Types of Agents
How to Select an Agent
Prequalified or Pre-Approved
7 Reasons to buy a home
Moving with Teenagers
How to Find a Home
50 "Things To Watch"
when viewing a home
9
Types of Loans You Should Know
What is a Sales Contract
Finding Quality Inspectors
10 Ways to Ascertain a Down Payment
How Lenders Approve Loan Applicants
Definitions of Closing Costs
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-10 Ways to Obtain
a Down Payment- Creative Financing
You just found the home of your dreams, but you need more money
or you can't have it. Major problem, however here are ten surefire
methods for ascertaining a larger down payment, and getting
that home.
1. Receive a gift -From your
parents, lovers, or anyone who will; documented by a "gift
letter" stating that you do not need to repay the debt. Often,
parents want to help their children, all you need to do is
ask! This move effectively raises your down payment without
increasing your debt load figured into your original pre-approval.
2. Borrow Against a Life Insurance Policy
- Insured collateral for the lender.
3. Borrow Against Stocks and Bonds- Avoid
the capital gains, used for collateral.
4. Borrow Against a Company Pension Plan
(401K) - If you remove the money there are usually
penalties and taxes.
5. Cash in a Retirement Savings Plan -
You may have to pay penalties, check with your
provider.
6. Ask Current Employer for Cash Advance-
This can usually be asked for in lieu of next years raise,
sick time, or vacation time.
7. Advance on Future Inheritance- Don't
Make Grandma Mad. Often, relatives want to help their children,
all you need to do is ask!
8. Use your own Business as Collateral-
Default on your loan = Lender owns a business. Only works
for businesses with positive cash flow and financial statements.
9. Team Up With Cosigners- Trade
equity in your home for signers. The more standup folks you
can get to sign on the dotted line the more a lender will
trust you too!
10. Sell Personal Possessions- Usually
the last option. However, cars, diamonds, antiques, collectibles,
and jewelry can fetch enough money to boost your down payment.
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