Saving for a downpayment on a house

Saving for a downpayment is one of the most important goals you will have to face. It can determine what type of house you get, your interest rate, and your monthly payment. 

How much should I save?

This depends on the house but it is recommended to put down 15-20%. However, if this seems to hard, you will be fine with at least 8% (and a good credit score!).

What into?

I'm not a financial adviser, but these are the generally most-used things:

-CD

-Bond

-Government Bond

-Savings account

These all pay a fixed interest rate, which is extremely useful when saving for a goal in less than 10 years.

 

Happy saving!