Housing Market Update
Down Payments on Mortgage
- A down payment is a payment you make at closing that goes toward the total purchase of your home.
- Down payments can be provided in many ways, but the source can't be borrowed from a loan or credit card debt
- Your mortgage advisor will consider all of your assets including checking and savings accounts, stocks, bonds, mutual funds, and retirement plans
- You have the option of liquidating assets for your down payment.
- A monetary gift is acceptable for a down payment, though your donor will be required to sign a gift letter
- You can save money the old-fashioned way, but cash deposits tend to hinder the process
- You will need to prove that you received the money through acceptable means due to anti money laundering laws
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