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10 Ways to Creatively Finance your Homes
You just found the home of your dreams in Colorado Springs, but you need more money or you can't have it. Major problem, however here are ten surefire methods for ascertaining a larger down payment, and getting that Colorado Springs dream home.
1. Receive a gift - From your parents, true love, or anyone who will; documented by a "gift letter" stating that you do not need to repay the debt. Often, parents want to help their children, all you need to do is ask! This move effectively raises your down payment without increasing your debt load figured into your original pre-approval.
2. Borrow Against a Life Insurance Policy – Insured collateral for the lender.
3. Borrow Against Stocks and Bonds- Avoid the capital gains, used for collateral.
4. Borrow Against a Company Pension Plan (401K) – If you remove the money there are usually penalties and taxes.
5. Cash in a Retirement Savings Plan – You may have to pay penalties, check with your provider.
6. Ask Current Employer for Cash Advance- This can usually be asked for in lieu of next years raise, sick time, or vacation time.
7. Advance on Future Inheritance- Often, relatives want to help their children, all you need to do is ask!
8. Use your own Business as Collateral- Default on your loan = Lender owns a business. Only works for businesses with positive cash flow and financial statements.
9. Team Up With Cosigners- Trade equity in your home for signers. The more standup folks you can get to sign on the dotted line the more a lender will trust you too!
10. Sell Personal Possessions- Usually the last option. However, cars, diamonds, antiques, collectibles, and jewelry can fetch enough money to boost your down payment.
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