More and more starters are saving for a home

A report by Across Lender has shown that starters save a lot for the purchase of their first home. On average, they save around $ 23,232 for the purchase of a home, which comes down to $ 410 per month.

More starters are saving thanks to stricter loan standards
More starters are saving thanks to stricter loan standards

About two thirds of starters save for the purchase of their first home. Half the starters will $ 10,000 to $ 30,000 together save to buy a home.

Reduce housing costs
According to the Across Lender , almost half of the starters want to use the saved money to reduce future housing costs. The other half wants to use the savings to furnish or renovate the home. Furthermore, the savings are also used to pay the notary fees or the costs of the buyer.

Tightening of loan standards
In November it was announced that the loan standards will be tightened considerably. For this reason, it has become increasingly important for starters to save for the purchase of a home. In the new year, starters will be able to borrow even less money for the purchase of a new home. This is especially true for people with lower incomes up to $ 27,000 per year.

No more starters loan
Many starters who want to buy a house can no longer use the starters loan, because this loan disappears in many municipalities. In addition, the maximum mortgage amount will drop to 103% of the home value in 2015. A renovation cannot then be co-financed in a mortgage .

Published December 16, 2014 at 2:56 PM by the editors .

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