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Strategies to save for a down payment on your home.
Strategies to save for a down payment on your home. Considering homeownership? One of the biggest expenses to save for when becoming a homeowner is the down payment. Many buyers believe they need to put at least 20% down on a home when, in reality, that’s not always the case.
Strategies to save for your down payment on your home
Considering homeownership? One of the biggest expenses to save for when becoming a homeowner is saving up for the down payment. One of the many myths about the down payments is that buyers need to put at least 20% down on a home, when, in reality, that’s not always the case. In 2020, the median first-time homebuyer financed their home with less than 7% down.* And at LMCU, we’ve financed many homes for as little as 3% down. On a $250,000 home, 7% down is $17,500. It might seem like a lot, but if you start saving now, you can chip away at it little by little. Once you’ve determined your down payment goal, it’s time to start saving using these strategies:
Consolidate high-interest debt and potentially save thousands
With a home equity fixed-rate loan starting at 4.49% APR*, you can consolidate high-interest debt–like credit cards and student loans— into one low monthly payment. You could save hundreds every month, equating to thousands in savings over the lifetime of the loan.
