Which financial vehicles are the best fit
Did you know that you can buy a home using various financial vehicles?
You do not have to have all the cash ready and set aside to buy a home. You can tap into a number of financial vehicles. While an all-cash offer can speed up a transaction timeframe because you don’t have to go through as many financial loopholes, you don’t have to rely solely on it. For example, can you consult a lender before you begin house shopping and determine what price range you qualify for? This can help set the tone for savings.
Mortgage: You can obtain a mortgage or several mortgages on one property to help acquire a property. It will depend on your credit and employment as to what you could qualify for with the lenders, but you can explore this with them to have the money for a down payment and some funding to pay for closing costs, etc.
Buyer Programs: In some communities and states, there are different kinds of first-time-home buyer programs like WCDA or overall home purchasing programs to help. At RE/MAX Capitol Properties, we have agents who help with a Homes for Heroes program, for example. This is where the agents take a commission reduction to help lower the expense of purchasing a home.
Equity Vehicle: If you have equity now by owning property or land, then you can consult a financial institute to have them determine what amount you can borrow to apply to another transaction then. This is a way to use the “saving account” you have created with your existing property and apply it to another equitable opportunity.
A daunting part of purchasing a property or home is exploring how to achieve your real estate goals fiscally. We understand how this can be overwhelming and want to remind you that there are options! We are here to help you. Whether we connect you with others in our network to learn more or you want to set up a time to connect directly with one of our real estate professionals, we are happy to help!