how to save extra for a down payment
When it comes to saving for a down payment on a home, try not to get too overwhelmed with your goal. Lower your expenses, seek out extra streams of income, and look out for any and every way to save extra money that comes your way. Topics:
âAutomating is the best way to save, because youâre taking it out of your hands and letting your bank take it for you,â said Rosenberg, who recommends paying 20 percent of the homeâs cost as a down payment to avoid paying for mortgage insurance from your lender.
4. Sell a Home. In a similar scenario, by already owning a home with equity, you can sell your home in order to buy another one. For example, if you have $150,000 of equity in your current home, you can sell and use that equity as a down payment to acquire another.