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Best Ways to Build a Down Payment

Tuesday, June 1, 2021   /   by Mitch Stein

Best Ways to Build a Down Payment

Best Ways to Build a Down Payment
 
One of the biggest hurdles prospective homebuyers face is finding a way to accumulate enough money for a down payment. Here are a few suggestions on ways to raise the funds that you'll need.
 
Start by minimizing non-essential expenditures. 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 to co-sign on a mortgage. If you have a whole life insurance policy, you can look into borrowing against it's cash value. If you own other real estate, you could borrow against your equity. Consider selling personal items such as a second car or a boat. Consider having an amount withheld from your paycheck and direct deposited into a savings account. Pay down high interest credit cards and limit credit card use.
 
With some discipline and creative strategies, you will be well on your way to saving enough for a down payment. If you have any questions relating to buying or selling a home, please give us a call at 909-255-1070.

Mitchell Stein License# 0208163
Stein Team Realty - Keller Williams College Park
Mitchell Stein Dre# 02081632
2440 W Arrow Route #5C
Upland, CA 91786
310-770-4121
DRE# 01885348

Based on information from California Regional Multiple Listing Service, Inc. as of May 22, 2022. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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