Posted on

The Juice Bar Real Estate Q&A

Week 3 continuing our Onion Juice Podcast partnership with:

Episode 118 – Real Estate Q&A with Neil: It’s the Juice Bar! Dec. 18th

 

Question Mark.You’ve got questions. Neil’s got responses (take that, RadioShack trademark!)

The Juice Bar is Neil’s Q&A session of the Onion Juice Podcast where he answers real estate questions. In this episode, he talks ego, rejection, open houses.

The juice bar is open every 10th episode, so you can go back and drink up the previous Q&A episodes to hear questions other realtors have submitted.

And submit your own questions for future Juice Bar Q&A’s in Neil’s Onion Juice Podcast Facebook group.

Now, onto the episode…

 

A rising tide lifts all boats

Stranded Boat.As a real estate agents, we want to be successful, but it is easy to let that success go to our heads. I have encountered a number of agents that develop a large ego after attaining a measure of success.

Instead of staying humble, these agents elevate themselves over others and usually operate with a scarcity mentality or the mentality that they will not share success because they have to “protect what is theirs.”

I think that this mentality ultimately hurts the real estate industry and causes division between agents.

Contrastly, operating with an abundance mindset means that there is room for everyone to succeed.

If you are working alongside someone who has lost focus on growing together, continue running your own race. Stay focused on how you want to practice generosity and encouragement.

These are the things that will sustain your success long-term.

 

As an agent, how can I deal with rejection?

Dislike.Many agents struggle with the feeling of being rejected or passed over for a real estate deal. It can crush your spirits and cause you to feel disheartened about your work.

We’ve all been in that position. So here’s some advice to realtors struggling to maintain confidence through rejection.

First off, remember that you are not entitled to anyone’s business. You may be running ads, paying for leads and spending a lot of time looking for new leads. This can lead to a feeling of entitlement, and when that expectation is not met, it turns into frustration.

But this is business in a free market. Clients can and will make their own choices. You gotta earn it.

Secondly, I would advise you not to let your successes or rejections become your identity.

Neil has a list of resources that will help build your confidence and help you handle real estate/business rejection.

Text the word strength to 44222 to get your copy.

 

How can I drive traffic to my open-house events?

Open House Sign.Open-house events are a terrific way to network with people, build trust and create a list to reference later.

First off, some of you may just need to be more consistent with hosting open houses. Once or twice a month may feel like a lot, but you may need to host one everyone weekend, depending on your goals.

Make it interesting

You can also adopt a joint-marketing approach by partnering with other realtors to show several listings.

We call this a “poker run.”

Your guests travel to five different properties. At each place, your guests receive a playing card, and at the end, whoever has the best hand wins a prize.

Jason Frazier also suggests offering a bottle of wine as a free raffle item to your guests. Once the open house is over, you can reach out to the winner with the prize!

This is a great way to build trust and likability.

Be smart & hustle

It’s important to remember also that there may be multiple buyers who attend your event, so having other options available if the one you are showing sells is a smart idea.

There’s the old-school approach: knock on the doors of other houses in the neighborhood, to see if anyone is interested in listing.

If you are hoping to up your game in this area, check out this episode! You can also check out episode #101, which focuses just on Ideas for the Ultimate Open House.

 

Coaching or website: which is first?

Checklist.The best answer is…it depends!

Both offer tremendous value to real estate agents, so if you really want to expand your business, you should consider both long-term.

If you are just starting out selling real estate, and you don’t have a clear idea or plan as to the direction you want your business to go, coaching may help you get started.

Once you have that plan in place, you will need a place to send your leads and gather information, which is where the website comes in.

 

Listen to the episode

 

Episode Outline

  • [6:00] Welcome back to the the juice bar
  • [11:00] Question #1: What approach should we take when dealing with another agent’s inflated ego?
  • [18:15] Question #2: How can agents deal with rejection and lack of confidence?
  • [27:30] Question #3: How can I drive traffic to my open houses?
  • [33:00] Question #4: How can I get more client reviews for my website?
  • [36:30] Question #5: Should I invest in Roundbox coaching or an Easy Agent Pro website first?

