There has been an extensive increase of the number of homeowners in the country for the past fifty years. Still though, one factor that has been time after time a struggle for home buyers is coming up with a down payment or a deposit. In most cases, banks require as much as 50% down payment before they would lend on a mortgage. While this amount has been lowered to 20% today, there are still people who have not much money accessible to them. If you are one those who struggle for original deposit on a property you long have dreamt of, here are some ideas for you.
Save on Tax Refunds. If you have been having a tough time to save, you can change your tax exemptions from one or two to zero. This way, your boss will be strained to pay more to IRS and subtract your paycheck by that amount. For those who are rather challenged when it comes to wise expenditure, this change in exemptions assures you a plump income tax refund.
Ask From Your Parents. Although this might be peculiar for some of us, this is one good substitute if you are looking for a property down payment. If they won't give you the money, maybe an unsecured loan would be favorable enough to make it a win-win situation for both you and your parents.
Garage Sale. Try to look in your attic, in basements and under your bed and I'm sure that you can find a sizeable number of things you can no longer use. You can either put it on a garage sale, publicize it in Craigslist or probably on eBay and get rid of it. Easy profits!
Get A Better Paying Job Or Get A Second Job. If you have been in a corporation for a long time and you are still waged the same salary as what you began with, then maybe its time to reassess if your service is still worth the effort you are giving. If you think that you are better off to look for other employers out there who pays better earnings, then start sending resumes to those companies. Or better yet, look for a second job.
Ask For A Raise. Take time to sit down and list the whole thing you have done for the past year that has benefited your company. Write down all your comings and goings and then take that list to your boss and ask for a raise. Ask for more than you think you will be given because you never know you might get it.
Get A Loan. There are first-time home buyer programs in some communities all over the country who provides loans for those who has reasonable credits. This could come in single mortgage insurance or maybe for a second mortgage if you make the grade. Talk to your mortgage broker to see which programs are available for you.
Now that you have an idea on different ways to secure your down payment, hastily act on which of these you would be eager to do. Think about the penalty and on how much would those put in to your financing so you can make an excellent pick. Good luck on your investment!