Immediate costs
When it’s time to close, here are things you’ll need money for:
- Down payment (including earnest money)
- Closing costs
- Moving expenses
- Inspections
How to save for a house
Create your home-buying savings plan.
What’s your house-buying budget?
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.
Long-term costs
These costs can exist throughout your mortgage, and may change over time:
- Homeowner’s insurance (possibly in an escrow account)
- Property taxes (possibly in an escrow account)
- Private mortgage insurance (PMI)
- Utilities, repairs and maintenance
Article
How much house is affordable?
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.
Calculator
Do some calculating.
Use our mortgage affordability calculator to get a basic idea of how much you can afford to spend on a home. You can make calculations based on either your income or how much you’d like to pay each month.
Article
What other costs are there?
When you become a homeowner, your mortgage payment won’t be your only expense. Here are some other costs that you — and your bank account — need to be ready to handle.
Let’s get you closer to a new home.
Prequalification helps you see how much you might be able to borrow.
How much cash will you need up front?
Once you have an idea of how much house you can afford, figuring out how much to save for a down payment is a little simpler (6% is the average down payment of a first-time homebuyer1). As you make your calculations, it could be worthwhile to look into payment assistance programs, or if your lender offers existing customer credits.
Article
What are closing costs?
Although you’ll pay them at the same time, closing costs are separate from your down payment. Closing costs cover the fees, taxes, and other expenses required to process your home purchase.
Article
What’s a typical down payment amount?
Generally, the more you put down, the lower your interest rate and monthly payment. To get your lowest interest rate, having a down payment of 20% or more is typical. But having that much for a down payment isn’t required.
Article
What is down payment assistance?
Down payment assistance can include loans, grants, tax credits and other programs designed to help eligible homebuyers cover down payment or even closing costs. There are many options available.
Article
What are FHA vs conventional loans?
There are many mortgage loan choices, yet the most popular for homebuyers are conventional loans and government-backed Federal Housing Administration (FHA) loans. So what’s the difference between them?
Make homeownership a reality.
An experienced loan officer is just a call or email away.
Make your plan to save for a house.
Depending on your timeline, cutting back on vacations and eating out aren’t the best ways to save for a house. Instead, make a plan and be strategic.
Article
What you need to know about debt consolidation
Consolidating debts can help you repay them faster, lower your interest rates and improve your credit. Determine if debt consolidation may be a good financial move for you, and how to get started.
Article
How to pay down credit card debt
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.
Article
How to buy a house with low income
There’s not a specific minimum income to qualify for a mortgage. Plus, there are various loan types and programs designed to help eligible buyers cover a down payment or even closing costs.
Accounts to get you started
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.
Standard Savings Account
Get your savings started in an account that’s ideal for low balances, first-time savers and convenient access to your money.
Platinum Select Money Market Savings
Do you already have a Platinum Checking Package? This savings account is exclusively for you and boasts no monthly maintenance fee.
Certificate of Deposit
Choose your term length from one month to five years with our most flexible CD option. All it takes is a $500 minimum deposit.
Have you found a home you love? Start your application process.
We’ll confirm your personal and financial information, pull your credit, and then a mortgage loan officer will connect with you about the results.
Start of disclosure content
Disclosures
Start of disclosure content
Start of disclosure content
Equal Housing Lender