 

Resources & Links

Subscribe to The Onion Juice

Onion Juice Podcast on Apple Podcasts Onion Juice Podcast on Stitcher

Subscribe to The Onion Juice wherever you get your podcasts. And thanks for listening!

Posted on

All About Private Money

Education & Value is what our blog is about. Yapping about ONLY mortgage related business is boring and not what we strive for as a company. This is why we bring in guest bloggers to talk about all areas of business.

Today’s topic is: Private Money aka Hard Money Lending

With: Mark Van Dellen, Senior Business Development Manager at CALCAP Lending, LLC.

Background of Private Money Financing

Private money financing has always been around. It was thrown for a loop, however, when the Dodd/Frank Act passed in 2010. No longer were consumer loans a viable option for private money financing. Dodd-Frank basically eliminated balloon, equity-based loans as an option for homebuyers or homeowners. So, instead, private money lenders have focused on business purpose loans to continue to provide short term, equity based loans. Business purpose loans for 1-4 unit residential properties are exempt from RESPA, TILA and some of the other state regulations enacted to protect consumers and homeowners.

 

What is a business purpose loan? It is the opposite of a consumer purpose loan. A consumer purpose loan is defined as a loan to a natural person on a residential property (1-4 residential units), when the purpose of the loan is to obtain funds for a personal, family or household purpose. A business purpose loan is a loan on residential property primarily for business, commercial or agricultural purpose (includes loan to acquire or improve rental property), NOT occupied by the borrower, OR 2.) Loan to business entity (i.e. Inc., or LLC) (Note: A Trust is NOT considered business entity.)

Private money loans are typically short term, 1 to 3-year bridge loans, interest only, with interest rates around 7-12%, depending on the equity of the property and credit rating of the borrower. Little or no regard is paid to the borrower’s income when determining the approval of the loan. Equity is king. Loan to value ratios rarely exceed 70 or 75%.

Another factor that influenced the growth of the private money market were fix n flippers – entrepreneurs who purchased foreclosed and run-down homes for renovate and resale. These homes would typically not qualify for conventional financing because of the condition of the property or the need to purchase them very quickly to get the best price possible.

A second growth factor was the boom in 1-4 unit properties being rented out. Many people lost their homes during the 2008 financial crisis and many people do not qualify for homeownership financing because of the newer, stricter Dodd-Frank rules and rapid home price increases in many parts of the country.

Why borrowers choose Private Money Financing

Real estate investors choose private money for a variety of reasons. Often times, it’s a timing issue. If the close of escrow date is coming due and conventional financing fell through, investors will go to private money as a last resort. Other times investors might choose hard money because they need construction rehab financing and institutional lenders don’t have a lot of lending options for that. Finally, if the borrower’s credit rating or income do not meet institutional requirements they will choose to go the private money route.

Pros vs Cons of Private Money

Like most things in life, there are two sides to every option. Private money allows for a lot of great options like fast closings, little documentation, and looser credit standards. Downsides include larger downpayment or equity requirements, higher interest rates and the uncertainty of future financing, since these loans are typically 1-3 years in length.

 

Private Money Loan Options

Most private money lenders offer a wide variety of loan options. There are purchase loans which are especially well suited for real estate investors that are trying to obtain an under-market home and close as fast as an all-cash offer. These typically can range up to 75% of the purchase price. There are also the options for a cash-out refinance that allow borrowers to take equity out of their property in 10 days or less to use towards renovation of other rental property or other business purposes. These might have more conservative LTVs, usually around 65% for a good credit borrower. Finally, private money gives fix and flip developers the ability to leverage multiple projects at a time, since they can borrow most of the funds needed to purchase and remodel the home. These are typically up to 75% of the purchase price of the home and up to 100% of the rehabilitation dollars, as long as the after repaired value is under 70%.

