This is a very tricky question and would depend on your income and loan history.
There are different things to consider when buying a home. One of those things is whether you can use all or part of your mortgage payments towards the down payment. If you have a permanent job that is paying well, and it’s not in an industry where there are layoffs, then you might be able to do this.
If your income fluctuates from month to month, like if you are self-employed or work multiple jobs, then using all or part of mortgage payments towards the down payment may not be possible. On average mortgages last for 18 years so use caution when considering this option until your situation changes and stabilizes.
If you are taking advantage of a low-rate mortgage, then making extra payments may not make any sense because you would be paying less money for the same amount of interest. If you are planning to refinance in the future and use what is left over as part of your down payment, this may also be a good idea . It's important to consider all of your options when making a financial decision like this .
There are different things to consider when buying a home. One of those things is whether you can use all or part of your mortgage payments towards the down payment. If you have a permanent job that is paying well, and it’s not in an industry where there are layoffs, then you might be able to do this.
If your income fluctuates from month to month, like if you are self-employed or work multiple jobs, then using all or part of mortgage payments towards the down payment may not be possible. On average mortgages last for 18 years so use caution when considering this option until your situation changes and stabilizes.
If you are taking advantage of a low-rate mortgage, then making extra payments may not make any sense because you would be paying less money for the same amount of interest. If you are planning to refinance in the future and use what is left over as part of your down payment, this may also be a good idea . It's important to consider all of your options when making a financial decision like this .
