Helpful tips on saving up for a down payment

Helpful-tips-on-saving-up-for-a-down-payment_1136_444884_0_14039072_500 If you’re planning on making a residential purchase in the near future, odds are, you have been examining your personal savings and taking a close look at your financial situation. While mortgage rates and asking prices are important factors to consider, one of the most important aspect of the transaction is the down payment.

Putting a large amount of money down at the time of the sale can benefit you in a number of ways, such as reducing the overall balance of a loan, influencing sellers to accept your offer over others and gaining access to a more affordable mortgage rate. However, saving up a sizable amount for such a payment may not be easy.

At Poli Mortgage Group, we understand this, and offer a number of loan programs to our clients that afford them down payment options from zero to 20 percent or more depending on their specific situation. Our experienced Loan Officers are on call to help you better plan your purchase and can successfully assist you navigating the buying process.

Are you looking to save up in order to make a substantial down payment? If so, you may benefit by employing the following strategies:

Determine what you can afford
When beginning to house hunt, it’s important you have a firm understanding of your purchasing power. Viewing homes that are out of your price range can be frustrating, as the houses you can afford may not come with certain features and amenities found in more expensive properties. Evaluating your present financial standing and buying abilities can give you a better idea of the residence you can afford.

Reduce unnecessary spending
This may seem like an obvious way to bolster your savings, but some people have issues reigning in their spending on unneeded items and services. You should look at your current monthly expenditures and scale back on any excessive purchases. Saving as much of your disposable income as possible can lead to a larger down payment.

Apply for financial assistance
Depending on your eligibility: you may be able to take advantage of a number of programs that can help you meet requirements for making a down payment. The federal government offers multiple options to home buyers, which Poli Mortgage Group can facilitate. Visit our website to read up on our various first time home buyer programs.

In our 12 years of operation, Poli Mortgage Group has written more than $11 billion in mortgages and originated over 40,000 home loans. We can help you too. If you’re looking to lock in low rates and finance a residential acquisition, don’t hesitate to call us today at (866) 353-7654.

Poli Mortgage Group is a Division of radius financial group inc. Corporate NMLS #1846. radius financial group inc. is an Equal Housing Lender. Poli Mortgage Group is licensed in CT, FL, ME, MA, NH. For more licensing information please visit: https://polimortgage.com/licenses/ or by visiting www.nmlsconsumeraccess.org. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs rates, terms and conditions are subject to change and are subject to borrower qualification. This is not a commitment to lend. The content in this website has not been approved, reviewed, sponsored or endorsed by any department or government agency.

* This radius Pre-Approval/Credit Commitment Promise Contract ("Promise") is made and entered into, as of the date of the last signature below, by and between radius financial group inc. ("radius" or "Lender"), and the below-named Buyer and Seller. In consideration of Seller's reliance on this Promise in entering into a real estate purchase transaction with Buyer, the Parties agree as follows:

PROMISE TO SELLER. In the event that a Seller is induced to accept an offer from, and enter into a purchase and sale agreement with, a radius borrower on account of this Promise in connection either with (a) a radius Pre-Approval or (b) a radius Credit Commitment and the Buyer is unable to close on such Eligible Transaction due to a mistake made by radius (with accurate and up-to-date information) on such Pre-Approval/Credit Commitment (a "Bad Pre-Approval"), then radius shall pay Seller ten thousand dollars ($10,000), subject to the terms and conditions herein as Seller's sole remedy.

PROMISE TO BUYER. In the event that radius issues a Bad Pre-Approval to Buyer on an Eligible Transaction, radius will reimburse Buyer reliance expenses up to one thousand dollars ($1,000) for a home inspection, appraisal, or legal expenses actually paid out-of-pocket by Buyer, subject to the terms and conditions herein. This payment shall be Buyer's sole remedy.

ELIGIBLE TRANSACTION. For purposes of this Promise, an "Eligible Transaction" is a purchase money mortgage transaction for a primary residence (made on or after April 1, 2018) (not made to a radius employee or immediate family member), provided that the loan is a Conventional, USDA, VA, or FHA loan product for either (i) an existing home resale or (ii) a newly constructed home that is to be delivered and closed within ninety (90) days of the P&S.

CONDITIONS. The applicable radius Pre-Approval must not have expired prior to the date of the P&S. Offers/P&Ss cancelled due to home inspection issues or title defects are not covered under this Promise, and this Promise is void if a Bad PreApproval is the result of: (i) a change in Buyer's financial position, (ii) property specific requirements or expenses (e.g. homeowner's association dues/fees, flood insurance, or property taxes), or (iii) loan product availability or underwriting requirements, or third-party actions outside of radius' control.

FUNDS DISBURSEMENT. Any funds due and payable under this Promise will be paid if requested by Buyer or Seller in writing within 90 days of the date of an applicable Adverse Action Notice and accompanied by a fully-executed copy of this Promise. Any payments made under this Promise will be reported to the Internal Revenue Service by radius on a Form 1099-MISC or as otherwise required by then-applicable law. Please consult your tax advisor for any tax implications.

Helpful tips on saving up for a down payment

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