Gina Farrell

Indepenent Funding Group

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A Few Creative and Effective Ways to Save Money for a Down Payment

December 29, 2020 by Gina Farrell

A Few Creative and Effective Ways to Save Money for a Down PaymentFor those who are looking to buy a home, they know that this is one of the most exciting experiences in the world. There is something special that comes with looking at a bunch of homes and envisioning a life there. On the other hand, the prospect of saving 20 percent of the home’s value to put down might seem overwhelming. Fortunately, there are a few creative ways that people can save up enough money to purchase their starter dream home.

Talk To The Seller

One of the first tips that people need to keep in mind involves talking to the seller. There are a bunch of items that need to be negotiated between the buyer and the seller. One of the most important is the closing costs. Ask the real estate agent to speak with the seller. Even if the seller is able to take half of the closing costs, this could amount to a few thousand extra dollars that could be put toward the down payment.

Crowdsource The Down Payment

Another creative option involves asking the crowd to help with the down payment. It is not unusual to see people try to go the crowdfunding route for everything from medical bills to student loans. Why not give it a shot with a down payment as well? First, anyone who has a wedding coming up should add “money for a down payment” to their wish list, as this is becoming more common. Second, think about exploring platforms like Feather the Nest to try to raise money for a down payment.

Check With The Employer

Finally, it is also critical to look at your Employer Assisted Housing Program(EAH). While not everyone is going to qualify, those who work for an employer who falls under this category might qualify for a substantial loan for the down payment and closing costs. The best part is that this loan comes without interest. 

Save For A Down Payment

These are a few of the top ways to save money for a down payment. Using these tips, everyone can get over that last hurdle and buy their home.

Filed Under: Mortgage Tagged With: Down Payment, Mortgage, Savings

Home Expenses Include Far More Than Just the Down payment

November 25, 2020 by Gina Farrell

Home Expenses Include Far More Than Just the Down paymentIf you are thinking about purchasing your first home in the near future, then you need to be aware of the costs that you are going to take on. When you are looking at the cost of a home, it is very tempting to focus on the sticker price of the home. Even though the down payment is going to be the largest check you are going to write, this is not the only cost that you are going to pay.

There are numerous other costs for which you need to budget as well. By thinking about all of these costs ahead of time, you can make a smart financial decision for you and your family.

Think About The Real Estate Taxes

Depending on the part of the country in which you live, real estate taxes can be significant. For example, it is not unusual for even a modest home to cost thousands of dollars in real estate taxes per year. Therefore, even though you have budgeted for your monthly mortgage payment, make sure that you have budgeted for real estate taxes as well. Usually, your mortgage lender is going to hold your real estate taxes in escrow for you so you don’t end up having to write a large check at the end of the year.

Homeowners’ Insurance And Utility Costs

In addition, you also need to think about homeowners’ insurance and utility costs. Some of the utilities that you have to pay for include internet, phone, cable, gas, electricity, and water. When this is added to your homeowners’ insurance expenses, this can also add up to several hundred dollars per month. Therefore, make sure that you can afford not only the mortgage payment but these recurring monthly expenses as well.

Budget For Your First Home Accordingly

Some of the other expenses that you might have to incur when it comes to your first home include maintenance and repair bills. Therefore, you should make sure that you sit down with an experienced planner and ensure that you can afford the combined expenses. Otherwise, you might end up being priced out of your first home before you realize it.

 

Filed Under: Mortgage Tagged With: Down Payment, Expenses, Mortgage

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