Most lenders require you to include a portion of your own funds toward the purchase of a home. Saving for a down payment can be one of the biggest challenges in buying a home.
A down payment can come from many sources: savings, investments, stocks and bonds, relatives, company bonuses, equity in other assets, etc. There are loan programs today which require little in the way of down payment and even a few allowing no down payment at all.
Many buyers use the equity from their current home for the down payment on their new home. Do you need to sell in order to buy? If you want to sell your present home in order to buy your new home, I would be happy to provide you with a free market evaluation.
If you’ll provide me with some basic information on your home, I can give you a price range by analyzing the comparable properties from the Multiple Listing Service (MLS). If you would like a more precise and thorough market evaluation, I can stop by for a quick view of your home.
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