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Saving Up For A Down Payment

savings plan

When buying a home it’s best to have some money in the bank.  If you are like
most people it’s hard to find money in your couch cushions much less your pocket
book.

There is a simple process that you can use to determine how to save
for your home investment and stay on track.  Learning to save is a wise habit.

  1. Determine the amount needed (i.e.
    find out the general price range and calculate 20%)
  2. Determine the length of time you’ll
    need (i.e. how long you want to break down the payments to yourself)
  3. Pay yourself (i.e. take the total
    needed divided by the number of months and pay yourself)

Be strict on
making savings a habit and a firm policy with your wealth.  By having a good
down payment for your home, you will be able to have equity day one and avoid
costly private mortgage insurance.

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Posted on Monday, April 10th, 2006 at 2:29 pm In Real Estate Investment
© 2007 Wealth-Coaching Inc.