If you want to start saving for a house but don’t know where to begin. Explore this guide on saving to buy a house. Also, find practical advice about saving for a down payment and getting your finances in shape before applying for a mortgage.
It’s important to have a goal in mind when you’re saving to buy a house. Most financial planners advise buyers to make a down payment of at least 20 percent to save on fees and private mortgage insurance. Our home savings calculator can help you determine how much you may need to save based on your price range, estimated down payment, amount currently saved and your time frame.
If you want to buy a house in the next few years, you may wish to save for a home in a variety of accounts to get the best return possible. Citizens offers a home savings account , certificates of deposit, money market accounts and other traditional savings accounts that can help your money grow. When you open one of our savings accounts, you can use our Steady Save® feature to automatically transfer funds from your checking account to a deposit account in the amount and time frame that’s right for you. It’s a fast, simple way to start saving for a house.
To begin saving to buy a house, you’ll want to review your current finances and think about the features you want in a home. While there are numerous ways to prepare for homeownership, these tips can help you save more effectively and find the home that’s right for you:
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Disclaimer: Views expressed may not necessarily reflect those of Citizens. The information contained herein is for informational purposes only as a service to the public and is not legal advice or a substitute for legal counsel. You should do your own research and/or contact your own legal or tax advisor for assistance with questions you may have on the information contained herein.