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9 Home Buyer Traps And How To Avoid Them
No matter which way you look at it buying a home is a major investment. But for many homebuyers, it can be an even more expensive process than it needs to be because many fall prey to at least a few of the many common and costly mistakes which trap...
Catching Crooked Contractors:
Few times in the life of a homeowner can be more challenging than when significant repairs are needed. The number of issues, options and decisions seems endless, the most daunting of which is contractor selection.
When choosing a contractor for...
The House Flipping Trend
Picture this: You purchase a run-down old house at a local auction. The house is falling apart, maybe even in the kind of ways that require Condemned signs, and you walk away thrilled to have spent $65,000 of your hard-earned money to own it. What...
Use Aromatherapy to Promote Joy in Your Home
Aromatherapy has been around for at least 4,000 years, and is known to have been used by the ancient Egyptians for massage, healing, and embalming. But its uses for making our homes enjoyable places to live are just as applicable today as they...
Wealth Building – An Advantage Of Home Ownership
As you grow older, the issue of wealth building comes front and center. Wealth building simply refers to increasing the net value of your total assets. Wealth building over time is one of the advantages of home ownership.
Building Equity
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Down Payments – Get Creative
One of the biggest hurdles to buying a home is the down payment. Saving up a chunk of change can be difficult, so getting creative is a key.
Down Payments
The amount of your down payment is dependent upon many potential issues, but two come to the forefront. Each of these can reduce or increase the amount of cash you have to come up with for the home of your dreams.
1. Credit Score – Generally, the better your score, the lower the down payment.
2. Price – The selling price of the home is key because the down payment is expressed as a percentage of the home price or appraisal amount.
Either way, the down payment can amount to a serious chunk of change. For many first time buyers, this is a huge hurdle to overcome. They skimp and save everything they can, but saving up many thousands of dollars can take time and be frustrating. Fortunately, many first time buyers have already been saving up for their down payments, but don’t realize it.
Getting Creative
The Bank of You – The federal government looks very favorably on home ownership. This means it makes every effort to promote the real estate market through incentives and tax breaks. Once such incentive is a unique little twist built into the laws controlling 401k savings plans. The tweak in these laws allows you
to…well, borrow from the bank of you.
With most 401k plans, you have the right to borrow up to 50 percent of the vested amount of your account. If you’ve managed to save $50,000 over the years in your 401k, you can take a loan from the account for up to $25,000. This, of course, should be used for the down payment on your home. After getting into the home, you can simply pay off the 401k loan over five years or you can take out a home equity loan and repay it with that money.
In essence, you have used your 401k money to play a shell game with the down payment. In the end, this creative down payment funding strategy gets you over the down payment hurdle and into your home.
About the Author: Dan Lewis is with http://www.gwhomeloans.com - San Diego mortgage brokers providing San Diego home loans. Visit http://www.gwhomeloans.com/services.html to learn more about options on San Diego mortgages from a San Diego mortgage broker company.
Source: www.isnare.com
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