As the housing market recovers, the price of buying a home becomes a challenge for many. In just a year, we have seen a significant increase in the real estate market. National Association of Realtors claims that the median price for a single-family home is now at $203,500. Most mortgages require a 20% down payment. In addition, mortgage rates are starting to rise. That can be quite hefty for most of us.
It is quite hard to save money for down payment to your desired home. Still, there are some ways on how to guarantee your next down payment.
Tips On How To Save For A Down Payment
Look Into Loan Options - As mentioned above, the usual mortgage requires a 20% down payment of the home’s purchase price. Actually, there is an even lower option.…