Saving for a Home? Don’t Make These Mistakes With Your Down Payment

Stay Wealthy Retirement Podcast

Taylor Schulte, CFP®

Financialplanning, Retirement, Money, Taxplanning, Stocks, Wealth, Business, Investing, Retirementplanning

2.4 • 606 Ratings

🗓️ 16 April 2019

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Buying a home comes with huge financial implications, and many of them come into play well before you make an offer and close on your mortgage. You could spend months, years, or even decades saving up the down payment for your home — and that’s especially true if you plan to save 20% or more or if you live in an expensive area.

To make the most of your situation, you’ll need to focus on two main imperatives — figuring out where to save your down payment funds, and deciding on a mortgage that fits in with your budget and your goals.

Many people assume picking a mortgage is a piece of cake, but that couldn’t be further from the truth. While it’s easy to think you’ll just get a 30-year, fixed-rate mortgage because that’s what all your friends and colleagues have done, a home purchase provides the perfect opportunity to think differently about what you really want.

In this podcast, we’ll go over my thoughts on where you should save your down payment during any timeline of less than ten years. But we’ll also talk about the mortgages available today — and how the obvious mortgage choice isn’t always the best.

Ready to start saving for your dream home? Listen to today’s podcast episode to learn how.

Show Notes & Links: www.youstaywealthy.com/42

DISCLAIMER: This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. This podcast is not engaged in rendering legal, financial, or other professional services.

Transcript

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0:00.0	Welcome to the Stay Wealthy podcast. I'm your host, Taylor Schulte, and today we are talking about mortgages.
0:07.0	I'm also going to be talking about how to invest the money you're saving for a down payment on a home.
0:12.5	And maybe it's a primary home or another investment property, but I want to put to rest a very common mistake that people make with their money when they're
0:22.0	saving for these real estate down payments and share with you what I think the best solution is.
0:28.0	And then be sure to stick around because I'm also going to have a special guest on the show
0:32.1	today. And her name is Sarah Lindsay. She's a certified mortgage planning specialist, but she's better known as the
0:39.7	home loan gal. And she's a wealth of information and she has some really cool stuff to share
0:43.6	with us today. Buying a home is really expensive. And most people truly don't take costs into
0:51.2	the consideration. And one of the biggest costs is the interest that you pay
0:56.2	on the life of a mortgage. So Sarah is going to be bringing to the surface a new type of loan
1:02.4	that for the right person can help reduce the amount of interest you pay and also speed up the
1:09.4	repayment of the loan. We typically only hear about 30-year mortgages or 15-year
1:14.4	mortgages or maybe adjustable rate mortgages, which a lot of people got into trouble with.
1:19.1	But buying a home and securing a mortgage is a huge decision. And while the loan that Sarah is going
1:27.0	to talk about today isn't for everyone by
1:29.1	any means, I think we just kind of owe it to ourselves to explore all the available options out
1:35.2	there and choose the one that's best for us and our financial plan and not just do what our
1:42.2	friend or neighbor does or just because we've been doing this for the
1:44.8	last hundred years. For all the details, links, and show notes for this episode, you can go to
1:51.2	you stay wealthy.com forward slash 42. All right, let's geek out on some real estate.
2:01.9	At the end of the day, you have to do what you're comfortable with.
2:04.5	It's your financing.
	...

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