Deb Tebbs Group

Cascade Sotheby's International Realty

Bend Oregon Real Estate – 3 Things You Should Not Do With Your Down Payment

Bend Oregon Real Estate

 

 

 

 

 

 

BEND, OR. – Are you looking forward to buying Bend Oregon Real Estate? If so, you may be saving money for a down payment on a home like most people and as you get closer to buying a house you might be tempted to use that money elsewhere before you use it for buying a home.

In this article, we will share with you 3 things you don’t want to do with your down payment before using it to buy Bend Oregon Real Estate.

#1 – Don’t Put Your Money under Your Bed

Sadly, in 2016-2017 many people still put some of the money they are saving for a down payment on a home “under their beds”, or they store it somewhere else. This is a bad decision to make because it’s easy to lose cash, or it can get stolen, so it’s best to keep your money in the bank.

#2 – Don’t Want Until the Last Minute to Make Deposits

A typical lender will also want to see that the money for your deposit is “seasoned” and this means that it’s sat in your bank for at least 60 days so if you plan on buying a home in the next six to 12 months you should deposit all of the money you intend on using for your deposit into your account at least 60 days before contacting a lender.

#3 – Don’t Make Risky Investments

With a 20% down payment sitting in your bank account you might be tempted to invest that money in the stock market or another risky investment. Before doing this it’s best to ask yourself if you can really afford to lose any money at all because one loss can easily wipe out the money that you’ve worked hard to save over the years.

If you’re still thinking about investing the money that you should be using for your down payment on a home you should consider putting that money in a CD just so you can make some money from the investment safely and have that money available to use for buying a home when you need it.

Learn More

To learn more about things you should never do with your down payment, or to view Bend Oregon Real Estate, contact the Deb Tebbs Group today by calling us at (541) 323-4823 or click here to connect with us online.

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