the balance of $270,000. :side:

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Cuty
Last seen: Never ago
Joined: 09/28/2016 - 09:04
How to save money for your home

So, the amount of down payment money you need to save depends on 2 factors: the purchase price of the home you buy and the percentage required by the lender to pay upfront. The larger your down payment, the smaller your mortgage and monthly payments will be. A huge benefit of paying at least 20% down is that you don’t have to pay private mortgage insurance (PMI). This is an additional monthly expense you must pay which protects the lender in case you default or don’t make payments as agreed. However, you can cancel PMI if you pay down your mortgage so you have at least 20% equity in your home. :whistle: :whistle:

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70

Obivan
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Joined: 09/28/2016 - 09:10
How to save money for your home

As you start planning to buy a home, begin with the end in mind. Be realistic about the average home prices where you want to live. Research home listings online at realtor.com or speak with a local real estate professional. Then contact several lenders to ask about their mortgage requirements so you’ll know what to expect when the time is right to make a purchase offer. How much home you can afford depends on several factors, such as your income and expenses, credit rating, down payment, and the going interest rate for mortgages. A common rule of thumb is that your monthly housing expense shouldn’t exceed 25% to 28% of your gross income. B)

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Moro
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Joined: 09/02/2016 - 08:18
How to save money for your home

Also, consider how becoming a homeowner fits into your overall financial goals, such as saving for retirement or a child’s education. Never buy a home if the monthly payments would leave you strapped and unable to provide for your financial future. If you’re a first-time home buyer, a veteran, have low income, or want to buy property in a rural area, it’s possible to qualify for down payment assistance through the following programs: Department of Housing and Urban Development (HUD). Federal Housing Administration (FHA). Department of Veterans Affairs (VA). Department of Agriculture and Rural Development. Local homeowner programs database. The benefits of down payment assistance programs vary depending on their rules and your circumstances—but they offer low or no down payment so it’s easier to become a homeowner. :) :)

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898

Henk
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Joined: 09/28/2016 - 09:10
How to save money for your home

If house price mania had a World Cup, Britain would lift the trophy. House prices have steadily been on the up for the last couple of years, adding more pressure to anyone trying to buy. Yet buyers need to pause and ask what, when and whether to buy. Buyers should concentrate on whether buying is affordable and the right decision in the long-term, rather than panic over house prices or cave into the UK's 'must-own, must-own' mentality. Few people accurately predicted the end of the house-price boom in 2007 and no-one really knows what is going to happen to house prices over the next few years. It is better to concentrate on bigger-picture financial security than risk financial ruin in a desperate attempt to get on the housing ladder. :ohmy: :huh:

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1093

Kris
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Joined: 09/28/2016 - 09:10
How to save money for your home

A mortgage is most people's biggest single outlay, and small differences in how much you borrow can have a massive effect. Our Mortgage Deposit Calculator asks questions to determine when you'll have the dough for a decent deposit. Then see the Top Savings Accounts guide to maximise the interest. As for deposit size, government schemes such as Help to Buy have helped increase the choice of mortgages for people with 5% to put down - but borrowers pay a premium at this level. Deals become more competitive at 10% or 15%, and for the really decent rates you need 25%. o, you can find good options to get home. :woohoo:

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1094

Dasty
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Joined: 09/28/2016 - 09:10
How to save money for your home

If you’re a first-time buyer, you could get up to £3,000 from the Government by saving with a Help to Buy ISA. You’ll need to put away up to £200 each month, and the Government will add 25% on top (so, a jammy £50 for every £200). You can also save an extra £1,000 when you first open it, meaning you can save £1,200 in the first month and you'll get £300 extra. The maximum that the Government will contribute is £3,000, meaning you've saved a total of £12,000 to put towards your first home. It will take around four years to reach this level. The scheme is set to launch in autumn 2015. For full details, see our Help to Buy ISA guide. :) :)

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1095

Cuty
Last seen: Never ago
Joined: 09/28/2016 - 09:04
How to save money for your home

The total you’ll need to save will vary based on the price of the house, the down payment required by the mortgage you plan to take out, and your projected closing costs – which you will receive from your lender in the form of a Good Faith Estimate. However, you can calculate your own estimate by assuming you’ll need to put at least 10 percent down, and that you’ll pay about 3 percent of the purchase price in closing costs. So, if you plan to purchase a $200,000 home, you’ll need to save $26,000—which includes $20,000 for the down payment, plus $6,000 for closing costs. Assuming you’ll buy a home in two years, you’ll need to save $1,083 per month. If you want to put down 20 percent, you’ll need to save even more. ;) ;)

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70

Johny
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Joined: 09/28/2016 - 09:10
How to save money for your home

How to find the money! Saving more than $1,000 per month is a lot of money, so you may have to make some lifestyle adjustments. A recent loanDepot study asked young adults who have recently bought a home how they saved for it. You may want to try one or more of these tactics yourself: Cut down on entertainment/eat out less: 39 percent. Lived with or moved back in with parents: 16 percent. Worked and saved money: 6 percent. Got a second job or asked for a raise: 6 percent. Sold personal items: 5 percent. Asked for money instead of wedding/holiday gifts: 4 percent. Took out a loan: 1 percent. Didn’t need a down payment: 1 percent. :woohoo: :kiss:

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1091

Cuty
Last seen: Never ago
Joined: 09/28/2016 - 09:04
How to save money for your home

Once you find ways to save or earn more, you may want to create a special savings account just for your home buying fund. Every time you find a way to save, put into that account the amount that you are saving. Then, if you reduce a monthly payment, put the savings into your account every month, rather than leaving the savings in your checking account where you may spend it. If you earn some extra income or get some help from your parents, put it in the account. Never make a withdrawal from the special savings account; just watch it grow until you’re ready for homeownership. Keep in mind that down payments are just the start. ;) ;)

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