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How to save up for a house

Saving Up for a New House

Moving to a new home can be an exciting time for you and your family. Before you make the move, though, it’s important to save up plenty of money so that you can afford a good down payment, plus any unforeseen expenses that may come up. This saving is especially important if you’re moving to a new area, as expenses could be different than what you’re used to. To help increase your financial fitness, here are some tips to help families save up for a new house in a new area.

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USDA Loans

4 Signs You’re Financially Ready to Buy a Home

The cost of getting into single family homes is significantly higher than the cost of getting into a rental of any sort. Sure, you may have to pay first month’s rent plus a deposit. The cost of this may even be a couple of thousand dollars. However, the cost of the down payment for a home is significantly higher, usually 20% at least. To put that into perspective, that’s $30,000 down on a $150,000 house.

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Mortgage Down Payment

4 Ways to Cut Back on Your Budget to Save for a down Payment

You’ve talked to your family and have made the decision to buy a home. This means that you won’t have to throw money away on rental payments each month. However, you’re going to need to provide a down payment for the house that you want to get. Real estate agents will tell you that a standard mortgage will typically require that you have 20% of the purchase price as a downpayment. But there are ways that you can have 10%, 5% or for first time home buyers 3% for your down payment.  And it is possible for Veterans to pay Zero percent down.

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Repairs

Avoid being “house poor” by taking these 4 steps

We’ve all heard cautionary tales of new homeowners who have ended up “house poor.” Yes, their homes may be gorgeous and enviable, but that asset is all they have. But in reality, they’re struggling to afford their homes and live their lives comfortably. And, if there’s one thing you don’t want to do as a buyer, it’s to find yourself in a similar position. Here are the steps you can take during your home search to ensure you find a home that works with your wallet and keeps you comfortably in your budget:

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Boost Your Credit BEFORE Buying Your 1st Home

Buying a home is always a very big and important decision. When you are looking for your next home, making sure that you will qualify for the best possible mortgage is a great idea. To get the best deal, you will need to make sure that your credit is in good order before you try and buy the property. Remember a better credit score means a lower interest rate and even a half percent can make thousands of dollars difference on a mortgage. 

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Buying Your First House

Tips for Navigating Your First Home Mortgage

Owning your first home is a major milestone that you should be proud of. However, there are plenty of things you need to do to prepare for it. This includes signing a mortgage, which is a loan you’ll pay back on a monthly basis to the bank you borrowed money from to pay for the house. In order to be a responsible homeowner, you need to have a solid understanding of your mortgage.

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