This financing category is not for everyone. It is, however, something you should be knowledgeable about because you will have customers that fit these specialized uses. You will want to work with an experienced private money lender because they will know the ins and outs of this financing option. And what a great opportunity for conventional lenders. Borrowers who obtain private financing for the acquisition of rental property will need you for permanent financing for their rental properties.

More about the Author:

Mark has been responsible for all phases of the firm’s sales growth since 2009 having originated over 500 private money loans for $200,000,000. Mark is a graduate of The University of Southern California’s Price School of Policy with a Bachelors in Planning and Development and a Masters Degree in Planning with an emphasis on Economic Development. Currently, he is an Alumni Board Member with USC Price School of Policy as well as a mentor with USC’s career services.

Contact Mark @ mark.vandellen@calcapfinancial.com | Office: 626.765.5768
Website: www.calcapfinancial.com

Disclaimer: : The views, data, and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of Mason-McDuffie Mortgage Corp.

 

Posted on

Don’t call it VA: Military Affiliate Virtual Assistant Network

Week 2 continuing our Onion Juice Podcast partnership with:

Episode 117 – MAVANs: Don’t call them VA’s. They’re so much more than that.

Leah Roe, MAVAN Network.Leah Roe is a well-connected woman. She’s in the Madison, WI area, and she spends lots of time giving back to the community.

When we first learned about the company she started, we new we had to tell her story. If you’re in real estate agent, DO NOT hire a virtual assistant until you hear this episode.

It’s a game-changer.

MAVAN: Military Affiliate Virtual Assistant Network

Best Real Estate Virtual Assistants: MAVAN Network.Leah said she had no intention of starting a business when she asked her sister to be her virtual assistant. Leah wanted to have a greater impact in her community through her work but realized she would need someone to help her handle all of the little details that seemed to eat up her day.

Her sister agreed to the position, and did such an outstanding job, Leah’s clients and connections started asking where they could hire a virtual assistant of such high caliber.

The result was the Military Affiliate Virtual Assistant Network.

MAVAN’s mission is to help military spouses reclaim or recreate their professional identities and help professionals increase their impact.

 

Identity + Impact

American Flag.The reality of being a military spouse means moving frequently, often with no control over the destination. Companies are often hesitant to hire military spouses, due to long onboarding processes and a high turnover rate.

Leah’s sister, Anna is a military spouse and has experienced all of these setbacks before becoming a virtual assistant.

As a MAVAN, Anna has been able to reclaim her professional identity, create another source of income for her family and be the ever-present parent that her children need.

The MAVANs Leah hires all have Master’s degrees and several years of business experience. This level of training ensures that each assistant is able to help professionals expand their business impact.

 

“Transformational” Relationships

Anna Machniak & Leah Roe, MAVAN Founders — and sisters!Leah says MAVAN creates relationships with impact-driven professionals that are “transformational, not just transactional.”

She looks for clients who want to connect with their assistants and help empower their careers.

For the MAVANs, working as a virtual assistant offers the chance to get excited about the work they are doing, provides career advancement opportunities and a community of like-minded individuals.

Leah creates these relationships by finding professionals and asking them what tasks are preventing them from making their biggest impact. Once she has a list of the tasks, she reaches out to the MAVAN network to see who is interested in that kind of work.

From there, she facilitates a conversation between the professional and the MAVAN.

 

Real estate agents & MAVANs

Like A Boss.As a real estate agent, your day may be filled with small tasks that are preventing you from making the biggest impact possible: scheduling showings, following up with clients, setting appointments, and managing your social media.

These things are valuable—until they prevent you from forming new relationships and acquiring new clients.

If you want to take your business to the next level, you should strongly consider hiring a MAVAN!

Listen to Leah Roe talk more about how she is helping impact-driven professionals on this outstanding Onion Juice episode!

