20 Ways to Expand Your Purchasing Power!
April 16th, 2008 Categories: Buying a Home, Tips & Tools
- Pay off your debts.
- Consolidate your debts into a lower-interest rate loan.
- Use an adjustable-rate mortgage (ARM).
Use a portfolio lender.- Buy with someone else.
- Ask someone to give you money for a down payment (requires a gift letter).
- Ask the seller to pay some of your non-recurring closing costs.
- Ask the seller to carry a second mortgage.
- Ask the seller, or lender, to buy down the interest rate on your mortgage.
- Ask your employer to lend you money, pay some of your closing costs, or buy down an interest rate for you.
- Buy when interest rates are low.
- Buy a property that generates rental income.
- Take advantage of a first-time buyer loan program, if you qualify.
- Take advantage of government-assisted financing programs, if you qualify.
- Close late in the month to reduce the interest owed to the lender at closing.
- Reduce the cash you need for closing costs with a zero-point loan.
- Borrow against a 401(k) retirement plan or insurance policy.
- Borrow against or liquidate securities.
- Use a mortgage with a forty-year due date (but watch out for prepayment penalties).
- Take a penalty-free IRA withdrawal.
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Great Tips here Laura! A good check list buyers can go through to help afford that American dream.
Comment by Brad Collins — April 22, 2008 #
Brad - thanks for stopping by. If you have more ideas, please add them. Ah, the affordable American Dream…yes indeed!
Comment by LARET-LosAngelesRealEstateTalk.com — April 22, 2008 #