Lite Rock 105 & Washington Trust's Money Minute Blog
LiteRock 105 & Washington Trust are happy to bring you tips and information every weekday on how to keep your finances in order and safe. Check back every day as we give you our on-air audio reports from Jones & Heather in the Morning and Tony Bristol, our blog and your comments. We're here to help your financial present and future.
Ways to Accumulate a Down Payment on a Home
When buying a home, the amount of your down payment will determine the size of the mortgage you need. Saving more for your down payment will reduce your monthly payments. And saving faster will help you get into a new home sooner.
Here are several tips for building funds for your down payment:
Enroll in an automatic savings plan and have a certain amount transferred from your checking account to a dedicated savings account each month. Consider a money market type of account to earn higher interest.
Move to a cheaper apartment while you accumulate your down payment.
Reduce high interest rate debt by paying off your credit cards.
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Former Lite Rock 105 Morning Man Gary DeGraide stopped by the Lite Rock 105 studios!
