many first time homebuyers don’t figure the closing costs into their savings plan.
Seattle, WA (PRWEB) May 23, 2013
Saving up some money toward home ownership is a challenging, disciplined, and exciting process, but many first time homebuyers don’t figure the closing costs into their savings plan. Rate State has published 3 tips for saving to cover closing costs as well as down payment.
As the housing and employment markets begin to slowly rebound from the recent recession, more people can qualify for a home mortgage loan to purchase their first home. This is great for first time homebuyers, and will continue to stimulate the economy.
Most homebuyers realize they will need a down payment of varying amount depending on the loan they qualify for, but many do not realize they will need an additional 3% of the purchase price, on average, to pay toward closing costs.
Rate State’s newest advice article provides three options for a savings plan that are easy to focus on and stick with, and will allow new homebuyers to save money toward the extra costs of closing in addition to their down payment.
For more information please visit http://www.ratestate.com
About Rate State:
Rate State provides a simple, easy to use web interface to help homeowners and homebuyers find the best available mortgage loan for home purchases, and mortgage refinancing. In addition to the Rate State system, the website provides valuable articles and education for homebuyers and current homeowners considering a home purchase or refinance.