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How to Buy a House in 7 Steps🏡🏡
Step 1: Save for a downpayment 
Before you start saving, it’s important to know what you’re working toward. So what’s a good down payment? Dave Ramsey a fan of putting 100% down on a home, but that’s not feasible for everyone.
Here are three questions to consider as you determine your down payment savings goal:
1. How much should I save for a down payment?
2. How long will it take me to save for that down payment?
3. Where is the best place to put the money I’m saving for a down payment?
#househunting #investinorlando #realtorlife #broker #realtor #getarealtor #luxuryrealtyinc #helpingwithpassion #realtorberni

How to Buy a House in 7 Steps🏡🏡 Step 1: Save for a downpayment Before you start saving, it’s important to know what you’re working toward. So what’s a good down payment? Dave Ramsey a fan of putting 100% down on a home, but that’s not feasible for everyone. Here are three questions to consider as you determine your down payment savings goal: 1. How much should I save for a down payment? 2. How long will it take me to save for that down payment? 3. Where is the best place to put the money I’m saving for a down payment? #househunting  #investinorlando  #realtorlife  #broker  #realtor  #getarealtor  #luxuryrealtyinc  #helpingwithpassion  #realtorberni 

4 Comments:

  1. realtorberni

    1. How much should I save for a down payment? If you can’t pay cash for your home, plan to put at least 10% down, though 20% is even better because you’ll avoid private mortgage insurance (PMI)—an extra cost your lender tacks on to your monthly payment just in case you don’t make payments on your loan. Here’s a tip on how to buy a house you can afford: Stick with a 15-year fixed-rate mortgage that’s no more than 25% of your monthly take-home pay.

  2. realtorberni

    2. How long will it take me to save for that down payment? This is up to you, but patience really does pay off! The more time you give yourself, the more you can save. And the more money you save, the less your mortgage loan will cost in the long run.

  3. realtorberni

    3. Where is the best place to put the money I’m saving for a down payment? In most cases, a down payment is not an investment. Unless you plan to save for five years or more for a down payment, you just need to park the money somewhere. A money market savings account will get the job done. You won’t make any money on your money, but you won’t lose it either.

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