The first step in how to save for a house is deciding how much house you want to buy. Gone are the days when a 20% down payment was the norm. But a down payment isn’t the only cash you’ll need when the time comes to close on a house. And there are long-term costs to consider, as well.
These costs can exist throughout your mortgage, and may change over time:
If you’re interested in down payment assistance or grant programs for homebuyers with limited incomes, check out our access to homeownership resources. Learn about mortgages you might not have heard about, connect to mortgage loan officers and find answers to even more of your homebuying questions.
In 2021 the median down payment amount for first-time homebuyers was just 6%.1 Less than you thought, right? As you plan for your own down payment, it could be worthwhile to look into payment assistance programs, or if your lender offers existing customer credits.
Generally, the more you put down, the lower your interest rate and monthly payment. What down payment amount are you comfortable with?
Our down payment calculator can help you decide how much you want to save as you prepare for the mortgage process.
There are many forms of down payment assistance designed to help eligible homebuyers cover down payment costs.
Are you ready to start taking steps toward a new home? If your answer is yes, get an estimate of what you may be able to borrow in just a few minutes or connect with a mortgage loan officer about your mortgage options
When you’re saving money for a down payment, it’s a good idea to keep the money somewhere that’s easy to access – like a savings account. A certificate of deposit (CD) may provide a higher rate of return, but pay attention to the required term lengths and how they may impact your homebuying schedule. Here are some accounts to get you started.
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Earn up to X.XX% APY when you deposit at least $25,000 into a new Elite Money Market Account or an existing account that was opened within the last 30 days.2
It’s a hassle-free way to save money. Open an account online in minutes with a minimum opening deposit of $25.
Depending on your timeline, cutting back on vacations and eating out aren’t always the best ways to save for a house. Instead, make a plan and be strategic.
There are a few types of accounts to choose from when it comes to saving money for a down payment on a house. Standard savings accounts and CDs (certificates of deposit) are just two such options.
Along with saving for a down payment, having a good relationship with credit is important in buying a home and qualifying for the best interest rates. Here are some tips on paying down your credit card debt.
A standard rule for lenders is that your monthly housing payment should not take up more than 28% of your income. However, home affordability is about more than just how much you can borrow.
Connect with coaches and mortgage loan officers, learn about mortgages you might not have heard about, and find answers to even more of your homebuying questions.