If you're ready to buy a home, you'll need enough down payment money to qualify for a mortgage. Find out how much you need, six tips to save faster, and the best places to stash cash for your new home.
Instead, tuck your down payment savings in a high-yield, FDIC-insured savings account. That insures your money will be completely safe, give you flexibility, and earn some interest to boot.
Online banks typically offer the highest interest rates because they don’t have as much overhead as institutions with local branches. However, local credit unions can be competitive—if you qualify for membership.
Also see: Bank or Credit Union—Which Is Better?
Online banks typically offer the highest interest rates because they don’t have as much overhead as institutions with local branches.
Interest rates for online savings accounts change frequently, but here are some good options I recommend Satta check out that have no minimum balance requirements and pay close to 1%:
Making sacrifices to become a homeowner can bring many benefits—especially if you live in an area where owning is less expensive than renting. If you have a fixed-rate mortgage, every mortgage payment you make builds equity in your home, which is a terrific way to build your net worth and wealth.
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Mortgage Concept image courtesy of Shutterstock