The Best Ways to Build a Down Payment 732.500.6883 JGraff.AdvisorsMortgage.com One of the biggest hurdles for many prospective home buyers is finding a way to accumulate enough money for a down payment. Here are some suggestions on ways to raise the funds that you'll need:
Start by minimizing nonessential expenditures and get in the habit of paying with cash and not buying things you can't pay for immediately.
Talk to your parents or relatives. They may be willing to make a private loan to you or they may be willing to cosign 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. Consider selling personal items such as a second car or boat.
Consider having an amount withheld from your paycheck and direct 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.
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732.500.6883
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