One of the biggest hurdles for many prospective homebuyers is finding a way to accumulate enough money for a down payment.
Read Also: How To Ease Home Buyer Stress
Here are some suggestions on ways to raise the funds that you’ll need:
- Start by minimizing non-essential expenditures, getting in the habit of paying with cash, and not buying things.
- You can’t pay for it immediately. Talk to your parents or relatives. They may be willing to make a private loan to you, or they may be willing to co-sign on a mortgage.
- If you have a whole life insurance policy, you can look into borrowing against its cash value.
- If you own other real estate, you could borrow against your equity or consider selling personal items such as a second car or boat.
- Consider having an amount withheld from your paycheck and directly deposited into a savings account.
- Pay down high-interest credit cards and limit your credit card use with some discipline and creative strategies.
You will be well on your way to saving enough for a down payment.
Watch the video below:
One of the reasons to call the Agardi Team if you want to buy a home or have one to sell is:
Not only do we sell our clients’ homes for more money and faster than the average area agent, but your home is also more likely to sell. According to 2015 MLS statistics, only 71% of area homes sold during their listing term. Compare that to our 95% of homes listed that sold before the end of the listing term. YOUR HOME SOLD GUARANTEED OR WE’LL BUY IT*
To discuss the sale of your home, call The Agardi Team at 718-755-2882 and start packing!
*Agardi Team and the seller have to agree on the price and the closing date.