Many people are trying to save enough money to put a down payment on a house. For many, it is very hard to save that elusive 20% that is required to get a mortgage from any lender in today’s market. Of course, there are new initiatives that are helping first time home buyers but it is not conventional. If you are looking to save and do it efficiently, you should use a savings account at a bank.
- It is very hard to save for a down payment on a house nowadays.
- Being able to have easy access to your funds should be paramount if looking to buy a home.
- Be smart with your decision on buying a house and how you store your money.
“”A CD might be restrictive,” said Eric Roberge, a CFP and founder of the firm Beyond Your Hammock. “Make sure the term is aligned with when you will need the money. Your first priority should be liquidity and the ability to access the money without fees.””