 

Listen to the episode

 

Episode Outline

  • [4:00] The OJ has a new sponsor, Jason Frazier!
  • [9:30] Neil introduces guest Leah Roe, founder of MAVAN
  • [11:00] Leah explains the mission of MAVAN
  • [16:45] How professionals can impact the lives of military spouses
  • [20:15] What’s in it for MAVAN?
  • [23:00] How impact-driven professionals can use MAVAN

Resources & Links

Subscribe to The Onion Juice

Onion Juice Podcast on Apple Podcasts Onion Juice Podcast on Stitcher

Subscribe to The Onion Juice wherever you get your podcasts. And thanks for listening!

Posted on

Skip To My Loo – DIY Bathroom Renovations Ideas

Does your bathroom look amazing? As one of the most used rooms in every home, the bathroom can almost always use a bit of a facelift. In today’s blog post we will share a few DIY renovations that will take your bathroom from drab to fab.

Embrace A New Color Palette

One of the best ways to start your bathroom makeover is to figure out a new color palette for the room. Do you like soft, muted colors like a powder blue, light gold or cream? Or maybe something a bit louder and more exciting like a merlot red or deep purple? Whatever your taste, a splash of color might be just what your bathroom needs.

Start with a fresh coat of paint on the bathroom walls and work outwards from there. If you have windows, consider how you want the trim to contrast with the walls. Baseboards or molding can also offer contrasting effects, helping them to stand out more.

And of course, don’t forget to take care of the smaller bathroom accessories. Your shower curtain, hand towels and even your toothbrush cup can all be matched.

 

Take Your Fixtures To The Next Level

Once you have decided on colors, it is time to turn your attention to the fixtures around your bathroom. The towel racks, hooks, faucets, shower head and toilet paper holder should all match in some way. If you do not have a lot of cabinet space, investing in a mirror that includes storage might be the perfect solution. If you have items like a scale or plunger in plain sight, think on some creative ways to hide them.

Brighten Things Up With Better Lighting

While you do not need ‘selfie quality’ professional lighting in your bathroom, it might be time for a brighter, more efficient light fixture. Aim for a design that complements the rest of the accents in your bathroom while being large enough to cast a bright light. You can also spend a bit of time choosing the correct color temperature for your bathroom light bulbs. LED lighting can offer some bold whites, but be careful that you don’t go overboard.

Posted on

What’s Ahead For Mortgage Rates This Week – December 11, 2017

Last week’s economic reports included readings on projected top housing markets for 2018, weekly readings on mortgage rates and new jobless claims. Labor sector readings on private-sector job growth, private and public-sector job growth and the national unemployment rate were released. Projected top housing markets in 2018 were also released.

Realtors Release Projections for Top Housing Markets in 2018

Prospective homebuyers and retirees facing home affordability issues in metro areas such as New York City and the West Coast are seeking affordable housing markets according to data released by the National Association of Realtors®.

The top three housing markets for 2018 are expected to be Las Vegas, Nevada with a median home price of $285.405 and expected annual price growth of 6.90 percent. Dallas Texas held second place with a median home price of $339,000 and expected annual home price growth of 5.60 percent. Deltona, Florida held the third position for top housing markets in 2018. Deltona is located between Daytona Beach and Orlando, Florida. Within the city of Deltona, home prices average $159,000 in Deltona and $275.000in the metro area. Home prices are expected to grow at an annual rate of 6.0 percent.

Home prices continue to be driven by low supplies of homes for sale. High demand is causing prices in many metro areas to rise to unaffordable levels/ Retirees who are no longer tied to pricey metro areas are moving to less costly neighborhoods.

