When you are buying a house, you have to make an upfront deposit, aka a down payment. For many people who are buying their first house, the deposit along with other upfront expenses is the biggest hurdle.

For many, the mortgage can be a steeper challenge. It is fair to infer that most young homebuyers find it difficult to put together a substantial amount of money for the deposits – even though they can manage the mortgage given their recurring income.

There are certain realities you need to know and you should have a plan in place to put together your deposit. Here are the dos and don’ts of deposits.

 

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