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Couples Use Wedding Registry For Home Down Payment

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May 15, 2008 4:35 pm US/Eastern

Couples Use Wedding Registry For Home Down Payment

Reporting
Paula Ebben

BOSTON (WBZ) ―

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Jennifer Souza and Steve Mitchell of Medford are just barely making ends meet. The couple is saving for a traditional wedding but their registry is anything but traditional. Instead of the crystal and china, they're registering for a down payment on a house.

"We'd much rather have a bigger place to put all of the many things we have," said Jennifer. "A house is much better than pots and pans."

They're doing it through a Web site called My Dream Home Registry. Friends and family contribute to a savings account managed by the site. The company releases the money to the couple when they are ready to buy a house. Jennifer and Steve see it as a way out of their tiny rental.

"Give us something that we actually can use and work toward what we want, an actual house," he said.

That kind of thinking is changing the whole concept of wedding registries in this economic downturn. At stores like Lowes, couples are signing up for everything from lawn chairs to power tools. Some are even hoping for more basic needs, like hardware and paint.

Steve and Jennifer say there is no point in getting toasters and blenders if they have no place to put them. But registering for a dream home does have its drawbacks. The company takes a 9 percent processing fee for every contribution and it doesn't pay interest.

There are also sites that will let you register for a honeymoon. It could be a lot more fun to enjoy that trip to Hawaii if you don't have to worry about coming home to a giant credit card bill.

Check out the following sites that offer similar services: