Especially in today's economic climate, the amount of your downpayment has never been more important. There are many aspects of the real estate transaction process which can be major roadblocks if you're not prepared.
The most challenging part of buying a home can be coming up with an acceptable down payment, unless you have equity built up in your current home. The amount of your down payment really determines how much home you can afford and how much you can be pre-approved to borrow.
Down payment money can come from:
1) Equity in your current home
2) Other asset equity
3) Your savings account(s)
4) Life insurance policies
5) Company/work bonuses
6) Investments (bonds, stocks, etc.)
7) Gift money from a relative
Look at your resources and choose wisely. Think 5 even 10 years down the road. How is your current work situation? Do you see yourself still being able to afford the mortgage of that house you want...or would it be smarter to invest a little less to avoid stress in the future?
A good real estate professional will guide you through the process and help you make the smart decision not just for today, but for your future:)
Call today to discuss a home valuation that will show you what your home is worth and how much equity you may have for a down payment if you're looking to buy.
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