Getting Together a Down Payment for a Home Is Tough But Needs to Happen!

PennyGem’s Elizabeth Keatinge tells us how you can save for a down payment on your dream home.

Transcript

00:00So, you found your dream home.

00:06Just one little thing you need.

00:07The down payment.

00:08Maybe making this a reality isn't out of reach.

00:11Money Talks News suggests having a dedicated account to save for the down payment.

00:16Perhaps you have some big ticket items you can sell to fatten that account.

00:19Like a car, boat, motorcycle, or sports equipment.

00:22Put savings on autopilot so you don't have to think about it and your account just grows.

00:27Financial advisor Molly Stanifer tells Business Insider that your funds should be liquid if

00:32you plan to buy soon.

00:33You don't want to find the house of your dreams and then be unable to withdraw the

00:37money you need for the down payment.

00:39If your time frame for buying a house is more than five years, you can look into products

00:42that generate more interest, but can be more volatile, including stocks.

00:46NerdWallet has a calculator to help you determine just how long saving for your down payment

00:51can take.

00:52And don't forget to also start an account for future home maintenance costs.