Money picks for First-time homebuyers
Saving a down payment, understanding mortgage options, and timing the purchase without overextending. The focus is getting the loan right and keeping the down payment safe until closing.
What you're really asking: How do I save a down payment and choose a mortgage without overextending myself?
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Frequently asked questions
Where should I keep my down payment while I save?
In a high-yield savings account, not the stock market. Money you'll need within a few years shouldn't be exposed to market swings. A high-yield account keeps it safe, liquid, and earning a competitive rate until closing day.
How much should I put down?
Enough to get a loan you're comfortable with, but not so much that you drain your emergency fund. A larger down payment lowers your monthly payment and can avoid extra insurance costs, but keeping cash reserves after closing matters just as much.
Should I get pre-approved before house hunting?
Yes. Pre-approval tells you what you can actually borrow, strengthens your offer with sellers, and surfaces any credit issues while you still have time to fix them.