PennyGem’s Elizabeth Keatinge tells us how you can save for a down payment on your dream home.
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00:00so you found your dream home just one little thing you need the down payment maybe making
00:09this a reality isn't out of reach money talks news suggests having a dedicated account to save
00:14for the down payment perhaps you have some big ticket items you can sell to fatten that account
00:19like a car boat motorcycle or sports equipment put savings on autopilot so you don't have to
00:24think about it and your account just grows financial advisor molly stanifer tells business insider that
00:30your funds should be liquid if you plan to buy soon you don't want to find the house of your dreams and
00:35then be unable to withdraw the money you need for the down payment if your time frame for buying a
00:40house is more than five years you can look into products that generate more interest but can be
00:44more volatile including stocks nerd wallet has a calculator to help you determine just how long
00:50saving for your down payment can take oh and don't forget to also start an account for future home
00:55maintenance costs