Clever-Girl-Finance
The founder and CEO of Clever Girl Finance provides tips on saving for a house down payment, including determining the exact amount needed, adding a line item to the budget, automating transfers, opening a separate account, and considering associated costs. She emphasizes the importance of improving credit to save money on mortgage interest as even a half percentage point can mean hundreds of dollars in payments. Additionally, she advises having extra cash put aside outside of the down payment for expenses such as closing costs and home improvements.
In this section, the founder and CEO of Clever Girl Finance provides tips on how to start saving for a house down payment. She advises determining the exact amount needed based on the percentage of the home price, adding a line item to your budget for monthly savings, automating transfers to a separate account for the house savings, and saving more for associated costs. She also stresses the importance of considering the length of time needed to save for a down payment and opening a separate account to stay on track with savings goals. Finally, she recommends discussing financing options with lenders and factoring in closing costs into the savings plan.
In this section, the speaker discusses expenses and associated costs to consider when saving for a down payment on a home, such as closing costs, inspections, appraisals, moving costs, furnishing, decor, renovation costs, and homeowners association fees. It's advisable to have extra cash put aside outside of your down payment for these costs in case anything comes up during the home buying process. The speaker also emphasizes the importance of improving your credit while saving to help you save money on mortgage interest. Your credit rating is going to determine what the interest rate is on your debts, and interest rates can compound, meaning even a half percentage point can mean several hundred dollars a month in payments on interest on a mortgage. Therefore, it's essential to improve your credit to qualify for the lowest interest rate possible, which can save you tens of thousands of dollars over the life of your loan.
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