Our Down Payment Journey – How We Saved More Than $100k for a Down Payment

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A down payment on your first home is a really big milestone for millennials. Kyle and I have saved more than $100k for a down payment on our first home in San Diego (yeah… $100,000…). Here’s a breakdown of how we were able to do that in a span of 5 years.

NOTES FROM THE VIDEO
March 2015 – We had some extra savings built on top of our $30k emergency fund. This amount was saved from when we got married in 2015
Dec 2016 – opened a CD with our credit union. Currently earning 3.4%
Started with $3,000
June 2017 – opened a brokerage account with Vanguard. Currently earning 5.6% Started with $3,000
November 2018 – opened a separate HYSA with Ally. Currently earning 1.1%
Started with $15,000

Total amount that we have saved for a down payment = $106,000

🎬 OTHER DFM VIDEOS YOU MIGHT ENJOY
How to Start a Down Payment Fund | 5 SIMPLE Steps! – https://youtu.be/9LbMNIhStP8
Down Payment in San Diego – BUYING A HOUSE – https://youtu.be/tjJk70VAa1g

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Are You Debt Free With a Mortgage, Our Down Payment Journey – How We Saved More Than $100k for a Down Payment.

Erase Debt And Leave A Legacy

When you repay the loan you get the rings back. I will not make a suggestion here as that would not be sensible. Or how about taking a pair of scissors and cutting the $10 note into little pieces?

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How To Obtain Home Loan Financial Obligation Elimination

Make your Revolving Debt payments ahead of schedule. Therefore a credit line is defined for you. The time of repayment can differ from 5, to 25 years. The later is the one that has no security connected to it.

It’s simple to come up with a list of factors (excuses actually) as to why you can’t achieve monetary liberty and live financial obligation totally free. Excuses are how we validate not permitting something to take place. Excuses are how we manage year after year, doing the same things and getting nowhere.

If it is a Secured Debt, such as a house, cars and truck or residential or commercial property , the product value is held as collateral for the debt. The product can be seized by the lending institution and offered to please the financial obligation if you die while cash is still owed.

Sometimes, financial obligation can escape us. This is the time to swing into action and try to get a plan that can help you finally escape the financial obligation cycle that has the prospective to bankrupt numerous American Families.

Seems like a dream, however few of us retire Debt Free. I understand a lot of senior citizens in their late 60s and early 70s who have actually retired, but continue to work due to the fact that they are not Debt Free for one reason or another. Usually easy credit and charge card are the issue. But the dream deserves pursuing. If you want and retire to delight in things other than simply the capability to go to work, particularly.

Charge card settlements might be much easier considering that the debt is long-term Revolving Debt. The lender desires you to keep their card and continue spending. It doesn’t hurt to attempt energy business if you are behind on their payments.

Here is a basic example of the result that interest has on the rate of an item. The actual cost of the purchase is $110 if you buy a product for $100 on credit with a 10% interest rate over one year. For that reason, you have just increased the rate of the product you acquired by 10%. The outcome is that you pay too much for the benefit of not paying for it today.

If you are pondering taking out a house equity loan, use your loan wisely. Miss three successive payments and your house could enter into foreclosure. If used correctly, it can maximize numerous dollars each month, entitle you to a tax deduction and help protect your financial future.

Whenever you repay what you utilized you once again have the whole limit offered. You may not find a cash loan loan provider ready to work with you. We require not fret about this financial obligation.

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