Pumpkin Spice Lattes Could Keep You From Owning A Home

Dated: 08/28/2019

Views: 102

Image titlePumpkin Spiced Lattes or Buying a Home?

Recently, this conversation was discussed among friends about how people will buy lattes, coffees, or other specialized drinks as part of their daily routines.  Later, the conversation switched to purchasing a home and the amount of money needed for a down payment.  

Typically in Maryland, a down payment for a home range anywhere from 3.5% to 20% of the purchase price of the home's sale amount.  The down payment of a home also depends on the type of loan that bank preapproves you for based on  your income and credit. Many first time home buyers, select the lowest amount (3.5%) for a down payment as their funds are limited.  

Let's take a closer look at that figure: 


Price of Home3.5% Down PaymentSize of LatteDaily Cost of Latte5 Year Cost of Daily Latte
$200,000$7,500Tall$4.25$7,756.25
$250,000$8,750Grande$4.95$9,033.75
$300,000$10,500Venti$5.25$9,581.25

Bottom Line: 

As you can see, the cost of those tempting lattes add up quickly. Just by changing that small spending habit each day, you can easily save up for a down payment on a home, very quickly!  Imagine if you cut out eating out every week???  You could be purchasing a home even quicker!  

For more money savings tips, credit issues, or to discuss the home buying process; contact Team Caropreso today by visit our website: Excellence in Real Estate

  

Blog author image

Vincent Caropreso

Being the CEO and Team Leader of Team Caropreso, Vince specializes in Listings, Marketing, REO/Foreclosures,Short Sales and working with Investors. With 19 years of experience and selling over 700 hom....

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