How To Save For A Down Payment

Last Updated on Tuesday, 5 June 2012 08:06 Written by Stefan Tuesday, 5 June 2012 08:06

Owning your own home has a lot of payoffs, especially these days when mortgage
rates are still among the lowest in 30 years. There are also many housing options
available in a wide range of prices.

Simply put, you can carry a home of your own for no more than what you would
pay in rent. And, unlike renting, your payments go toward increasing the equity
in your home.

So, what’s stopping you? For most people who have never owned a home before,
it’s the initial down payment and the ability to keep up with the monthly financial
obligations (mortgage payment, insurance, utilities, maintenance).

The effort to save for and buy a home may require you to make significant
changes in your way of life. For most people, it means changing their spending
and lifestyle habits to support the additional costs of saving for, paying
for, and maintaining a home.

One of the best ways of saving for a down payment is to take advantage of
government programs available to


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