Can’t Buy Now – Need Another Year to Save Up ! ?

4.1.1Most of the time, this is a strategy which will get you little or nothing for the delay (unless you are waiting for rich Uncle Otto to die, or you’re sure you will win the lottery), and, in fact, may put you behind if interest rates or home prices move against you. Sure, you will need a certain amount of money for down payment and maybe other closing expenses, but you won’t know this amount for sure until you have chosen a preliminary home price range and have talked to a mortgage banker and obtained a good faith estimate (GFE)  of closing costs.  Your ability to find your dream home is largely based on the amount you can borrow, not on how much you can save, because most people can’t save fast enough to make a difference.

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