(Closed) When did you start saving for a mortgage downpayment?

posted 6 years ago in Home
Post # 3
Member
5547 posts
Bee Keeper
  • Wedding: December 2011

This is interesting, we didn’t think we would be even close to thinking about buying a house for 3-4 years but now thanks to some school/ career changes for Darling Husband we will be moving to an area where we could reasonably buy a house in the next year. But of course we have almost NO savings for it yet so we are just starting out at like….$1000. Of course we arw ao new at this I honestly have zero idea what a reasonable amount is to be saving! So I’m interested to hear when and how people do this!

Post # 4
Member
9056 posts
Buzzing Beekeeper
  • Wedding: June 2010

We did it kind of backwards I guess. We lived in two 900/month apartments and decided to buy an apartment together that was way cheaper than two sets of rent with the minimum 5% down. Then we started really sockin away cash for the last 5 years to save up 100,000 downpayment for the NEXT real house. 

Post # 5
Member
2819 posts
Sugar bee
  • Wedding: February 2013

We have been saving for forever just in general, but we started saving specifically for a downpayment about a year or so ago, I guess? We’re expecting to buy in August.

Usually the rule of thumb (at least around here) is that there is a 5-7% minimum downpayment, and if you want to avoid being forced to purchase insurance (in case you default on the mortgage & the house goes into foreclosure) you need to put 20% down. We’re aiming for as high a downpayment as possible, ’cause then you have to pay less interest back to the bank, haha!

Post # 6
Member
10367 posts
Sugar Beekeeper
  • Wedding: September 2010

A 20% down payment is around $100,000 for a 2 bedroom or very small 3 bedroom home where we live, soooooo….I guess it means multiple years of saving everything we can. I find it incredible that people are even able to buy here!

Post # 7
Member
3220 posts
Sugar bee
  • Wedding: February 2012

We’re just taking from general savings.

Post # 8
Member
10288 posts
Sugar Beekeeper
  • Wedding: October 2011

We just have general savings. When we got married, that’s what we dipped in to and we’ll do the same when we buy a house (hopefully before this time next year). Starting this summer, my whole paycheck as well as a large portion of DH’s will go towards savings which should give us a nice downpayment by the time we’re ready to buy.

Post # 9
Member
1934 posts
Buzzing bee
  • Wedding: August 2012

My parents started a savings for me when I was a baby.  I put into it over the years from various jobs.  When I bought my house (which was a 3 bedroom, 1.5 bath at the time), I put 20% down.  I was 27 at the time.  So basically, since birth.  I don’t think this is quite the norm anymore.  I think you can put as low at 3-5% down?  I could be wrong.

Post # 10
Member
12973 posts
Honey Beekeeper
  • Wedding: November 1999

We’ve been socking away money for a while (tax refunds, gift money, etc) so when we finally find our dream house, we’ll be able to buy with no problems.  We have a decent amount saved up, so we’re in good shape. 

You can put as low as 3% down, but you have to get a FHA loan; conventionals with 10% or 20% down are still the best way to go, according to everyone I’ve talked to.

Post # 12
Member
13099 posts
Honey Beekeeper
  • Wedding: July 2010

We never saved specifically for a mortgage.  But I’ve been generally saving since birth and investing since I was 14 or so (which is where the bulk of our downpayment came from).

Post # 13
Member
484 posts
Helper bee
  • Wedding: July 2010

@Mrs.KMM:  This exactly. I am a frugal bee and have been saving since I can remember from my birthdays, graduation, etc.

Post # 14
Member
799 posts
Busy bee
  • Wedding: June 2011

We began saving in August, bought in January (new build, so deposits down then) and moved in June.

We are bad in the sense where we make good money and don’t save as much as we should on a day to day basis, but when we have a goal, saving is really easy for us. We did this same thing for our wedding too. 10 months of saving and we really need to get better at saving without a goal!

Post # 15
Member
5371 posts
Bee Keeper
  • Wedding: June 2014 - Ontario, Canada ♥ EDD- April 2016

We’re starting to save this year (we’re both 21) because my Fiance graduates this year and will be able to get a job! Yay!

ETA: We aren’t planning on buying a home for a few years though because we want to get one after the wedding and I still have schooling left and don’t want to buy in the city where I go to school.

Post # 16
Member
3618 posts
Sugar bee
  • Wedding: November 2011

I started saving the minute I was out of college and had a real job. I wasn’t with Darling Husband at the time, but I knew I wanted to own a house *some* day and where I live even a 5% downpayment is more than your average car so I started to save ASAP. Especially since I knew I wanted to put at least 20% down. About three years later we bought our home together.

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