6 Easy Budget and Savings Tips for Buying a House

What our expert says: “If the funds are left in the brick-and-mortar bank where the cash was deposited, I would say you one could do a bit better by then transferring their deposit to an online bank where you will likely enjoy a higher interest rate on their savings,” Allec says. “While this may not have been the case when you were saving for your home purchase, in today’s environment you could easily open an online savings account and earn over two percent interest.  That may not sound like a lot, but on a $1,000 deposit, that’s $20 per year, and that’s excluding compounding. On a $10,000 deposit, that’s $200. And if you’re sitting on a $50,000 down payment, that’s $1,000 per year!”

Source: Apartmenttherapy.com

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