Mortgage Rates Rise, Jobless Claims Fall

Freddie Mac reported higher mortgage rates across the board. The average rate for a 30-year fixed rate mortgage rose 0.04 basis points to 3.94 percent. 15-year fixed mortgage rates averaged 0.06 basis points higher at 3.36 percent. The average rate for a 5/1 adjustable rate mortgage was 0.03 basis points higher for an average rate of 3.35 percent. Discount points average 0.50 percent for fixed rate mortgages and 0.30 percent for 5/1 adjustable rate mortgages.

First-time jobless claims were lower last week, with 236,000 new claims filed against expectations of 240,000 new claims filed and the prior week’s reading of 238,000 new jobless claims filed. According to November’s federal Non-Farm Payrolls report, government and private sector payrolls grew by 228,000 jobs as compared to expectations of 200,000 new public and private sector jobs added and the prior month’s reading of 244,000 jobs added.

ADP reported 190,000 private-sector jobs added in November as compared to 235,000 new jobs added in October. The national unemployment rate held at 4.10 percent, which was the lowest level in almost 17 years.

Whats Ahead

This week’s economic readings include releases on inflation, the Fed’s FOMC post-meeting statement, Fed Chair Janet Yellen’s press conference along with weekly readings on mortgage rates and new jobless claims. If you’re interested in purchasing a new home, please be sure to reach out to your local Mason Mac loan officer today.

Posted on

‘Pine’-ing for a New Look? 3 Ways You Can Use Wood Features to ‘Spruce’ up Your Home

'Pine'-ing for a New Look? 3 Ways You Can Use Wood Features to 'Spruce' up Your HomeWhether you are renovating an older home or putting the finishing touches on a new one, you would be amiss if you did not consider how to include furniture and other items made of wood. With a diverse range of colors and textures, wooden features are a must-have for any modern home design. Let’s take a look at three ways that you can use wood to add a little spice to your home decor.

Try A Visually Striking Wood Wall

If you are looking to add some ‘pop’ to a room, consider an offset or patterned wall made of wood. Your options are limitless when it comes to adding wood to a wall. Consider horizontal slats with a lighter wood like pine for a warm, modern feel. Alternatively, try a flat wall made of hardwood boards of a darker color than the room’s paint.

Go Rustic With A Farmhouse Dining Table

Does your dining room feel a little boring with your standard table and chairs? A rustic farmhouse dining table is an excellent way to breathe some life into your dining area. In addition, hardwood tables like these are sturdy and can suffer a lot of punishment. They are the perfect choice for families that are used to hosting large dinners or having company over.

If you are so inclined, you can build a table like this in just a few hours. Search around online for plans and head down to your local hardware store to get things started.

Reclaim And Refinish For Timeless Beauty

Finally, give some thought as to how you can use reclaimed wood in your home. Consider replacing tile or linoleum with a some “rip and refinish” hardwood flooring reclaimed from another house. Or if you would rather have wooden furniture, you can get chairs or side tables that are made of reclaimed wood. If you are located near the coast or beach, look around for large pieces of driftwood that can be turned into furniture by a local tradesman. While we cannot help you choose your wooden furnishings, we can help you find the best mortgage for your new home to put them in. Please be sure to reach out to your local Mason Mac loan officer today if you’re interested.

Posted on

Real Estate Branding: Consumers, Commodities & Cameras

We are beyond excited to jumpstart our Onion Juice Podcast partnership with:

Episode 116 – Real Estate Branding

Most people think that branding consists of your logo and a slogan that you pitch on your website and social media.

Our very own CIO & Chief Strategy Officer, Jason Frazier, joins Neil Mathweg to talk about what branding really is, common misconceptions associated with branding and how real estate agents can build a strong brand that helps establish trust.

3 Pillars of Real Estate Branding

Do your customers choose your brand first? This question gets right to the heart of branding. Branding isn’t about logos or slogans.

Branding is about forming a relationship with your customers — a relationship where they know your brand, they like it and trust it. Jason says branding is “what consumers say to other consumers about your business.”

Do consumers know about you? If they do, do they like working with you? Lastly, but most important, do they trust you?

