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Most people I know don't. They will take a huge credit for it and pay it off the rest of their lifes.0
Most people I know don't. They will take a huge credit for it and pay it off the rest of their lifes.
nowadays? for the general public of the millennials, i haven't a damn clue. I save real well, but i can't speak for others. the most my friends can do is rent a single bedroom apartment. saving up for a 10 fixed over 20, 30 year total mortgage is fucking impossible for them.
We did it in Belgium, both working renting and saving for years, paid cash most of it, took a small loan with installments equal to the rent we had been paying.
Many of my older co workers (and we) paid a home for their children when they married.
I don't think you an do it in NYC, CA, Paris, London or Hawaii.
You need to have two people working REALLY well paying jobs in a country where those jobs actually pay well (not in Hungary).
I'm single and I'm saving for a house right now. It's perfectly possible. What I am doing is working on getting my credit score higher, it's a 720-30 right now and want it to be closer to 780 by the time I save up enough to put down 20%. You want to have that much to put down because your monthly note will be much cheaper b/c you don't have to pay for that stupid insurance the banks make you get if you don't put that much down. Not sure if that's how it is were you live, but it is where I am.
It will probably take me another year to have enough saved up enough. But basically I am not spending money on things I don't need. And you don't need most things. You need to eat. And that's about it. If you have cloths, you don't need new cloths. If you eat out a lot or find yourself swiping your debit card a lot for food. Stop. And eat at the house.
Another thing to do is if you have high monthly bills, you need to pay things off. Having credit cards with a revolving balance is bad as well. If you have a car note. Pay on it double your note so that you can have it paid off in a year. If that's not possible, then you can't really afford your car and you should sell it and get a cheaper one.
If you really want some financial help, feel free to message me and I can see what I can do.
I used a rural development loan to purchase my home. It only cost me 900 dollars down to buy my home. The loan has a catch, it must be a certain distance from a metropolitan area. So if you plan on living in a city it won't work for you.
put money in the bank.
took a loan from my 401k to cover the 10% down. the savings from the PMI insurance helped cover the 401K loan
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