Saving for Downpayments

[kashi]

I know how to use Excel...it's the terminology that has me befuddled. Like I said, I need to do more research and maybe attend a first time home buyers seminar or something.

Interesting info about the foreclosures! I've looked online at them a couple of times, but the prospect of mold problems scares me.

The car really is a bigger issue right now...it sounds akin to a lawnmower today.

[jhd815]

Kashi,

You should also investigate programs that help first-time homebuyers with securing a down payment on a home. Here's a link to an article I wrote that contains some information for you:

Programs to help you fund your American Dream

http://www.yourfreecreditreportnow.c...icandream.html

I was only able to save up 5% for a down payment on my home, but it sure beats renting for me.

Good Luck

[kashi]

thanks!

[DivaJen]

Dh and I had been saving for our wedding when the house came on the market...so we bought the house and got married on the back lawn. I'd say we saved heavily for about 14-15 months and then put 5% down. We had an 80% 30-year 1st and a 15% 15-year second. We've since refinanced a couple of times and are down to about 18 years left on one 20-year loan.

There are creative ways around the standard 20% down these days.

[kashi]

Dh and I had been saving for our wedding when the house came on the market...so we bought the house and got married on the back lawn.

I think that is incredibly awesome. I would much rather spend that kind of money on an investment, like a home, than on one day of frivolity. way to go!

just wanted to clarify that by "frivolity," I mean a $1000 dress I'd only wear once, a room full of ice sculptures, a 30 piece band, a five course dinner for 400, $5000 wedding favors for each guest, etc etc. how celebrities do it, in other words. I don't mock marriage at all...just the "need" for one day of mememe.

[sbsake]

Saving on a ongoing process is the best way!!! Make a Plan and find a way to achieve this

[DivaJen]

Originally Posted by kashi

I think that is incredibly awesome. I would much rather spend that kind of money on an investment, like a home, than on one day of frivolity. way to go!

just wanted to clarify that by "frivolity," I mean a $1000 dress I'd only wear once, a room full of ice sculptures, a 30 piece band, a five course dinner for 400, $5000 wedding favors for each guest, etc etc. how celebrities do it, in other words. I don't mock marriage at all...just the "need" for one day of mememe.

LOL! I did manage to have a bit of frivolity *and* buy the house. My wedding dress was the biggie - I fell in love with it and shelled out...er.....um....well, it was a lot! Now it's all boxed up and sitting in my guest room. Some days I want to take it out and just wear it around the house.


But the rest of the party was done fairly inexpensively, and I'm reasonably certain most all of our guests enjoyed themselves. I know DH and I did!

[sbsake]

If you can save for these large exp that is in your best interest. But reality is some people can afford them but not to save ..... also if you have a large deposit you will see credit union will give you better rates