These are the three critical pillars of growing a successful real estate business. Listen to the rest of the conversation to hear more about building a strong brand!

Commodity vs. Brand

There has been a recent shift in how people approach buying and selling real estate. Everything looks the same, agents are all using the same techniques and pitches, companies are trying to feel more personal and individual agents think they need to look for corporate.

Essentially, the real estate industry is being commoditized.

Jason shares that a commodity just results in a simple transaction, but a brand creates an experience and a uniqueness that people will want to experience over and over.

Camera-first Branding

For a long time, “branding” referred to your logo and slogan or the print material your company produced. In today’s camera-first world, logos and slogans are hardly relevant anymore, certainly in the real estate world.

Consumers relate to people, not slogans.

Jason Frazier says “the about page on a realtor’s website is the second most visited page,” a sign that people care more about who they are working with than what the company logo looks like.

If you are a real estate agent publishing content, don’t worry about polishing the content or making everything perfect, your clients don’t care, I promise!

Publish content, be personal and vulnerable, and make mistakes…it will pay off in the end!

Real Estate Branding Tools & Tips

Unlike your video and social media content, there are a few things Jason Frazier says every real estate agent NEEDS to do.

Take the time to set up a professional email.

It’s easy for free mail services to be replicated by malicious parties posing as you, which can cause huge headaches and even potential scams directed at your clients.

I am not going to work with a mortgage lender whose email ends in @gmail.com. It’s risky sending personal information over those channels and it makes it harder to establish trust.”

Get your own website in addition to a corporate bio page.

This offers some flexibility regarding the look and feel, allows you to present your personal brand, and “travels” with you if you decide to leave that company.

Jason also introduces an amazing service called G Suite, that allows you to streamline your process if you have multiple domains and emails to keep track of.

Listen to the Podcast below:

Episode Outline

  • [7:45] Neil introduces Jason Frazier
  • [10:30] The 3 pillars of branding
  • [13:00] How a strong brand can help you build trust
  • [17:15] Commodity vs. brand
  • [21:15] Why your “about page” is the most important page on your website
  • [26:45] Adopt a professional approach
  • [30:30] Jason explains G Suite software

Resources and Links

Subscribe to The Onion Juice

Onion Juice Podcast on Apple Podcasts Onion Juice Podcast on Stitcher

Subscribe to The Onion Juice wherever you get your podcasts. And thanks for listening!

Posted on

Did You Know: Why New Construction Homes Are A Top Choice For Today’s Home Buyer

Did You Know: Why New Construction Homes Are A Top Choice For Today's Home BuyerAre you in the market for a new house? If so, you may have been comparing your options when it comes to open listings on the local market. One decision you will need to consider: do you want to purchase an existing home or build a new one? Let’s explore a few reasons why new construction homes are a popular choice for today’s home buyer.

A Home Designed (By You) With The Future In Mind

Ask anyone who has recently invested in a brand-new home, and many will share that all of the built-in technology was an essential factor. Today’s homes are designed with the future in mind. High-speed networking, better wireless connectivity, high-tech security and other features are all benefits that typically can’t be found in older homes.

Of course, don’t forget that you play a role in the design choices in a new construction home. It is your chance to design all of the features you would want in a dream house.

Energy And Cost Efficient

As you might imagine, homes constructed with modern designs and materials are vastly more energy than older homes. Tighter seals, better insulation and more efficient heating and cooling all translate to lower utility costs. Moreover, while the savings per day might seem small, over time, they add up. Leaving more money in your pocket for investment, saving or other purposes.

If you want to take it a step further, you may even decide to expand your new construction home with solar panels or other high-efficiency upgrades.

Less Maintenance Means More Free Time

Finally, you can sleep soundly knowing that a new construction home needs far less maintenance work than an older home. Of course, there will still be the occasional job that needs taking care of. So you will want to be diligent in fixing up any damage or issues that do occur so that the problem does not spread. But overall, you can expect to spend less of your free time repairing things and more of it relaxing and enjoying life.

