Strategies for Building and Preserving Home Equity

Strategies for Building and Preserving Home Equity

Source:  http://www.americasaves.org/for-savers/set-a-goal-what-to-save-for/save-for-a-home/strategies-for-building-and-preserving-home-equity

Almost anyone can afford to own a home with proper preparation. Develop a savings plan to build up money for a down payment at purchase, for moving expenses, and for post-purchase emergency expenditures such as needed home repairs. Remember, the larger your down payment, the lower your home loan payment. America Saves can help you develop a plan with regular monthly deposits in a bank or credit union account. At the same time, reduce your credit card and other debts in order to increase your ability to afford a house. Lowering these debts will increase your credit score and your chances of getting a lower-interest loan. For information about credit and help with debt repayments, contact your local, nonprofit consumer credit counseling service or housing counseling agency.

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