Posted on: 25th Sep, 2013 11:44 pm
I am 23 years old and I will like to purchase a home. I have saved around $30,000 for the house and by 2015, I aim to save around $50,000. I want to save money to buy the home but I am afraid that home prices will increase steadily before I save enough to buy the home. Should I buy now, or wait until 2015 or even later?
Hi Guest,
If you wish to buy a property through cash, then you will be liable for saving the money in your account. However, you can take out a mortgage after 2015 when you have a lump sum amount saved in your account as down payment.
Take care
If you wish to buy a property through cash, then you will be liable for saving the money in your account. However, you can take out a mortgage after 2015 when you have a lump sum amount saved in your account as down payment.
Take care
Welcome Guest,
I personally feel that it is better to save a lump sum amount for your property and then plan to get a mortgage. This will help you in providing a lump sum amount as down payment. Thus, your overall mortgage amount will be less.
I personally feel that it is better to save a lump sum amount for your property and then plan to get a mortgage. This will help you in providing a lump sum amount as down payment. Thus, your overall mortgage amount will be less.