Listen Now: Dream Home Down Payment: There’s An App For That
Need money for a down payment on your dream home? There’s an app for that.
According to a survey from The Urban Institute 53% of renters said a down payment was the primary reason they were not homeowners. However that same survey showed those same renters didn’t have an accurate understanding of how much they would actually need.
Now the mortgage lender CMG Financial is getting creative with getting people in their first home. They recently launched up it; a cash back program that combines shopping with saving money. The company has paired with brand name retailers such as Walgreens, Overstock.com and Expedia.
Depending on the retailer, a percentage of your transaction, up to ten percent, goes into your up it fund. Anyone can set up a fund and anyone can contribute as long as they shop through the app. The fund can stay active for as long as it takes to raise enough money for your down payment.
The company says whether for necessity or desire, everyone shops. But this way your habit can really pay off.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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