Are you in the market for a new house or condo in 2018? With the new year just around the corner, now is the time to get all of your financial details in order. As you may know, buying a home is a significant financial transaction. But it all starts with your down payment, which is the lump sum that you invest in order to purchase the home. In today's blog post we will share a few sources of funds that you can tap into for help saving up your down payment. Peer Into Your Financial Future A … [Read more...]
Worried That Your Past Student Loan Debt Might Delay Buying a Home? Here’s What to Do
Whether you are just about to graduate college or you have been out of school for a few years, there's a good chance you're carrying some amount of student loan debt. It seems that news headlines are regularly pointing out that the nation's graduates are suffering from the stress of student debt. Moreover, that pressure can be even worse for those who are looking to buy a home and start putting some roots down in the local community. Are you worried that past student loan debt will affect your … [Read more...]
Understanding ‘Bridge’ Financing: How to Buy a New Home Before You Sell Your Current One
One of the biggest challenges a homeowner can face when looking to upgrade or move is trying to sell their current home while buying another. If most of your net worth or equity is locked up in your current house, you will need to move it into cash to help fund the purchase of your new home. The alternative is to wait until your home is sold and you receive the funds before trying to buy a new one – but you could end up waiting for months. The great news is that there are bridge financing … [Read more...]
How Much Is the Right Amount to Commit to Your Down Payment? Let’s Take a Look
Are you thinking about buying a new home? If you are going to take out mortgage financing, one consideration you will have is your down payment, which is the amount you pay up front in cash to cover some of the purchase cost. Let's consider a few points that will help you to decide how much is the right amount for your down payment. How Much Do You Have? The most obvious question you will need to answer is: how much do I realistically have to place as a down payment? Keep in mind that your down … [Read more...]
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