Tag Archives: down payment

Budgeting for a First Home

Do you want to buy your first home, but have too much debt? An overload of debt can hurt your ability to buy a home in many different ways: cash flow, credit score and loan approval. If you desire the opportunity to buy a home, try this plan to help you get there. Start by first determining the amount of money you will need to borrow in order to buy a home in your area. Basically preview the prices of homes you think you could be satisfied with, and deduct any amount you have saved for a down payment. Then … Continue reading →

The Importance of Saving for a Down Payment

If you have ever dreamed of home ownership then you must have thought about the dreaded down payment. It is recommended by most people to save between ten and twenty percent of the home’s cost for a down payment. This can be a large amount of money depending on the type of home that you buy. If you were to buy a moderately priced house of $150,000, this means that you would need to save between $15,000 and $30,000 for your home. There are many other options available to new homebuyers these days. Many mortgage companies are willing to let … Continue reading →