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To quickly save money for a house, take a multi-pronged approach: Cut extra expenses where you can, set aside raises, tax refunds and other windfalls, take on a side gig to earn extra income, if possible, and keep your savings in a high yield savings account.
If you're hoping to be a homeowner in the future, here are our best tips for how to save for a house. Determine how much you need. Get your debt under control. Put retirement savings on temporary hold. Use technology to make saving less painful. Ask for gift money. Get a side hustle.
Currently, there's no Congress mortgage stimulus program or GSE rescue package. But homeowners have plenty of alternatives. Many lenders are offering forbearance for as long as Covid is considered a National Emergency. And thousands of homeowners are still eligible to refinance despite rising rates.
How Long Will It Take to Save for a House? Saving 20% of your income could catapult you into purchasing a home in the next one to three years, depending on your market. For example, if you're earning $96,000 per year, that's $19,200 saved after one year. It's $38,400 after two years and $57,600 after three.
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