Mortgage Talk: How Much To Save Before You Buy a Home

September 10, 2019

How much money should you save before you buy your home? It might take a minute, because there are so many costs associated with buying a home. Depending on what you need for a down payment, you should have between 3-20% of the purchase price saved up ahead of time. 

Remember-- the less you put down, because the less you put down now, the more you'll have in your rainy day fund in case things don't go sideways.

It's more than just a down payment on the house. You'll also have to pay for the home inspection, the appraisal costs, the closing costs, and the "rainy day fund" to use for any emergencies that come up.

Patty from American Eagle recommends saving for at least a year before beginning to look for a home.