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In order to save up a huge amount of cash for the down payment on your first mortgage, you need a solid savings plan! When you take out a mortgage on your new home as a first time homebuyer, the more you can pay as a down payment the better. The down payment on a mortgage reduces the principle of the loan and means that you will be paying tens of thousands less in interest payments over the life of the loan. Most financial experts recommend that you should save up at least 20% of the value of the home as a down payment. Depending on the value of the home that you want to buy, this can be a serious chunk of money. The conventional saving tricks of skipping your morning latte and eating dinner at home just aren’t going to cut it when saving up this much money! You will need some strategies for saving big. Here are some tips to help you get closer to that down payment: Make A Separate Savings Account No matter how much you have already saved for your down payment, create a new savings
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