As a Loan Originator, I know I can sound a bit like a broken record. But seeking advice and having a preliminary conversation with a mortgage lender (well in advance of starting a home search) provides a defined path of action and valuable help in achieving your down payment goals.
Knowing what kind and how big of a down payment you will need can speed your goal of home buying along ...
Through that conversation, you also give yourself a more clear and precise financial target. You clarify what financing options are available to you, which is most quickly achieved, and which will benefit you the most. That's unbelievably valuable and can help relieve some of the stresses associated with saving for a down payment.
Plus ... a Lender will help you assess your credit standing. They'll also go over your finances with you in order to make sure that both finances and credit are at optimum advantage, both in the long and short term.
Here are some examples of how a Lender and that important conversation and consultation can help. This talk can:
- Get you on-track for savings
- Reveal errors on a credit report
- Help establish a vigorous plan for addressing debt
- More ...
Truth is, there are many "tools" and resources economically and easily available to home buyers and those hoping to save money. If you conduct a quick search, you'll find that the internet is full of helpful informational sites offering saving and budgeting tips, calculators, education, and more to help you achieve your goals.
But right now ... at tax time ... there is one resource available to you that may provide you a larger chunk of savings. It can help move the goal post of homebuying closer to reality ...
That's your tax refund ...
Another "bonus" of tax time shouldn't be overlooked ...
That is that immediately following the filing of your taxes, your Federal Tax Return (which is a required portion of application paperwork along with all Schedules, W-2's, 1099's and IRS confirmation regarding those figures via tax transcripts) are easily found and provided to a Lender for mortgage pre-qualification and approval. Makes for perfect timing.
That myth?
That you need a 20% down payment to buy a home! It's simply NOT true ...
Many options for low-and-no down payment mortgages are available. Those include:
- 3.5% Down Payment FHA loans
- 0% Down Payment VA loans (Qualified Veterans)
- 3% Down Payment Conventional loans
- 0% Down Payment USDA loans (Eligible Applicants – Eligible Locations)
- Many States/local municipalities have Grants or resources available for Borrowers in need of Down Payment Funds
It also must be pointed out that down payment funds are allowed from many and varied sources. A home buyer doesn't have to go it alone. They can receive "assistance" in this regard.
Some of the sources available include:
- Gifts from relatives
- Loans from Retirement Funds
- Life Insurance Policies with Cash Value
- Stocks
- Bonds
- Inheritance
- Traditional Sources of Savings, Checking, Mutual Funds, Money Market Accounts, and documentable Bonuses from Employers
So I ask ...
- Are you currently trying to save money for a down payment on a Chicagoland - IL or WI home?
- Are you thinking that you might like to buy a home at some point in the future?
Talk to a Lender ASAP!
The info your lender you receive will be specific to YOU and YOUR individual finances and needs. It will be a roadmap to successful saving, buying, and financing.
There's no doubt in this day and age that each can be challenging. So why not secure the help and counsel you need to smooth your path at the earliest possible time?
I (and most lenders) provide this information and assistance at no cost. So don’t give up. Don’t get discouraged.
Take action. Reach out to me or your own local lender today. Tax Time and your Tax Refund make it the perfect time and your super-weapon for success ...
Contact me today! I'll put my 40 years of mortgage experience and expertise to work on your behalf.
I'm easily found at:
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