A down payment is something that is very important for when you buy a house. You will need the money up front first before you worry about monthly payments. So in order to help you out a bit, here are some ways that you can go about getting money for that down payment. You might have thought about these ways already, but we just wanted to give you a friendly reminder.
Getting Extra Money
- Get rid off credit card debt
It may seem small, but those interest charges can be killing you. Each month you will accumulate more and more interest which means that payments will continue to rise. So in order to make sure you have money when it comes time to get that down payment pay off the debt as fast as you can. It will really help you.
- Ask for a pay rise at work.
This sounds simpler then it really is, we know. But it is worth a shot. Especially if you have been performing really well around your job. It is ok to cash in your success, and what better time than now. It is a good way to get money for a down payment, but you will continue to get more money down the road.
- Get another job
If the pay rise does not work, then you may need to get a second job. We know this is something that none of us want to do, but it may be a need. It will not have to be a very long term thing. Just enough to get you through your down payment. So do worry if because it is not something you have to take on for an extended amount of time.
- Ebay, Ebay, Ebay
You can always auction off your old things that you do not use any longer. Who knowsyou may find a gem in there that can really help. It is just a suggestion, and plus it will help you clear out all your clutter for when you move into that brand new house. It is a win-win situation!
Dont Panic, There Are Ways
It is ok if you are a stressing out about this decision. It is a very big one. But there is help you can get, so that should be comforting. Any inconvenience this gives you will be worth it in the end when you are lying around your brand new house. That down payment will be a distant memory.
Additional Resources:
- loan.yahoo.com/m/basics7.html - The More Money You Put Down, The Lower Your Mortgage Payment
- michaelbluejay.com/house/downpayment.html - The Down Payment and Types of Loans
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[Source: Mortgage Blog]
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