When applying for a home loan, lenders will partially base their decision on the amount of equity you have in your existing home or the amount of down payment you have toward purchasing a new home. It stands to reason that the more money you have, the better the chances of qualifying.
This sounds simple in theory, but in a world of growing expenses and record high debt building a down payment can be challenging to say the least. With this in mind here are a few simple tips to building a bigger down payment.
Building up equity or saving for a down payment will not happen overnight so it is important to have a plan. The reality is you will need to pay some sort of cost for shelter either in the form of a mortgage or rent. The difference in homeownership is that you will be building wealth and adding an important element to your overall retirement strategy.
Please feel free to give me a call anytime to discuss your mortgage strategy and personal options. The sooner you own your home, the sooner you start to get ahead!