Cashay logo

Empowering your money

The first thing to plan for when buying a home

The first thing to plan for when buying a home
The first thing to plan for when buying a home

The first thing to plan for when it comes to paying for a home is the down payment. Ideally, you want to have a large stash of savings to pay for that.

The traditional 20% down has returned after several years of being out of sight. It is still possible to get a loan that requires less than 20%, but it is not easy to qualify for like it was in the 1990s and early 2000s.

If you already have 20%, you will not need to pay for mortgage insurance, and you will cut your monthly payments as well. If you can raise more than 20%, so much the better. But if you do not have 20%, there are ways to raise it.

Dive deeper: How to finance a home purchase: The full breakdown

This content was created in partnership with the Financial Fitness Group, a leading e-learning provider of FINRA compliant financial wellness solutions that help improve financial literacy.

Read more information and tips in our Buying/Selling a home section

Read more personal finance information, news, and tips on Cashay

Follow Cashay on Instagram, Twitter, and Facebook