So me and my gf decided on saving up for a house we'll get sometime in the future and decided on saving up now. Definately won't be in NJ, was thinking Georgia......Atlanta area. We thought of Florida but I dunno yet. Anyway that's up in the air for now but what we want to do is set aside a certain amount of money each month into an account that we won't touch and will give a good rate. A friend of hers mentioned ING.

http://www.ingdirect.com/osa_work/

Seams like a good rate but is there anything you guys would recommend?

We're looking to put ~$300/each out of our paychecks every month so ~$600/mth is going to be put aside. Then we figure in a year and 1/2 or so we'll have enough to make a decent down payment on a house.

 

it's a tarp

 

in 16 months that'll be 10800. Minimum now they ask is 20% down payment.
If not, you'll most likely have to take an 80/20 loan and pay PMI ( insurance ) on the mortgage.

Is it me or has anyone else noticed that they now offer a 40yr mortgage?


Believe it or not, right now is a buyers market. Sellers are basically being f****ed right now without lube.

Im actually looking into purchasing another home in PA and I think my offer may be accepted cause the market out there is kinda slow now.

i offered her 20k less than her offer. Hopefully it goes through cause its a nice place.

 

OK OK.........everyone get it out of your system now. :chuckles:



No really, i'm serious. :hs:

 

Damn 20% huh? :thinking: So if we get a $200k house we have to save up for 6 years. Definately not gonna fly.

 

you do not need to put 20% down. of course it would be nice if you could so you can avoid PMI. or else you can just get 2 mortgages to avoid PMI.

 

Ohhhh ok thanks for the info.

Is there anything you would suggest us putting our money into to collect some interested over the period of time that we're saving?

 

well since interest rates are going down, it kinda sucks, hah. but look at some on the online banks to see what their rates are right now.

ing, hsbc, citibank, wamu...and see what has the best rate. and i'd just go with that for now.

i use ing and hsbc.

 

Oh ok you use ING too. I mentioned that in my first post but didn't get feedback on it. A friend of my gf uses that and mentioned it to her. I'll check the others out and if anything, we'll shoot for ING. Thanks.

 

We got ING also but there rates are dropping. it was like 4.5% a few years ago and now its 2.9%
but its the easiest way to save. direct deposits into it.
dont worry about the 20%. like previous stated, u can get around the PMI with a 80/20 loan.
im looking into using my 401k as a down since the interest goes back to urself