These are just a few of the many great reasons to invest in a brand-new home. To learn more about financing a new construction home, please be sure to reach out to your local Mason Mac loan officer today. Our professional team is happy to discuss your needs.

Posted on

Downsizing? Here’s What You Can Expect When You Move From a House to a Condo

Downsizing? Here's What You Can Expect When You Move From a House to a CondoWhether the kids have moved out or you just aren’t using the extra bedrooms, having a house that feels ‘too big’ is rarely fun. In today’s post, we will share a few changes you can expect when you downsize from a large house to a smaller apartment or condo.

Why Downsize At All?

As you might imagine, having too much space is the primary reason that couples and families downsize. Larger homes cost more to maintain and can feel empty if it’s just one or two people living there. In many cases, old items and clutter tend to build up as there is so much storage space. Downsizing to a smaller home helps to maintain a lifestyle that is more efficient but no less luxurious.

Ask Yourself: Are You Ready?

Another consideration that you will need to make: are you ready to move? If you are retired from work, then you likely have enough time on your hands to manage a move. Conversely, if you and your spouse are both working full-time and live near your workplace, you may want to source a smaller home nearby.

Don’t forget that if you own the house you are living in now, this might mean having to list and sell it while buying your new home. This is a common situation and isn’t a significant problem, but it will require a bit of scheduling and financial planning.

The Hardest Part: Choosing What To Keep

Ask any couple or family that has downsized their home about the toughest part, and many will share that it was choosing what stays and what goes. When space is at a premium, everything from shoes to appliances needs to be considered.

Spend some time going through each room in your house, taking an inventory of what you have. Are there any family heirlooms or other emotional items that you can’t part ways with? After that, is there anything that will be usable in your new home? Everything else should be considered fair game. Sell it, donate it or toss it out.

Moving to a smaller home can seem challenging at first, but it is a lifestyle choice that can pay significant dividends. When you are ready to make a move, please be sure to reach out to your local Mason Mac loan officer today.

Posted on

Buying in 2018? Get Your Down Payment Ready Now by Tapping These Helpful Sources

Buying in 2018? Get Your Down Payment Ready Now by Tapping These Helpful SourcesAre you in the market for a new house or condo in 2018? With the new year just around the corner, now is the time to get all of your financial details in order. As you may know, buying a home is a significant financial transaction. But it all starts with your down payment, which is the lump sum that you invest in order to purchase the home. In today’s blog post we will share a few sources of funds that you can tap into for help saving up your down payment.

Peer Into Your Financial Future

A helpful first step is to map out your financial future. Do you have any lump-sum payments such as an annual bonus or a tax return coming up? If so, those are excellent sources of funds to help build up your down payment.

Put A Stop To Unnecessary Spending

Anytime you want to save money, an obvious step is to cut as much unnecessary spending as you can. Invest the time in creating a strict monthly budget which includes setting money aside for your down payment. Be sure to watch for any daily habits that are eating away at your savings, such as high-priced specialty coffees or eating out regularly.

Research Local Homebuyer Assistance Programs

Don’t forget that you’re not alone in your quest for home ownership. There are numerous federal, state and municipal homebuyer assistance programs that offer financial help when buying a home. Your local real estate professional will be happy to share some insight.

Check In With Your Employer

Finally, don’t forget to check in with your employer to see if there are any home ownership grants or subsidies. Down payment and home-buying assistance programs are becoming more popular with companies as an extra perk to offer employees. Send a quick email or stop by the human resources department to let them know you’re in the market for a home and to see if any programs are on offer. If your workplace does have a program like this, it’s the perfect time to take advantage.

Having your down payment funds ready will make the buying process faster and show your mortgage lender that you’re prepared for home ownership. For more information, contact your trusted mortgage professionals. We’re happy to share some amazing listings that perfectly suit your needs.