Jason Gelios Michigan REALTOR®
  • HOME
  • MEDIA ROOM
    • AskJasonGelios Show
    • ON SOCIAL MEDIA
    • PRESS
    • JASON'S BLOG
    • HOMEOWNERS UPDATE
    • Jason's Books
    • PODCAST: AskJasonGelios Show
  • SELL
  • BUY
    • GET APPROVED
  • Connect With Jason Gelios
  • TESTIMONIALS
  • SENIORS

How To Save For a Down Payment

7/17/2020

0 Comments

 
Picture
8 min. read by Jason Gelios REALTOR/Author

Here are some tips on how to save or obtain money for a down payment on your next home.
 
Tap into savings
Tapping into existing savings can help you obtain a home by lowering the risk for the lender. Often times this relates to a better interest rate and payment.
 
Government programs
Many down payment assistance programs and government options are available. These programs tend to favor first time home buyers. Ask your lender or real estate professional about what options are best for you.
 
Cut your living expenses
Do you really need that subscription for NetFlix? Cutting unnecessary expenses can help you save faster for a down payment. 
 
Generate more income
Getting a side hustle or a job that pays more can be a great way to get additional income for your down payment. After all, having extra money never hurts.
 
Private loans
While this should be a last resort, obtaining money from family or friends can help you get your down payment faster. Just make sure you are in a position to pay it back if it is not a gift from them. If it is declared a private loan, then have an agreement drafted up so that both parties are on the same page.
 
Existing equity
If you are selling a home and you have sufficient equity, you can use that money towards your down payment on your next home. Remember to calculate how much you will walk away with after closing minus your selling costs and mortgage payoff.
 
Withdraw from your 401k
This is a good option to jump start your home purchase. Be sure to know the terms of borrowing from your 401k.
 
Gift money
Family members can provide gift money to a home buyer. The lender will want a letter of explanation stating this is a gift that will not be required to be paid back. Many times parents like to help their child purchase a home without co-signing.
 
Cash out investments
Investments can be a source of money for a down payment. If you are working with a financial advisor, ask them what the best route would be. 


0 Comments

Your comment will be posted after it is approved.


Leave a Reply.


    Picture

    Author

    Jason Gelios is a  Husband and Father. After that, a Top Producing REALTOR®, Author of the books 'Think like a REALTOR®' and 'Beating The Force Of Average', Creator of The AskJasonGelios Real Estate Show and Expert Media Contributor to media outlets across the country.

    Jason is dedicated to providing real estate advice and education to home owners, buyers and sellers with content that is practical and based on real world situations.

    Archives

    May 2025
    April 2025
    March 2025
    February 2025
    January 2025
    December 2024
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    June 2024
    May 2024
    April 2024
    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    July 2020
    May 2020
    April 2020
    March 2020
    February 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    April 2015

    Categories

    All

    RSS Feed

About Jason Gelios
For Buyers
For Sellers
Think Like a REALTOR® Real Estate book
Valuable Resources
AskJasonGelios Real Estate Show
Jason Gelios' Real Estate Blog​

In the press

Contact Jason Gelios
Copyright    All Rights Reserved 
Photos from wuestenigel, MarkMoz12, Spencer Means, Mrs Airwolfhound, r.nial.bradshaw, MarkMoz12
  • HOME
  • MEDIA ROOM
    • AskJasonGelios Show
    • ON SOCIAL MEDIA
    • PRESS
    • JASON'S BLOG
    • HOMEOWNERS UPDATE
    • Jason's Books
    • PODCAST: AskJasonGelios Show
  • SELL
  • BUY
    • GET APPROVED
  • Connect With Jason Gelios
  • TESTIMONIALS
  • SENIORS